8 Cardinal Rules to Succeed as an Entrepreneur

8 Cardinal Rules to Succeed as an Entrepreneur

by Linda Descano

Over the past two years, I’ve had the pleasure of speaking with 100+ business owners from different industries and at different stages of growth about what it takes to succeed as an entrepreneur. I first shared what I learned at a National Association of Women Business Owners Leadership Conference in Philadelphia last year, and recently dusted off my take-aways, in the form of eight cardinal rules, for a presentation last week. So, here goes in no particular order:

1.      Work on your business, not just in your business. Time and time again, I heard stories from entrepreneurs about how they were so focused on their product or service that they overlooked something important in their finances, in the fine print in legal documents, or in the marketplace. Their lesson learned? Make sure you understand the “business of being in business,” which means to invest your time and energy on the management side of running a business. And, while you definitely should tap experts in accounting, finance, and the law, you need to educate yourself on those issues so that you can provide appropriate oversight.

2.      Keep your personal and business wallets separate. The old adage that business and pleasure don’t mix also holds true when it comes to your business finances. Make sure you set up separate accounts for your business, and handle your business finances in an organized ― not haphazard ― way. When it comes to money, have some in savings and a credit line available to get you through the tough times.

3.      Form an advisory board. Most of the business owners that I spoke with view an advisory board as essential to their success. They use their board compliment their “weak areas” and provide an ongoing, structured means of soliciting feedback. To be effective, make sure your advisory board is made up on people who have different disciplines, backgrounds and life experiences.

4.      Network with intent. Networking is an important activity whether you are a business owner or corporate executive. However, it is particularly relevant for entrepreneurs. Successful business owners view attending functions and joining business organizations as part of the job — it helps you build awareness for your business. And the stronger your personal and professional networks, the easier it will be to deal with decisions and challenges.

5.      Find your “business Iowa”. One of the people I spoke with is Betsy Myers, a successful entrepreneur who today is the Founding Director of Bentley University’s Center for Women and Business. In her book Take the Lead, Betsy shared how a relentless focus on "winning Iowa" by the 2008 Obama for President campaign brought clarity to an organization "under siege" and provided a strategic "filter" for deciding what to do as well as what not to do. So try having a focusing question to create clarity. For the Obama campaign, it was “Will this help us win Iowa?” Then, it becomes easier to make trade-offs. Keep distractions at bay and keep your eye on the ball.

6.      Remember that not all money is created equal. You need to know when and how to raise capital, (both equity and debt), and how to wisely put your money to work on things that adds value. You should be spending as much time researching what investors and lenders want as you spend understanding what your customers want. Understand the approach that angel investors take versus mezzanine debt investors. The more you know, the better positioned you will be to tap the capital markets and make the appropriate asks.

7.      Plan, plan, and then plan some more. Most business owners spend a lot of time planning before they take the plunge and start a business. That makes sense. But, the need to plan doesn't stop when your business is up and running. You need to still need to plan for business cycles, life events, retirement, and more.

8.      Evolve and adapt to thrive. The business owners I spoke with were always doing research and speaking to customers, partners, and more. They leverage all types of resources to stay inspired and bring a fresh perspective to their work. A great business starts with a solid business plan and a clear picture of what you bring to the market and what problem you are solving for your client or customer. Then, a great business keeps evolving and adapting.

http://www.linkedin.com/today/post/article/20130520135600-34334392-8-cardinal-rules-to-succeed-as-an-entrepreneur

9 Career Tips You Need to Know in Your 20's

Here are some great tips on how to get your career started off on the right foot while you are young. If you like these check out the full article on Forbes.com!

You’re Talented, But Talent is Overrated - Congratulations, you may be the most capable, creative, knowledgeable & multi-tasking generation yet. As my father says, “I’ll Give You a Sh-t Medal.” Unrefined raw materials (no matter how valuable) are simply wasted potential. There’s no prize for talent, just results. Even the most seemingly gifted folks methodically and painfully worked their way to success.

Pick Up the Phone – Stop hiding behind your computer. Business gets done on the phone and in person. It should be your first instinct, not last, to talk to a real person and source business opportunities. And when the Internet goes down… stop looking so befuddled and don’t ask to go home. Don’t be a pansy, pick up the phone.

Don’t Wait to Be Told What to Do – You can’t have a sense of entitlement without a sense of responsibility. You’ll never get ahead by waiting for someone to tell you what to do. Saying “nobody asked me to do this” is a guaranteed recipe for failure. Err on the side of doing too much, not too little.

