The 5 Laws of Successful Entrepreneurship

February 28, 2010 at 3:05 pm

These 5 laws distill the wisdom from the successful entrepreneurs interviewed for the book: 50 Interviews: Entrepreneurs Thriving in Uncertain Times which features exclusive interviews with some notable entrepreneurs including: Kim Jordan of New Belgium Brewing Co., Jake Jabs of American Furniture Warehouse, Christine Comaford, Allen Fishman of TAB, Bob Parsons of Go Daddy, and Michael Gerber of E-Myth. They are the common thread among all of the most successful entrepreneurs… whom have built great businesses and are living fulfilling lives:

1. Uncover a consuming passion. The more you share, the stronger it becomes. Similar to an addiction, they can’t turn it off and it rarely feels like work.

2. Define an impersonal goal. You have discovered a purpose greater than yourself. You do it despite the money. It’s more about the impact on other people than on you.

3. Learn to Embrace Risk. Entrepreneurs see risk as dashing into the future with hope and the possibility to move closer towards their impersonal goal. Many have shared that once they accept the worst possible outcome, they feel empowered to take action.

4. Emulate to Learn, Innovate to Earn. Emulating is a great way to get onto the field, but all great accomplishment in the world has stemmed from someone doing something different. Eventually, you need to blaze your own trail and innovate to find success.

5. Develop an ability to shift perspective. You will no doubt face many challenges and set backs along the way. The key to not letting those setbacks impact you lies in your ability to shift your perspective and see the circumstances from a different light. Faith is at the root of one’s ability to shift perspective. A Faith comes from overcoming earlier setbacks, knowing that in the end, everything works itself out, one way or another!

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Entry filed under: Business.

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