| 1. |
It has to be a business that gives you an emotional high. |
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| 2. |
Try not to go into anything that is labor, inventory, or
accounts receivable intensive.
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| 3. |
Have independent market research done on feasibility of your ideas. |
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| 4. |
Don't think someone is waiting to steal your idea, it's paranoia. |
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| 5. |
Don't get started on a real business until you have someone (spouse,
family member) who will listen to your dreams, sympathize with your failures and applaud your
successes.
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| 6. |
Never involve yourself in any service or product that requires a consumer
attitude change.
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| 7. |
Don't invest your money or time in home run schemes—invest in what
you like and know.
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| 8. |
Find a lifelong mentor as soon as possible. Have him continually play devil's
advocate with all of your projects.
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| 9. |
Make sure you are not just buying yourself a job. Have an exit point or
harvest plan to cash out.
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| 10. |
Do self-awareness training. Find out who you are. |
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| 11. |
Pick a charity (other than a religious one) or a
charitable activity where you have nothing to gain, and work at it every year.
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| 12. |
Do some charitable acts each year in secret (spouse doesn't know). |
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| 13. |
Keep a notepad next to your bed at night—some of your
best thoughts will come while you are asleep.
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| 14. |
Get a week-at-a-glance planner. Each weekend make out a 3x5 notecard
of activities you want to accomplish.
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| 15. |
You don't need to keep 51% to control your company. |
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| 16. |
Find an aggressive banker, lawyer, and CPA, and send them referrals and
Christmas presents.
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| 17. |
Be willing to take major risks, but be aware of risk versus reward. Don't
ever even think about taking out bankruptcy.
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| 18. |
Have someone else do all your serious negotiating for you—you care
too much about yourself.
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| 19. |
Take 5 years + to get through college—take six months or a year and investigate what you really want to do with your entrepreneurial skills. |
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| 20. |
Remember that you will learn much more from your mistakes and failures than your successes. |
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| 21. |
Trust everyone, but be aware that most people shade the facts and
lie part of the time.
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| 22. |
Expect to be sued—it's normal. Have the attitude that it's the
person who's suing that has the problem.
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| 23. |
Never sue unless there is real estate that can be attached. |
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| 24. |
Expect to become financially independent—do a financial statement
on yourself each quarter.
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| 25. |
Realize that money is power and can be used for great good. |
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