It’s the eternal question: Are entrepreneurs born or made? According to Jim Randel, the founder of The Skinny On book series and a successful entrepreneur in his own right, the best business owners display 10 characteristics that separate them from the pack. Forget about limited access to capital. Forget about not being born the great grandchild of J. Paul Getty. Forget about a dismal economic climate. If you possess a certain combination of traits, you’re more than likely to succeed, argues Randel. The following are among my favorites:
- Belief: “If you do not believe your endeavor has a 1,000 percent chance to go to the moon, stay back on Earth,” says Randel.
- Integrity: “Yes, some creeps are big successes, but in general those who keep their commitments no matter what are more likely to succeed.”
- Failure: “Are you prepared to fail? A big public, gut-wrenching failure? If not, you may be playing it too safe. Failure is almost a right of passage to success.”
Going to the Dogs
Is business still slow? Maybe you should expand your customer base to include man’s best friend. Seriously. Businesses that boast a dog-friendly policy are being highlighted in a new iPhone application called Fido Factor. The free application steers consumers to the nearest stores, restaurants, cafes, and hotels that welcome dogs. The intent, naturally, is that their owners will follow. Creator Justin O’Neill said he developed the app because he was tired of tying his beloved terrier to a parking meter every time he ran an errand. He wants to shop at places that allow his dog to tag along, and he figures there are a lot of other people like him. So if you’re business doesn’t cater to canines, you might want to reconsider your policy. Unless, of course, you’re a cat person.
A Dogg’s Life
Speaking of dogs, hip-hop legend Snoop Dogg was on Wall Street recently dispensing business advice. “Try to find something that’s missing” and then go after it, he tells entrepreneurs. The Doggfather should know. His ventures include everything from a clothing line for cool pups to ScullCrusher mini-subwoofer headphones. In an interview with CNBC, he credited his success to staying in school and overcoming his fear of math. His mom “wouldn’t let me come home with no F,” he says. So he buckled down and took advanced math classes like calculus. “If you stop at general math, you’re only going to make general math money,” he joked.