Raising Entrepreneurs…quotes from the week

June 7, 2010 — Leave a comment

We’re back from a week of home school training – but along with great ideas for schooling comes some great thought provoking business concepts from the sessions I attended:

  • We need to be writers – writing forces you to think precisely.  This in turn enables you to speak persuasively.  Whether selling or running a business we all need this.  One speaker said, “What book are you writing?”  We should all be writing a book on the lessons we’ve learned and how to succeed.
  • Clutter creates confusion, slows down learning, leads to irritability and stress.  Take a look at your desk.  Perhaps post it on You Tube!
  • 4% of new businesses make the first 10 years.  What are you doing to be on the list of successful companies?  Not all of them will be profitable – this requires extra thinking.  So what are you doing to stay alive that the other 96% just won’t do?
  • Everyone needs a coach, wise counselors, and great books to read.  Success doesn’t just happen.
  • Whether in sales or running a company, you need a clear vision – one that makes sense.  If your vision is to make a certain amount of money, it probably won’t happen.  Making money is the result of a well constructed plan and vision, not the core of it.  It’s just one of the gauges of success.
  • Fire your team every year – mentally.  Picture everyone gone, then figure out who you will rehire for the coming year.  Those that don’t make the cut have been on staff too long.
  • Hire the right people.  Things you don’t like in the interview will be even more annoying once they start.  Once hired – invest in them.  Everyone needs training in order to keep growing.  This is expensive, yet if costs less than having untrained people, or people who over time, lose their edge.
  • Stay out of debt.  Companies that take on big debt to grow are making a mistake.  Interest will eat at your profits for years to come.  Remember, top line revenue is a poor measure of success.
  • Avoid 50/50 partnerships – they rarely work.
  • Charge the right amount.  Companies tend to charge too little for their consulting services.  This requires a solid value proposition, but is necessary to grow.
  • If you want to make a million dollars, then you had better have million dollar people, million dollar coaching, million dollar training, and million dollar abilities.

© David Stelzl, 2010

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