You Should Be Getting Your Butt Kicked –Meryl Streep in “The Devil Wears Prada” would be the most valuable boss you could possibly have. This is the most impressionable, malleable and formative stage of your professional career. Working for someone that demands excellence and pushes your limits every day will build the most solid foundation for your ongoing professional success.

People Matter More Than Perks – It’s so trendy to pick the company that offers the most flex time, unlimited meals, company massages, game rooms and team outings. Those should all matter, but not as much as the character of your founders and managers. Great leaders will mentor you and will be a loyal source of employment long after you’ve left. Make a conscious bet on the folks you’re going to work for and your commitment to them will pay off much more than those fluffy perks.

Map Effort to Your Professional Gain – You’re going to be asked to do things you don’t like to do. Keep your eye on the prize. Connect what you’re doing today, with where you want to be tomorrow. That should be all the incentive you need. If you can’t map your future success to your current responsibilities, then it’s time to find a new opportunity.

You Need At Least 3 Professional Mentors – The most guaranteed path to success is to emulate those who’ve achieved what you seek. You should always have at least 3 people you call mentors who are where you want to be. Their free guidance and counsel will be the most priceless gift you can receive.

Pick an Idol & Act “As If” – You may not know what to do, but your professional idol does. I often coach my employees to pick the businessperson they most admire, and act “as if.” If you were (fill in the blank) how would he or she carry themselves, make decisions, organize his/her day, accomplish goals? You’ve got to fake it until you make it, so it’s better to fake it as the most accomplished person you could imagine

Read More Books, Fewer Tweets/Texts – Your generation consumes information in headlines and 140 characters: all breadth and no depth. Creativity, thoughtfulness and thinking skills are freed when you’re forced to read a full book cover to cover. All the keys to your future success, lay in the past experience of others. Make sure to read a book a month (fiction or non-fiction) and your career will blossom.

Check out the full article here

15 Success Principles You Need to Know!

The 15 Success Principles You’ll Never Want To Forget

By Joel on March 12, 2013

You can’t assure success, but you can increase the chances of it happening. After all, opportunity favors the prepared. With the following 15 success principles, you can dramatically increase the chances of success in your life.

1 – Prepare

The first success principle is preparation. It’s the foundation of success. With preparation you create your own opportunities. Once you have all the different elements lined up, it only takes a small opening to realize your goal. At the same time, taking advantage of big opportunities without enough preparation means risking your success, as you’re building without a well-laid foundation.

2 – Do something you love

You have to work very hard whatever it is you choose to do. Your work or your project will dominate much of your time and your life. Therefore, find something that you enjoy doing and do that.

3 – Get started

You have to start somewhere. Today is as good a day as any to start. Get into action today and start moving in the direction you want. Putting it off can only lead to failure, whereas if you start and see an early setback, at least you conquered that setback early on.

4 – Move in the right direction

Keep everything moving in the direction you want. It doesn’t matter if things go slowly initially. As long as the overall direction is favorable, you’ll get where you want to go eventually.

5 – Use the power of dreams and your imagination

What you dream and visualize today will become true tomorrow. You just have to work on turning it into reality. Just as your dreams can only influence your life if you let them, the cities you build in your imagination can only become real if you build them.

6 – Think big

If you set your aim a bit too high you might fall short. If you set your aim too low you might achieve your goal… and miss out on the other opportunities. By thinking bigger, the only limit is what is possible. You’re no longer limited by what you think is possible.

7 – Focus on growth

Seemingly impossible challenges are just cleverly disguised opportunities for growth. If you take those challenges and, in solving them, improve yourself, you’ll find yourself continually moving in the right direction.

8 – Maintain your determination

With enough determination, you can succeed through almost any odds. Enough determination means you’ll find a way no matter the situation.

9 – Set a clear vision

Think through where you’ll want to go. Develop a clear sense of what your final goal is, and keep this with you. By knowing the destination you want to reach, you can continually look at your current path and decide if it’s a route that will help you get where you want to go.

10 – Set goals along the way

A final goal isn’t enough. You need intermediate goals that set the path. These goals should be specific, measurable, realistic, attainable, and timely. These intermediate goals define the steps that you need to take to get to the final one.

