11 pieces of advice for entrepreneurs
The Weatherhead School of Management is a venerable Cleveland institution. Each year, they publish the “Weatherhead 100“, recognizing the region’s fastest growing companies. The 2008 list was recently published in another Cleveland institution, Inside Business magazine.
Feel free to click the links for more information, if you like. This is the first year I’ve really read the company profiles from an “entrepreneurial coach” perspective. The magazine layout had profiles of the top ten companies on the list, along with a “success story spotlight”. The profiles were written around interviews with the founders/owners. Within each profile was either a “Best Advice I’ve Received” or “My Secret to Success” highlight. I found the quotes to be sometimes cautionary, sometimes insightful, sometimes even inspiring, but always good advice.
So in no particular order, here’s an overload of wisdom for entrepreneurs (from entrepreneurs):
- Never give up. Always find an alternative route. There’s more than one way of getting to your destination.
- Every overnight success takes at least five years of blood, sweat and tears. It was so tough in the early years, I didn’t have any other choice: I had second-mortgaged my home, cased in all my retirement. I was truly committed. It had to succeed.
- Hire the best people you can. Hire people that are smarter than you. Make sure they are clear on your mission and then get out of their way.
- Be realistic about goals and always do what you say you are going to do.
- Create core values for the company: integrity, passion, work ethic. You must have a stable foundation, consistent message and hire consistent people to be successful.
- Perseverance. There are times when the sun won’t be shining, but if you believe in your concept and your people, you can stick with it and still be successful.
- Develop a niche for your business that can support your business model, then stick to it.
- Provide uncompromising quality and customer service. I know that’s a common catchphrase… But it really matters, and we take it very seriously on every level within the organization.
- We listen, treat people with respect and work hard for our clients’ good.
- Smart people learn from their own mistakes, but smarter people learn from other people’s mistakes.
- Always befriend your competition.
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