The Mind of a Successful Entrepreneur

Early in my life I have been fortunate to have grown up among a few gurus like entrepreneurial types of people.  Especially during those early years, I remember my mind and soul had an incredible thirst and hunger for learning all of the little mysteries of life and what adulthood was all about.  Many of the elders I had the privilege to grow up under were self-employed, and witnessing them as they conducted their daily business played an important part in my decision to not work under the watchful eye, and regimented schedules of another person.  The influences those few highly self-assured, self-employed individuals have made such an impression on me that even though some of them are no longer alive, I still feel their presence echoing through out my mind, spirit, and soul. I am grateful for being raised in the culture and life situation that has afforded me the advantage of learning from such motivated achievers. 

These independent individuals chose to earn their living as: business owners, independent sales-people, contractors, and even ministers. Yes ministers, you know that guy who operates that building around the corner from you with all of those cars in the parking lot on Sunday morning.  Think about it, what keeps their patrons coming back several days a week if it were not for a good reason to show up.  The key business concept in operating a church is that its purpose fulfills a greater need - And being grateful for what they receive: the atmosphere within the place they gather, the psychological and spiritual benefits of being a member.  These dedicated patrons give of their precious time and money which keeps the organization thriving and growing.  Some of the most entrepreneurial, purpose driven, self-starters are in some form of ministry.  But in this article I am addressing entrepreneurs in general, and I will share with you some of the things I have learned from these people, the people I do business with today, and some of the skills & techniques I have discovered myself. 

The successful entrepreneur is: ambitious, a self-starter, intelligent, persistent, passionate, driven, has a vast-diverse knowledge in and outside of the industry, possesses a youthful spirit, has heart, is somewhat stubborn, possess leadership skills & team player skills, organizational skills, salesmanship skills, is a constant self evaluator, and conducts his/ her actions according to some kind of universal etiquette that does not violate the rights of their fellow man or woman. 

The first thing is very obvious - What Can You Do For Someone Else, Find Your Niche, Discover That Need a number of people desire. Then go and fulfill it.

Start Something You Have a Gift, an Ability, or Experience With (Go for What You Know) What set of marketable skills do you currently possess that the general public, or a large enough market (group of people) would find useful in the form of a product or service.

Choose Wisely Your Path In LifeKnow what you are about to get into. Consider things like:

• The hours you will have to work.
• Will you need to possess salesmanship and negotiating skills?
• How much money do you need to get the business started?
• Do you have the knowledge and skills to financially keep it running during the early lean months or years?
• Does it require leadership skills or can you handle the challenges and trials of having employees, or working with vendors and subcontractors.

Build Yourself a Winning Team

Whether it's a power team who work within your company or an external team of individual advisors, attorneys, members of your trade association, out-sourcing affiliates, your personal supporters in life, etc., you never have to go it alone.

Set Long & Short Term Goals

Goals you want to reach on a daily, weekly, monthly, quarterly, yearly, even so far as a three year, five year, ten or even a fifteen year basis. Write whatever combination of set goals you want to achieve on a wall display for you or your work colleagues to continually see. Hold special meetings to review, revise, and evaluate your progress. Have the meeting's attendants make suggestions, and stand up to report on their own progress, give out rewards at this event. Things like this show how serious you are as an owner about goal setting. It also gets everyone involved, and keeps them excited about the company's progress and growth. If you work alone than make the reward a new fancy updated sign or logo for the company, newer updated promotional material with the new logo, a new computer system - whatever you can think of that will show that you are moving ahead.

When You Make a Significant Change, Add Something New, or Do Something Note Worthy Consider generating some publicity for your business during this occurrence.  Locate someone who is good at writing press releases, or study the press releases of successful media campaigns.  Normally you can find them listed on a company's websites under press releases, or media relations.   Do not use their wording or descriptions, just take note of the elements that made it an attractive article to the media and draft your own, using their release as a guide.  Ask your local TV and radio stations about the guidelines for submitting a press release to their station.  Today's social networking environment also offers even greater possibilities for sharing news worthy stories about you or your company.

Build Your Own Personal Library of Knowledge

A year ago I was updating my personal inventory of literature and discovered that I own 120 books, and not one edition is categorized as a fictional piece. Don't get me wrong, I do like reading fantasy, romance, sci-fi, and thrillers. The good fictional pieces have a way of inspiring you with a more creative way of thinking. It also helps you to relieve stress by providing you a momentary means of escaping the cares, challenges, and the mundane regiment of daily life.

