Entrepreneurship – key success factors

Posted: February 28, 2011 in Innovation
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Often times I attend entrepreneurial events and listen to successful entrepreneurs share their secret recipe.

I stumbled upon BayT’s CEO’s presentation at Celebration of Entrepreneurs 2011.

I often judge the presenter by the genuine factor he or she portrays and really enjoy presenters when they seem that they are talking from the heart. I no longer look for charisma on it’s own when in comes to sharing lessons learned and success stories.

Here is a summary of my notes from this presentation I would like to share with you.

[Urban Myth] First and foremost, entrepreneurship is not about a great idea, it’s about:

  • Listening and engaging with prospects and companies
  • Getting out there – spending time with and asking friends and potential customers what they really need
  • Great execution (design and build fast with the best people around)
  • Taking risk – remember all these drop out stories from Microsoft, Google, Facebook, Apple, etc. , start a new venture, ingrain this risk culture in your organization, learn and teach the value of risk
  • Institution building – survive over time. Lots of companies are in for a quick buck, a fly-by-night concept, build something for the big fish to buy out! What we really lack is institutions that last past the CEO’s tenure.
  • Getting uncomfortable every day – drive yourself outside of your comfort zone, if you keep doing what you always did you will always get what you always had (or something like that)
  • A burning desire to succeed
  • Being young? Think again, age does not matter
  • Making enough mistakes because eventually you will have a success
  • Surrounding yourself with people you enjoy working with
  • Being persistent
  • Being resilient – weed out the naysayers
  • Dedication
  • Long-term vision
  • Never asking for permission, but rather begging for forgiveness if something goes wrong

Joe Zaarour

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