Many people dream of opening their own businesses, but the entrepreneurs who succeed know how to calculate the risks involved, win investors’ confidence, and persevere through trying times. While many entrepreneurs are born risk-takers who have entrepreneurial role models on which to rely, others must learn how to make their own way. In The Everyday Entrepreneur, Rob Basso provides tangible strategies for anyone with an entrepreneurial spirit to apply ambition, confidence, and conviction in order to achieve success. He also shares the hard-earned wisdom of seasoned entrepreneurs to help boost the confidence of those considering taking the leap.
BE WILLING TO TAKE RISKS
Most entrepreneurs are naturally motivated to take risks. They are willing to expose their plans to criticism, and they possess the resiliency needed to recover should their initial plans fail. Their enthusiasm also helps them open doors and bring in orders.
Many entrepreneurs acquired the self-sufficiency needed to run their own businesses through the jobs they held as children and young adults. Priceline.com co-founder Jeff Hoffman’s first job, for example, was a paper route. In high school, he sold plant seeds and books. Following in the entrepreneurial footsteps of his mother, who created her own property management venture, Hoffman started a software development business in college that funded his Yale University tuition. In addition to later co-founding Priceline.com, Hoffman also went on to serve as executive producer of the highly successful horror films Hostel and Cabin Fever.
While Hoffman saw the power of money early on, this power does not necessarily drive all — or even most — entrepreneurs. In fact, many entrepreneurs come from middle-class or upper-lower-class families, according to the Kauffman Foundation. New York Producer Joe Corcoran came from a well-to-do family that was full of entrepreneurs. In college, he ran mini boat cruises, complete with beer and food, and charged $30 per ticket. Corcoran thought entrepreneurship was fun, which turned out to be the key to his biggest success — the long-running interactive performance Tony and Tina’s Wedding, where the audience gets to party as if they are at a close friend’s wedding.
But not all business owners are born with “entrepreneurial DNA” — some have to learn the hard way. Basso helped his client Matt Silver realize that he needed to delegate more and network less in order to have the energy to keep his Ultimate Class limo service in business.
In addition to being enthusiastic, resilient risk-takers, entrepreneurs often also share the following qualities:
*They are resourceful and able to get around barriers to entry.
*They persevere by thriving on the successes they have.
*They are passionate about doing something big.
*They think creatively about charting new directions or producing new products.