Finding Your Path to Success

Everyone in the world has been successful at something in their life whether it has been sports, video games, guitar, etc… As people move on in life, they have dreams of success in other things. In my life that has always been success in business. There are plenty of books out there recommending paths to success but I recommend using prior experience. Think back in your life about one thing you were successful at. For example, I was an exceptional wrestler in high school but what steps did I take to become an exceptional wrestler. The most important was the time and effort I put into the sport. There were many small steps in between that took a lot of time and effort and what separated me from the rest is that I took those steps.

The previous example does not apply for everyone but think of someone that is spectacular at Halo (not sure if that is still a relevant game but you get the point). What do they do that makes them better than everyone else? They play Halo for hours at a time against any person they can get to play. When they aren’t playing Halo they discuss it with other people who play. This is what makes them successful.

 If you’re looking for success, take a step back and think of your last success. Get a piece of paper and begin to write down each step you took toward achieving that success. Now, place another piece of paper beside it. Look at each step and think of how that would translate into a step toward your new goal. Here is an example of mine:

Wrestling

·         Offseason Training

o   Personal Workouts

§  Cardio

§  Weightlifting

o   Camps

§  Drills

§  Learning new technique

§  Competition

o   Other team sports

§  Training

§  Competition

·         In-Season

o   Practice hard

o   Drills

o   Mentorship

o   Competition

REPEAT THE PROCESS

Business

·         Training

o   Personal

§  Reading

§  Social Networking

o   Events

§  Practice networking

§  Learn new things

§  Learn from experiences

o   Joining Groups

§  Network constantly

§  Learn from experiences

·         Deal Making

o   Do research, know everything

o   Prepare/practice repeatedly

o   Get mentor/ listen to mentor

o   Learn from experiences

REPEAT THE PROCESS

Check This Book Out!

The book The Art of the Start by Guy Kawasaki is a microcosm of nearly every experience I’ve had with start-up companies, the good, the bad and the ugly. I was hesitant to read the book at first, asking myself what could I learn about something I’ve already experienced. I was definitely wrong. The book did an excellent job of explaining where entrepreneurs go wrong and why. Kawasaki has been at both ends of the spectrum (entrepreneur and investor) giving him an unbiased opinion on the realities of growing a company. While reading the book, I not only received explanation for why things we did went wrong but explanation on why things we did went right. I would recommend this book to any successful entrepreneur not just one at the beginning of their journey.

Moral of the story: you can learn something from every book you read and every situation you’re in as long as you keep your eyes open

Negativity in Michigan

I would say this has recently come to light in Michigan but I would be lying. Michigan is an overtly pessimistic state whether that is due to lack of sunshine throughout the year or “old-timers” complaining about how things used to be back in the day when everyone had jobs at GM and times were great. Whatever the reason, this view of reality hurts the state. As recently as this morning, I read an article on mlive discussing how two brothers created a hangover cure. Comments from the readers were divided in thirds between the negative, the positive and the confused. The negative comments were the most disturbing not because they each began with a sentence about the product potentially being a hoax but that 85% of the prose was verbally attacking two people they didn’t even know on a personal level. This is what’s wrong with Michigan. This is not an argument on whether the product works or not but an argument on the support of their state. Michigan residents do not understand why young people want to move out of the state, well this is why. Young people want to do big things and change the game not be ridiculed for having the proverbially “balls” to change the game. It takes a lot to start a business but the hardest part is clearing through all the haters that wish they were in your shoes. I will say that there has been some positive light shining through the clouds in the last year but a few rays will not make Michigan a leader in the economy again. It will take the whole state to do this, from young to old.

Focusing on what’s Important

These days it seems evident that young entrepreneurs get easily distracted by the next new fad. They drift from idea to idea forgetting what made them an entrepreneur in the first place. Constantly having the next best idea isn’t what makes an entrepreneur an entrepreneur, the ability to capitalize and follow-through on new ideas is what makes an entrepreneur. Once an entrepreneur has a great idea, they must focus on executing their strategic plan. They should eat, drink, sleep and live their strategic plan. This is the only way their new idea has a chance to succeed. After that is done, I encourage all entrepreneurs to drift to the next idea and repeat the process.

What the Fed Decision does for Entrepreneurs?

If any entrepreneurs have been watching Federal Reserve Chairman Ben Bernanke explain this year’s FOMC decision, I hope you’re ready for meager profits and slow growth. The FOMC has decided to finish its current round of economic easing and keep the interest rate at 0.25%. Banks and large corporations will be happy because they are, in essence, receiving “free” money leading to the continuation of rising inflation in commodities and the devaluation of the US Dollar.

Cash flow and profits, for startup companies and small businesses, are a delicate balance. Gas prices shooting up a dollar over a two month period can put many small businesses out of business. More small businesses will fail to make it through the rest of the current recession and many startup companies will fail to launch. A squeeze on profits for a company that is barely profitable isn’t sustainable.

Why will large companies succeed? Large companies can survive extended periods of time at low profit margins because of their high volume. If something goes wrong, it is easier for them to gain financing because they can use the millions of dollars of assets on their books as collateral. This allows large companies to expand or maintain while their smaller competition is forced to cut operations or go bankrupt leading to larger more powerful corporations created by the Federal Reserve.

Poor People take Advice from Poor People

It seems like everyday people give advice about things they shouldn’t be giving advice about. People in bankruptcy court are pretending they know a thing or two about money. People who lost their homes to foreclosure are advising that the best thing to do is buy a house, “It can only go up in value,” they say.

Do you think that makes sense?

I don’t

If you have a problem and are looking for a solution, who do you go to for advice? Has that person solved your specific problem before? If not, then why ask for advice from them?

Many people are facing this problem every day. I’m struggling with this problem right now. It’s always been common for people including me to seek advice from friends and family but they don’t always provide the best advice. Before seeking advice, ask yourself these questions:

1.       Who do I know that has been in the same position I am in?

2.       Are they where I want to be in life?

3.       Are they doing the things I want to do?

These can be hard questions to answer. Sometimes the people you rely on most don’t fit the description of the answers you are looking for. I know the people I usually rely, my parents and friends, have never been in the position I am in now. To get the outcome I want I have to ask someone who has earned the outcome that I want. Always remember to think about who you ask advice from before you ask it.

False Prophets Promote “Intrapreneurship”

I had the pleasure of attending CMU’s New Venture Competition on Friday. It was exciting to hear some bold new ideas especially from young people. What was not exciting to hear was the use of the word “intrapreneur.” For anyone who doesn’t know, an “intrapreneur” is a person who innovates and improves things within an existing company. If I’m not mistaken, I believe that sounds familiar to the definition of a good employee. Entrepreneurs create jobs they don’t have them. Entrepreneurs create wealth for themselves through the products and services they create. Entrepreneurs do not create wealth for CEOs and Board Members, where their only benefit is a $5,000 increase in their salary.

This post may make me sound bitter, which it should. The reason this word shouldn’t be used is because it doesn’t promote innovation. It promotes becoming a good employee for big business. I spent some time talking with these young entrepreneurs throughout and after the event and I was disheartened. They experienced a whole day of excitement where they competed for a $30,000 prize and a chance to follow their dreams, but in the end they were all talking about getting jobs in the next month. Even the winner of the competition was worried about getting a job after college. Innovation only comes from thinking outside the box and I hardly believe people start thinking outside the box when they are already in it. These young entrepreneurs need to be encouraged to follow their dreams, not the dreams of non-entrepreneurs.

"To get what you want, you must do things you've never done."