The 10 Rules of Successful Entrepreneurship (Part 1 of 3 part series)

EntrepreneurMany household names in the corporate world got their start during economic downturn.  In 2009 at the depth of the worst business climate in decades, Americans started nearly 7MM new businesses.  Most of them will fail, but some will succeed.  Bill Murphy Jr., author of The Intelligent Entrepreneur, wrote about the 10 rules of entrepreneur success.  As simple as they sound, there’s lots of wisdom in these rules…

  1. Commit to entrepreneurship, rather than a specific business – being an entrepreneur is a lifelong decision.  And such commitment helps entrepreneurs stay flexible and react nimbly to market feedback.  My first company, RJSL Group, started out as a shipping container import business for automotive industry but turned into a CFO staffing shop.
  2. Look for market opportunities before creating business solutions – don’t decide on products and services first then set out to convince the market to buy what you are selling.  You will be left out wondering why sales are flat.  Rather, use your expertise to first understand potential customers’ needs.
  3. Focus on innovation and scale – most businesses are launched in unattractive, static fields and offer no competitive advantage.  The founders only employ themselves, cannot articulate growth plans and generate subpar topline.  The successful ones combine deep knowledge of customer needs with a commitment to achieve outsized goals.
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About Richard Lee
Experienced finance and operations professional. Currently partner in five companies, adjunct professor of economics at Columbia College and executive contributor to a small business blog (www.SMBmatters.com); following corporate finance, M&A and management consulting tenures with Orbitz and Diamond Technology Partners; and six years of service with the United States Army.

2 Responses to The 10 Rules of Successful Entrepreneurship (Part 1 of 3 part series)

  1. Pingback: The 10 Rules of Successful Entrepreneurship (Part 1 of 3 part series) « SMB Matters – Small and Mid-Sized Business Blog

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