Books Available In Audio Format

A few years ago I occasionally had to drive 1 hour an a half to certain assignments. Instead of playing song after song to keep me alert, I decided to download some of my favorite books onto my personal audio device. I find it takes my mind off of the boredom with being confined to that crammed space for more than an hour. It is a terrific way of keeping me emotionally positive, or informed depending on what I am listening to during the journey.

Always Take Advantage of Available Education

I can't even count the various courses I have taken in the past twenty years, mostly related to my industry. A small percentage of the courses I've enrolled in were for personal growth and mental conditioning - including Square Dancing. Don't laugh, this activity helps to develop your social skills, it also builds on you ability to listen, orientate and coordinate yourself physically and mentally on the spur of the moment while in motion.

Here are sources that provide a multitude of courses and classes: The Small Business Administration, Local Colleges usually offer short adult education course on any subject, your Industry Trade Associations, independent courses taught by Industry Professionals themselves, Non-Profit Organizations, all of these places offer adult continuing education courses. If you don't already receive their brochures in the mail, pull up the local colleges or the Small Business Administration on the internet. They offer courses on most any subject taught mostly by knowledgeable skilled instructors; some of them still work in the industry, and they are a great source of finding work or potential clientele for your new business after you have completed the course. So now, grab your business partner and doe-se-doe!

If You Have Never Worked In Your Desired Business

Locate a job, internship, or apprenticeship in your desired field and work for a minimum of 4 - 6 months. From this you will quickly know if this business is something you would like to do on a daily basis. If you can gain knowledge in the management of that business during your time on the job, you will be way ahead of the game.

Be Mindful of The Personal Side of Running a Business

Finance, accounting, obtaining the most professional equipment, administrative duties, inventory, prospecting, sales, and business location are some of the things people focus on most when they first consider opening a business, but little attention is given to the customer relations or the interactive aspect of running a business. It may sound strange, but think of your business as a living entity. It has to communicate to potential customers and clients through it’s: slogan, policies, advertisements, employees, agents, subcontractors, the internet, media, and word of mouth by communicating what it is you can do for every person that could become your potential customer.

Important related skills most people take for granted that you should improve are:

• Learning how to locate and attract clients/ customers.
• Continuously improving the staff’s customer service skills.
• Effective efficient promotional and advertising techniques.
• Establishing an effective marketing campaign that shows you are the best.

Stay On Top of Your Business Finances & Keep Records + a Backup

I guess there’s no explanation needed here. I'm sure you have heard of people who have had their businesses shut down because of problems with the IRS, or because they trusted a business partner who turned out to be a thief, a gambler, or just a plain idiot – or maybe the owner themselves didn't handle the financial stuff properly. Check your bank/ investment accounts and all actual financial records very, very frequently.

One of the reasons most of us became entrepreneurs was because we love the freedom of scheduling our own workload.  The number one reason I chose video production was because I love the work I do in the industry, especially the creative aspect of it.  I hate work, mostly from being tied down for hours at a time dealing with chores and duties.  Video production for me is a passion, and as the cliché goes; “Do what you love and you will never work a day in your life.” 

The Credit Crunch

A big lesson I learned from an excessive use of credit with a building maintenance company I am involved in. Back in 2006 we decided to use our personal credit cards to further grow the business, but in 2008 business slowed when the real estate market started to tank, and we had to scramble literally day and night in order to keep up payments on the enormous debt we created. I had to take almost all of my attention from the production company right in the middle of a large project in order to deal with the maintenance company’s financial situation - Working several hours at the maintenance company in the day, and editing hours of video footage until 2am most nights.

Weigh the Importance of a Decision to Purchase

I am very careful about how I run my production company, because it holds title and manages the intellectual property created under its name. I am currently working with a video editing program package that is two generations old, and I still us a standard definition (Non-High Definition) camera for shooting most of the time. Both are still acceptable for some professional gigs.

I have my eye on the latest video production package and HD Camera(s) but I will not (not) think of buying it yet, until my current video system package is too obsolete for conducting business – Remember, patience is a virtue. I currently rent High Definition cameras upon request of the client, since that cost comes out of their production budget.

