This week in Argent PlaceⓇ Review, we have identified three keys to being a successful entrepreneur. Everyone has so many different perspectives and opinions on what works and what doesn’t that it can become confusing to identify what works best for you. Just remember that the fundamental concept in business is creating value, for you for your company.
Don’t rely on luck but understand what it truly is.
First and foremost, please realize that there is no secret formula to success. There may be a secret formula to baking an award winning cake that makes you millions, but getting to that million can happen in so many different ways. Many entrepreneurs will tell you that they attribute their success to luck, but as Eric Hotzclaw says in this Inc. Article, “5 Reasons Why Luck Has Nothing to Do With the Success of Your Business.” This article simply states: you had to decide, you had to take action, you had to put yourself out there, and you had to stick with it. There are a lot more psychological work that goes into becoming successful, it’s not just by chance.
Karen E. Klien with Business Week, best broke that down for us in this article, “How Entrepreneurs Can Make Luck Work” by explaining that scientific research tells us that lucky people deal with chaos and complexity well, capitalize on opportunities as they arise, and stay persistent. Some successful entrepreneurs who do this innately well may classify these complex traits as luck, most of us learn how to embody these traits and use them to our benefit.
Get some experience and put in the work to get it done.
So when you get the energy to “get lucky”, you will realize that it takes work. Mark Henricks examined the common advice of doing what you know in this article, “Is ‘Do What You Know’ Smart Advice for Start-up Entrepreneurs.” He says that wherever you are on the experience spectrum, your journey is going to have a series of learning curves. The key is to learn from these experiences and keep pushing until you achieve what you want.
Big Corporation world comes with a team of people. Being an entrepreneur by any measure is not easy work, and it’s impossible to have all the skills you need to be successful. So you need to create a team. In this Inc. Article “ Why Being an Entrepreneur Is Harder Than Running Merrill Lynch,” Graham Winfrey identifies two very important teammates: “Best solution is to link up innovators with risk takers to form a team for mutual benefit.”
Once you realize that success is not 100% based on luck, it’s really about honing your skills, augmenting them with the skills of critical teammates, and working to create value, you will quickly learn that you have to focus and simplify, which is the message of another Inc. article by Kimberly Weisul. When you are just starting out, it can be difficult to focus on one thing because you feel a need to reach after many things. But value is created by identifying your company’s core competency, its span of control, and properly leveraging your resources to become very good at that.
Argent Place Law provides legal business services to entrepreneurs, focusing on the management of contracts and intellectual property to create company value.