11 - Work out plans of action for your work

For each goal, it helps to have plans to reach them. Your plan describes how you can reach each step from where you are, or where you will be. Keep in mind that the future is never certain. Things rarely work out exactly how you plan. Therefore, see these plans as showing one or more possible routes, not necessarily the route you’ll end up taking.
Still, knowing the plan means you can avoid long detours that might compromise your chances of reaching a goal on time — or at all.

12 - Commit to taking action

Once you start going, keep going. Never, never, never give up. If you find an obstacle in your way, chip away at it or go around it. The only way to really fail is to give up. If you keep going you’ll succeed. If you hit the limits of what’s possible, you can regroup and find another way.

13 - Use affirmations

Affirmations are just short, positive, and above all direct phrases in present tense. Things like “I’m getting more and more successful.” The idea is that they reinforce a positive world view. With affirmations, you are defining your own reality. By transmitting a positive world view to your mind, it adopts this view. As your mind adopts this view, it helps shape the world around you to fit it, which means it helps make the world around you one that reflects a reality of you getting more successful every day.

14 - Get rid of negative influences

Avoid harmful influences around you that might shake you from your goal. Keep people and ideas around you that support your success and your belief in yourself.

15 - Be grateful and appreciate what you have

The final success principle is to appreciate what you have already. Realize that — by sheer virtue of the fact that you can be reasonably certain you’ll live from one day to the next — you already have enough. Enjoy it! Appreciate what you’ve achieved so far, and see that what you want, where you’re going, is not what you need or what you must do. Rather, these are things and actions that will make your situation even better.

Article By James Meyer | Addicted2Success.com

13 Things Overachievers Do

13 Things Overachievers Do

 1. They laugh — at themselves. And with others.

2. “They steal stuff.”

I have to come clean right here. This post is completely inspired by Penelope Trunk and her blog post: 15 Things Overachievers Do. Her post is way better, filled with links, and you need to read it, in full, to start 2013 off properly.  Link at the end of this post, too, since I hope you’ll read to the end and then go visit her site and post. I find most of her career posts a huge breath of fresh air in a world of stale content. She has a great sense of humor, too.

Continuing the #2 item, overachievers know they have plenty of ideas, says Penelope, so they don’t care if people take their ideas. And they bend the rules to make their own lives better. They know that ideas are a dime-a-dozen, really, and that execution is what matters.

So, when she says they steal stuff, she is talking about how people build, iterate, incubate on ideas. It is #15 on her list. Like me, for instance, I borrowed a number of Penelope’s ideas, but rounded them out with my own thoughts and attempts at humor.

3. They are notorious list makers. Sometimes they make lists after they complete the task so they can enjoy that feeling of greater productivity. I’m not sure if list makers are more successful in life, but I believe they have more fun putting sticky notes on everything.

4. Their desk is usually clean and everything is organized. They love IKEA because they can buy lots of organizing bins and boxes.

5. They don’t mind when a door shuts. They know that a window might be open. Or they go buy a DeWalt Sawzall and make a door. Seriously, Penelope points out that go-getters know that life is about tough choices sometimes and you have to be willing to give up one thing in order to get something else. 

6. They are not shy about their weaknesses because they are uber-confident in their strengths. Every strength comes with a weakness and if you can share that awareness, that wisdom, with potential employers, or your employees if it is your company, then people will see you as a real person.

7. They get tons of mentoring or coaching. They seek out mentors. Overachievers know that top athletes have coaches for a reason. To get to the top of your game, you need help. You don’t get there alone. They are willing to pay for someone to push them.

8. They don’t write books. The book industry is dead, Penelope reminds us. She points out a post by my Forbes colleague Suw Charman-Anderson: Amazon Is Ripe For Disruption. People who have something to share are putting those thoughts down in blogs. Or, in my mind, in ebooks. Of course, I’m a bit biased as I’m finally finishing a simple book I’m publishing on the Kindle platform about building websites. I’m hoping that books are not yet dead.

9. They don’t let themselves get fat  soft. Soft in any sense of the word. They work out regularly, fanatically, and they take care of their bodies and minds. 12/30/2012 update: My conscience bothered me. My goal in any of my writing is to uplift and encourage people. So I edited this section. My intent was not to target people who are overweight, myself included, but more appropriate is type-A personalities don’t let themselves get soft, in any way, if they can avoid it. You can be skinny and soft, by the way.

10. They like to start things. They like saying they are the “founder” of a project or company or initiative. I’ve seen many overachievers lay claim to being the founder of a hashtag. You know those Twitter tags, such as, #SmallBusiness or #Journalism or #Marketing. Their ego and confidence allows them to take ownership of things that can’t possibly be owned. Many of them love to finish things, too.

