The document outlines 10 essential skills for entrepreneurs: 1) having a sustainable business model with cash flow, 2) developing a financial plan for the business and personal finances, 3) having passion, ambition, focus and resilience, 4) strong sales skills, 5) continuous education on the business, competition, and trends, 6) creating a business plan but being willing to pivot, 7) delivering high quality products and services, 8) effective communication and decision making, 9) building a strong reputation and image, and 10) giving back to the community.
2. Why do you want to become an
entrepreneur?
You have an idea or widget that you want
to share with the world in the hopes of
making it a better place.
Tired of working for someone else. You
can do it better.
Autonomy, Purpose, Legacy,
Accomplishment, Master of your own
Destiny
3. A business isn’t a business unless it’s
sustainable
Cash Flow
Gaining traction
How are you going to make it through the night?
“Everything easy has already been done” – create
value, disrupt status quo, build a better mouse
trap
That dog don’t hunt
When do you let go?
Road to success is paved with dead bodies
Do you want to be that famous person who died
penniless?
The Casino Principal - $$$, time,
Don’t be a slave to your dreams; that’s your ego talking
Calculate your risk
4. Have a financial plan in place: Business &
Personal
Be a calculated risk taker – most successful entrepreneurs.
Be money savvy – if you aren’t, get a trusted advisor!
Educate your self!
Don’t hide your head in the sand
Don’t abdicate your power to a spouse, partner, parent, etc.
Don’t trust blindly, Understand
Gamble/invest what you can afford to loose.
“Income is the outcome.” Tony Robbins
Money may not be the motivator however, we are building our
business so at some point we don’t have to work.
Apps and software - Quickbooks, Living Balance Sheet,
Pulse, Plan Guru
5.
6. Passion, Ambition, Focus, Resilience
Intensity to succeed
Love what you do
Ability to fail – You know it’s going to happen
Learn to hedge against failure
Fall down two times get up three
Get up, dress up and Show up!
7. Sales Skills
If you aren’t selling a product you are selling yourself, usually doing both
It’s tough out there - Take classes, read books, go to seminars i.e. Tony
Robbins, Jim Rohn, Gratitude, Oprah, Meditate, Yoga, Run, Crossfit, Boxing.
Do what ever you have to do to stay motivated and up!!
“It’s going to be somebody so it might as well be me”
Sales are about finding solutions that meet specific needs. “Find the Pain”
Ask questions, don’t dominate the conversation – most sales people talk too
much
Be the Super Hero that finds the solution
Know your customer
Donald Trump – Art of the Deal – He analyzes people
Don’t get side tracked - learn how to control the conversation
8. Sales
Start from now! - Don’t do a number on your head.
Learn from your mistakes. Get a mentor, coach, shrink, support group.
Relentlessly self-promote – Remember you love what you do!
Make sure people know what you do
Don’t be afraid to share what you do
Know what you do
Network – In your target markets
Become know within your circles
It’s not quantity it quality – Get to know 3 people well at an event not 23 superficially
Follow-Up and stay in touch. – Develop a system to help you stay in touch. i.e. CRM, One-
Card-System etc., HubSpot
Personalize your social media interactions.
Don’t just sell and promote, bring added value, reflect who you are and what your values are.
Share resources
Be an advocate for your constituency – referrals make the world go round
Build partnerships and cross-market – Find niches, build relationships and credibility
If you don’t have an integrated social media and marketing plan you are lost
9. Education
“Knowledge + Action = Power”
Know your product
Know your competition
Know what other people are doing
Be aware of the world around you: business, social and
political climates
Trends, Threats, opportunities, strategic alliances
Learn about everything you need to know about
running your business.
10. Have a Business plan
But don’t be afraid to pivot
“If you don’t know where you are going how will you know when
you get there?”
Business plans - a road map, your identity, cash projections,
launch and roll-out, marketing, the team
For investors – at the end of the day investors invest in talent
If you can’t execute, if you don’t have passion and drive…it’s not
going to happen.
Research, compile data, target markets, get a feel for your
industry
Budgets & Cash-Flow projections are super important!
It’s essential that you understand expenses, how to time $$$ and
cash flow needs
If you can’t do it, hire someone
The importance of a CFO - They help you with the numbers.
A CPA does taxes, a CFO keeps an eye on your money,
expenditures, performance, interpret P&Ls.
Focus your superpowers on what you do best. Find resources to
help you with the rest.
Boot strapping? – Beg or barter i.e. SCORE, Best friend’s father
etc.
11. Look Big!
In this day and age it’s easy!
Big on line presence – web site, social media, blog,
youtube etc.
Great marketing materials
Fabulous headshots
Pictures of your team
Referrals on your on line presence
People look at that stuff
12. Deliver!
Be your word - Do what you say
you are going to do
That’s who you are, that’s all
you have
Go the extra yard…even if you
don’t necessarily provide that
service.
Get the sale, gain the customer
Do what you have to do
That may even be your pivot
This demonstrates agility and
resiliency
13. Communication
Etiquette/Respect – Please!!!
Lead by example
With and between employees – the world will be a better
place!
Verbal and written
My pet peeve!
Content must be grammatically correct with proper spelling
On your web site, social media, emails, print materials,
phone calls
Verbal communications must be respectful.
If you can’t do it: hire or ask someone i.e. your mother,
your friend, your teacher, your coworker
Answer emails!!!
Stay in touch with clients and other contacts
Building relationships- not only all about us. RoR Ted
Rubin
Personalized emails, informational email blasts, share
info about your company or things that affect client’s
company etc.
14. Decision making
Be able to make them
Think quickly but not rashly
Gather facts, gage the market, talk to trusted advisors,
then decide
This is where resilience comes into play because
sometimes those decisions come back and bite
us…even if they are right ones for the circumstance.
Sometimes we have to make tough decisions and not
everybody is happy.
15. Image & Reputation
All we have is our integrity – It follows us
and defines us
It’s how people see us
Make sure people see you the way you want to
be seen
Be your word, do what you say,
Deliver quality,
Treat all people with respect (even if you
don’t think they deserve it)
Stay above it all
Social media – be careful
Have good headshots – it tells a story
Good photographer
Stylist to create the look you want
16. Build a winning team
No one can build a successful business alone.
Your job
Find people who are committed to the
business and its success
You’re going to spend more time with them
than with your family.
Find a mentor and/or coach
“Hire slow and fire fast” – if the person isn’t
performing or not a good fit, set them free.
Hire people with the right skills
Hire people you communicate well with
Hire people with drive
Hire people you like
17. Be Organized Have a system
Nothing worse than not being able to find
papers and files
Decreases productivity
Threat to personal and client security
Financial Feng Shui – A cluttered office
obstructs energy pathways and the flow of
money into your life
One calendar only - preferably in the cloud
so it syncs everything
Task and outcome oriented
Make weighted and prioritized lists –
Franklyn Planner
Time management – schedule important
tasks and get them done with out
interruption i.e. I can’t talk now can we
schedule something for ____
You can have an open door but get stuff
done!
Be single minded!
18. Community Service
Give Back – Make the world a
better place.
It all comes back to you in one way
or another.
Help another person or organization
Find time to be selfless
Find favorite non-profit
organizations and get involved.
Let your clients know you give
back
Support your client’s efforts