There is a formula to being a successful entrepreneur. It consists of the following:
- Get up early
- Work hard
- Get your education
- Find your oil (find your niche such as a better mousetrap, superior service, etc.)
- Make your mark
- Get prepared to be of service
A trusted mentor, someone who can always be relied on and trusted, is invaluable. Choosing a mentor is a two way process and should be beneficial to both parties.
Public victories are preceded by private victories. We need to overcome our own fears and issues before we can achieve a public victory. An example is the career of Magdalena Yesil who moved through a number of jobs learning and growing before she started her first company. As we look at her career path, we can see where she took on new roles to enhance her skills set. Today she is an angel investor helping startup business get onto their feet. This appears to be consistent with the formula described above; she worked hard, got a solid education, found her niche, and made her mark. As an angel investor she is providing a service to new businesses.
One of the most important factors of any entrepreneurial venture is the paying customer. We can create the most efficient mouse-trap and have the best marketing campaign, but until we have paying customers, we have nothing. I am looking forward to the day that I have my first paying customer.
Make sure that the money you earn are clean dollars. I learned that we should put the Lord first and the money will come. If we go after the money first, our integrity can become compromised. Integrity is our most important characteristic in life because it allows us to be trustworthy. And who would want to have dealings with a person who cannot be trusted.