11. They ask about you so they can get a turn to talk about themselves. As Bette Midler said as one of her characters after talking about herself for a long time, “Enough about me; What do you think about me?” Ha. They do thrive on being able to tell of their exploits — that’s half the reason (or more) for why they do them. Time is not money; Time is Life. When you listen to an overachiever, you have a choice: You can either hate them or be inspired to your own greatness by listening to all they have achieved.

12. (Speaking about Goals) They are rabid about lists because they are crazy about achieving their goals. Uh, hello, that’s why the word “over” is in front of achiever. They have a bucket list for life, for each year, and perhaps each week. Many of their goals include a fair amount of adventure-seeking and the stuff that takes them out of their comfort zone. Because that’s where stuff gets done — outside the comfort zone.

13. They have an “I Love Me” wall in their home or office. That’s what we used to call it when I was in the US Air Force. Every officer or NCO that had an office would have all of their awards and commendations displayed for all to see. Awards are like a list in 3D — you can hang that item on the wall instead of checking it off a list.

But this award mania isn’t bad — it is one of the ways overachievers keep score for themselves. They are out to change the world. And, in reality, the best and brightest overachievers are not competing with you, but only themselves. They are happy for you to succeed and often want to help you achieve, too. Just as long as you spend a bit of time listening to how they helped you get there…

You can find the original article from Forbes.com HERE 

3 Signs You're Meant to Be a Leader

Hey Everyone, 

Found this article on Inc.com and thought it made some interesting points on leadership. What do you think?

 

Not everyone is cut out to be a leader. But if you have these three traits, you might be a natural born leader.

Reading leadership literature (including this column), you'd sometimes think that it was written in the stars that everyone has the potential to be an effective leader. I don't believe that to be true.

In fact, I see way fewer truly effective leaders than I see people stuck in positions of leadership who are woefully incompetent at worst and seriously misguided about their own abilities at best. Part of the reason this happens is a lack of honest self-assessment by those who aspire to leadership in the first place. And so, in the interest of increasing the quality of next-generation leadership, I give you this simple three-point self-assessment tool. To paraphrase a certain comedian, "you might be a potential leader if..."

1) You lead only when you have to, not all the time. We've all met the type of individual who simply must take charge. Whether it's a strategic brainstorming session, a pick-up basketball game, or a family outing, they can't help grabbing the lead dog position and clinging on to it for dear life. Always opinionated, usually impatient and frequently brusque, these gotta-be-in-fronters get so used to other people describing them as natural born leaders that sooner or later--to their own and everyone else's detriment--they begin to believe it. Truth is, they're most always nothing of the sort. True leaders don't presume that it's their divine right to take charge every time two or more people get together. Quite the opposite. A great leader will assess each situation on it's merits, and will only take charge when their position, the situation, and/or the needs of the moment demand it. Oh, and if you read that last paragraph with a sneaking belief that in most situations you are the right person to take charge, you're most likely a gotta-be-in-fronter, not a leader.

2) You see much more than you do. Many business executives confuse leadership with action. These Tasmanian Devils believe that constant motion somehow generates leadership as a byproduct. Consequently, the more ambitious they are for a leadership role, the more furious their momentum becomes. Leaving us mere mortals in their wake, the Tasmanian Devil works harder, faster, longer than everyone else. Faced with any situation that can't be solved by the sheer brute force of activity, they generate a dust cloud of impatience. Their one leadership tool is volume: if they think you aren't working as hard as they are--or as hard as they think you should--their demands become increasingly louder and more strident. You'd think that such a blunt, one-club-fits-all mentality would preclude our action-at-all-costs executive from attaining any degree of seniority in a mature organization, but you'd be wrong. Sadly, many organizations, some of them Fortune 100 companies, encourage just such a chest-beating, fire-aim-ready definition of leadership. True leaders understand the value of action, of course, but it isn't their only tool. In fact, it isn't even their primary tool. Great leaders see more than everyone else: answers, solutions, patterns, problems, opportunities, threats. They know it's vitally important to do, but they also know that thinking, understanding, contemplation and interpretation are equally important.

