First, the bad news. Most startups fail. Most entrepreneurs fail. Most ideas fail. Success is rare. There are many variables, and many conditions have to align precisely. Occasionally, with enough hustle, persistence, time, failed attempts, and determination, the pieces fall into place and things start to click. When this happens, you must strike quickly while the opportunity is on your side. These moments are scarce, but when they are presented it means the iron is blazing hot and Fortune is smiling. It’s your duty as an entrepreneur to strike...

Don't Be A Wanna-preneur Entrepreneurs often have a tendency to focus on the "fun stuff" ...

Rule One and Rule Two This famous quote by business tycoon Warren Buffett is often quoted, "Rule number one: never lose money. Rule number two: never forget rule number one."  When you’re starting a business, it takes time and repetition before everything clicks together. One of the problems many entrepreneurs encounter is that they have not put themselves in a position where they can afford to wait for everything to click. They may exhaust their funding or, worse yet, go into debt; they may also run out of time or lose enthusiasm for the venture.  The...

You Can Only Do So Much Your role as an entrepreneur isn't to become the world's best programmer, graphic designer, marketer, or SEO expert. These can be some of the keys to your success, but you don't need to be the person doing everything, turning all the keys. When you take on these unnecessary tasks, you're limiting yourself tremendously. Your only real job is to grow your company and make it as big as you want it to be. Delegating those tasks where you lack either proficiency or the time to...

Great Ideas Everyone has great ideas. We dream them up in the shower, over a morning coffee, or while lying awake at 3 a.m.  Having a blockbuster idea is only the first step. After that, executing your concept to its fullest potential is the critical step that transforms your idea into a business engine that achieves your dreams. To turn your idea into a real business, follow the six steps below. Step #1: Construct Your Vision A Master painter knows what they will paint and what feelings they want to convey before...

Build a Business of Substance As an entrepreneur starting from scratch, you’ll face a lot of obstacles including stiff competition from established businesses, finite capital and resources, and a steep learning curve. However, starting from scratch does give you one tremendous advantage — you are the one who decides what to build and how to build it. Much like selecting the building materials for constructing a house, you select the components you wish to use when creating your company. Starting out as a solo entrepreneur gives you the flexibility to...

Every pursuit has specific and key rules or laws that should be followed because they produce the best outcomes. Name a profession and you’ll see there’s a unique perspective, structure of thought, and recommended practice that defines the path forward to success. Lawyers are trained in legal matters, teachers are trained in pedagogy, engineers are trained in mathematics and mechanics, and business people like yourself must be trained to follow the best practices for business success. Each of the next nine chapters focuses on a significant and fundamental law...

Many entrepreneurs are drawn to the sheer joy of creation and innovation. They may be motivated by wanting to find meaning in their life, contribute to the benefit of society, or achieve a variety of other aspirational goals.  Walt Disney appears to be one such entrepreneur, his very name connoting the excitement of magic and family entertainment. There is no question that Disney was dedicated to fostering such feelings among the public, possibly founded on the desperation that may have fueled his desire to be successful.  In some respects, the...

One of the tendencies seen most often in entrepreneurs who become dominant in their chosen markets is an aggressive or highly competitive personality. Business by its very nature requires a willingness and ability to compete with rival enterprises. While many are content to keep business competition at a "friendly" level, there will always be entrepreneurs willing to be more merciless.  The sober fact is that highly aggressive competition often gets the job done by pushing rivals out of the market and attracting customers.  This is not always the case, of...

Some entrepreneurs are especially motivated by the need for recognition or even fame, making this another powerful clicking point and source of entrepreneurial achievement.  Long before he entered politics, Donald Trump was perhaps the best-known real estate magnate in the country. This was due to his penchant for marketing himself with the same intensity that he marketed his buildings and properties. Multiple hotels, casinos, and other projects prominently bore his name, as did such diverse items as steaks, books, and two different board games.  The vast majority of successful real...