Alternatives to Using Credit

These are examples structured for my personal over-all financial situation, resources, and knowledge. Your financial environment, the resources available to you, and the business structure you operate under may require a different approach, although these examples are somewhat universal.

• Sell-Off Your Least Used Equipment
• Sell-Off Overstock Inventory & Supplies
• “Partner-Up” or Sub-Contract a Person Who Has the Latest Equipment
• Hold a Fundraiser for Some of Your Large Projects
• Boost Your Sales – Generate More Revenue

Time & Duties: What Is Really Important to You?

Realize that you are still a human being and scheduling time to get away and clear your head or soul is just as important probably even more important than always being present on the job.  If you have a family it would mean much more to them than how much daddy or mommy is dedicated to their work.

"Stay Informed – Instantly & Continuously" About Your Industry

I myself read trade magazines online, receive industry newsletters by email & RSS feeds. Join industry forums where you can enter discussions with other industry folk, watch what other industry people post on Youtube. You should also keep up on what’s happening within your suppliers, vendors, and industry affiliate’s, changes & future outlook because changes they make can affect your business also.

"Stay Informed" On World Events & World Changers

Like the Computer Industry, Transportation, Energy, and any Markets that could have an effect on how you do business. Any number of changes in our connective world today has a way of making methods and procedures you currently use obsolete or insecure. It can happen within a day - Remember transportation changes after September 11, 2001. Speaking on the other end of the spectrum, notice how steadily and slowly the evolution of digital media is changing. Music now is mostly purchased by downloading; digital camera tapes are now disappearing. At the writing of this article I am informed about rumors of eliminating digital media discs totally, including Blueray - Placing media content on-demand, or downloadable to your personal device (Home Theater Systems, Digital Players, & Cell Phones.) Even computer programs you once purchased in stores are now fully available online: Accounting, Tax Programs, & Stock Photos are an example of a few. But I think discs will still be around in some form, used mainly as a personal backup format.

The Importance of "Staying Informed"

Changes like these are why professionals in my own industry must stay informed because we frequently: Travel for business, Use a variety of auxiliary services, and stay up to date on the newer advancements to technology used in the world of media. “I tell you, nothing beats the conveniece of downloading to the edit computer straight from the camera's hard drive without having to convert the data. I can even shoot footage in Europe and send it to my computer system back in the United States via the internet, freeing-up my camera's hard drive so I can shoot more footage, and my data will be waiting for me when I return to the office.” Where are the changes happening that can or could affect your business? Is it in your favor, or not?

Stay Physically Active

Since there are a lot of people out there who are not open to exercise, I tell you to at least do some sort of activity that gets you moving a lot; whether it is: wrestling with the kids, a basketball goal in the driveway, playing tennis against a wall, or bowling.  Do it at least three times a week, and include some kind of stretching routine.

Stay Physically Active;  It's Mind & Soul Rejuvenating

Playing or exercising with other people also builds your social skills.  One thing I find is that I get some of my best ideas during an exercise routine.  Oddly stuff just start coming out of the blue; Tons of it.  I always keep a pad and pen around, even sometimes my laptop or my portable voice recorder is near by to capture these fresh ideas, revisions, and additions on record so that I won't forget them.

Learn the Five Important Functions of Building Awareness

These five different functions are geared toward achieving the same goal - Making the public aware of you, what you do, and how you relate to your customer. These are:

1. Publicity
2. Public Relations
3. Advertising
4. Promotion
5. Sales Skills – The Psychology of Selling

Check out the latest books, audio recordings, seminars, and training classes available in your area, and online.

Another Important Skill is Management - The Management of:

• Time - Operating your business in the most efficient and effective manner.
• People - Handling effectively, diplomatically, and efficiently all business affairs related to the interaction between you and your: customers, employees, vendors, contractors, partners, and affiliates.
• Methods and Systems – Implementing the procedures and principlesrelated to your industry that could enhance the profitability, and proficiency of your business.
• Money: Accounting, Credit, and Taxes - No explanation needed.
• Investment Strategies & Methods - Recognizing and taking advantage of opportunities that could increase the profitability of your company, business associates, workers, yourself, and your shareholders.

Another good article you should read is by fellow Hubber: Mike Lickteig.