3) You change people. They achieve outcomes. Executive A hits his targets and burns out his team in the process. Executive B builds a great team, but they miss their goal. Which is the better leader? It's a false dichotomy, and sadly, one that I see in organizations all the time. A true leader is option C: someone who develops his or her team so that they can and do hit their targets, achieve their goals. If you're fixated on outcomes to the extent that you manipulate and bully others to achieve those outcomes (I know, you call it motivation--it isn't), then you aren't leading at all, you're dictating. And don't think this means that being a door mat is leadership either (we talked about the destructive nature of needing to be liked here). True leadership means building strong, capable teams that are goal- achievement-oriented.

by: Les McKeown 

How to Create Your Own Luck

The Secret To Making Your Own Luck

-Peter Guber

When you don’t get the raise, sign the deal, sell the product, or lose to the competition, the worst claim you can make is that you’re unlucky. This paralyzes you from taking the necessary action to change the course and bring “luck” in your favor… which begs the question, how do you make your own “luck?”

I find the most “lucky” people in business are the ones who first start with a clear intention of what they want. They can articulate it, describe it, feel it, and make it absolutely real. In a sense, they visualize it already done, and are pulled towards it as their goal. They see the process and its outcome as aspirational not perspirational. Their attitude, as much or more than their aptitude, drives the destiny of their goal.

The “lucky” ones realize they must work harder than everyone else. When success doesn’t happen, their patience and persistence forces them to ask the critical questions as to why the process hit a speed bump. With this acute sensitivity, they’re constantly making course corrections to their goal.

Making your “luck” for whatever your goal, requires your authenticity. More often than not, you’re trying to persuade others to become cohorts in the process or at least buy into your proposition. In almost every case, collaboration for execution is necessary. And so, you must always be interested in what’s in it for them. Can you make it a win/win proposition so you’re both “lucky?” If there’s risk, and there’s always risk where you think there’s “luck,” are you shining the light on the risk – demonstrating you have skin in the game? If you’re partners in the outcome, you must proclaim that you will laugh and cry together.

It’s a hard job to get “lucky.”

I know. For 15 years I tried and failed to own a major league sports team. My quest started as CEO at Sony in the 1990’s, where my clear intention was to move my experience with location based entertainment into sports. I had led studios, made huge numbers of films, ran a huge global exhibition circuit and thought major league sports were a great forum for my transportable skills. Pulled toward this goal, I worked ferociously to buy the Los Angeles Lakers and the Los Angeles Kings as the requirement to acquire Prime Ticket for Sony. At virtually the final moment, Bruce McNall, the owner of the LA Kings, called to say that he could not sign, and in fact, was being indicted by the federal government and the whole thing quickly unraveled and failed. Talk about “unlucky!”

Undeterred, persistent and always willing to do the work, I teamed with a few business financial partners in an attempt to acquire the Miami Heat from operating heads and investors, Billy Cunningham and Lewis Schaffel. We made the deal only to find out that the current owners’ father, Ted Arison, had the right to match any offer – which he did. Game over. Unlucky yet again!

“Bad luck” didn’t stop there. I tried and failed to close a deal with Billy Beane of Moneyball fame to purchase the Oakland A’s. The Commissioner squashed it saying MLB wanted to contract two major league baseball teams, one of which was the Oakland A’s. The deal fell apart and contraction never happened. In 2004, I became partners to purchase the Los Angeles Dodgers for the first time together with Joe Lacob and Frank McCourt. When McCourt named his wife as President and CEO of the business, I knew the four of us couldn’t sleep on one pillow at night – there went that opportunity!

Questioning why I kept experiencing these speed bumps, I ultimately determined that I needed to change course. I channeled my experience, talents, energy and enthusiasm into minor league sports, specifically, baseball and hockey. Hockey failed – the audience didn’t give a puck. But, I ignited my baseball interests. Together with partners like Magic Johnson, I built a formidable minor league professional baseball empire comprised of teams and stadiums across the country. My partnership with Magic Johnson and many years of demonstrated successes paved the way for me to become an integral part of the ownership of today’s storied Los Angeles Dodgers with Magic Johnson and the Guggenheim Group.

You want to know how many people told me I was “lucky” to own the Los Angeles Dodgers? Damn right I’m “lucky!” I earned it!

 

Informative Article On Leadership - The Best Advice on Being a Business Leader Part 1: Top Business Leaders Share Their Best Advice

 

Fortune magazine once published an article entitled "The Best Advice I Ever Got". It was a great article that offered wit and wisdom about achieving business success. I liked it so much, that it motivated me to produce my book, Leadership: Best Advice I Ever Got, which describes the best advice 136 successful CEOs, coaches, consultants, professors, managers, executives, presidents, politicians, and religious leaders received that most helped them become effective and successful business leaders.

Here is their best advice.

1. A leader makes things happen.

If you want to make something happen with your life - in school, in your profession or in your community, do it. Perceived obstacles crumble against persistent desire.

John Baldoni, Author, Leadership Communication Consultant and Founder of Baldoni Consulting LLC, shared this advice that had come from his father, a physician. He taught him the value of persistence. At the same time, his mother taught him compassion for others. Therefore, persistence for your cause should not be gained at the expense of others. Another bit of leadership wisdom!

2. Listen and understand the issue, then lead.

Time and time again we have all been told, "God gave us two ears and one mouth for a reason"... or as Stephen Covey said, "Seek to understand, rather than be understood." As a business leader, listening first to the issue, then trying to coach, has been the most valuable advice that Cordia Harrington, President and CEO of Tennessee Bun Company has been given.

3. A successful business leader can answer the three questions everyone within his or her organization wants answers to.

What the people of an organization want from their leader are answers to the following: "Where are we going?" "How are we going to get there?" "What is my role?" Kevin Nolan, President & Chief Executive Officer of Affinity Health Systems, Inc. believes the more clarity that can be added to the answers to each of the three questions, the better the result.

4. Successful business leaders need to master the skills that will allow them to work anywhere in today's dynamic business world.

Debbe Kennedy, President, CEO and Founder of Global Dialogue Center and Leadership Solutions Companies, and author of Action Dialogues and Breakthrough once shared this piece of advice that was instrumental in shaping her direction, future and achievements.

She was a young manager at IBM just promoted to her first staff assignment in a regional marketing office. For reasons she can't explain, one of her colleagues named Bookie called her into his office while she was visiting his location. He then began to offer unsolicited advice, advice that now stays fresh in her mind. He mentioned that jobs, missions, titles and organizations would come and go as business is dynamic - meaning it is always changing. He advised her not to focus your goals toward any of these, but instead learn to master the skills that will allow you to work anywhere.

He was talking about four skills:

The ability to develop an idea;
Effectively plan for its implementation;
Execute second-to-none;
Achieve superior results time after time.

With this in mind, Kennedy's best advice is to seek jobs and opportunities with this in mind. Forget what others do. Work to be known for delivering excellence. It speaks for itself and it opens doors.

Paul B. Thornton presents more of the best advice for being a successful business leader that seven top leaders ever received on the next page. Click to continue reading about effective leadership.Here's more of the best advice on how to be an effective leader from seven top business leaders.

5. An effective business leader has to be curious.

Curiosity is a prerequisite to continuous improvement and even excellence. The person who gave Mary Jean Thornton, Former Executive Vice President & CIO, The Travelers, this advice urged her to study people, processes, and structures. He inspired her to be intellectually curious. He often reminded Thornton that making progress, in part, was based upon thinking.

She has learned to apply this notion of intellectual curiosity by thinking about her organization's future, understanding the present, and knowing and challenging herself to creatively move the people and the organization closer to its vision.

6. An effective business leader has to listen to both sides of the argument.

The best advice Brian P. Lees, Massachusetts State Senator and Senate Minority Leader, ever received came from his mentor, United States Senator Edward W. Brooke III. He told him to listen to all different kinds of people and ideas.

Listening only to those who share your background and opinions can be imprudent. It is important to respect your neighbors' rights to their own views. Listening to and talking with a variety of people, from professors to police officers, from senior citizens to school children, is essential not only to be a good business leader, but to also be a valuable member within your community.

7. Prepare, prepare, prepare.

If you fail to prepare, you are preparing to fail. If one has truly prepared and something goes wrong the strength of the rest of what you've prepared for usually makes this something easier to handle without crisis and panic. One of the best pieces of advice Dave Hixson, Men’s Varsity Basketball Coach at Amherst College has ever received and continues to use and pass on is this anonymous quote - "Preparation is the science of winning."

Along with this are two expressions from Rick Pitino's book Success is a Choice, which speaks to preparation. Hixson asks his teams every year: "Do you deserve to win?" and "Have you done the work?" This speaks to the importance of preparation toward achieving your final goal. If you haven't done the work (the preparation) the answer to the second question is an easy "no!"

One Last Piece of Best Advice

Great advice on being an effective business leader comes from many sources - parents, other relatives, consultants, bosses, co-workers, mentors, teachers, coaches, and friends. The important point to remember is to stay open, listen to everyone, but also develop your own leadership style.