The
Common Threads...
The study of entrepreneurs
shows that they are a unique breed and are as individual as the products
and services they create and market. But there are some common threads
through all of their stories that lead us to their success.
Doing What You Do Well
Ted Waitt was trying to
determine what his abilities were when he dropped out of the University
of Iowa in 1984 to work as a salesclerk at a retail computer store
in Des Moines. As he learned the sales process he left his sales job
and started his own company with his grandmother's CD's as collateral.
Ted's company, Gateway 2000 Inc., boosts revenues nearing the 2 billion
dollar mark, he insists that the company is not a computer company.
"Sales, marketing, and distribution is what we're all about," he states.
The Gateway strategy was
not in building computers, but rather in target marketing and unique
sales strategies. Marketing and sales was Ted's strength.
Successful entrepreneurs
do well because they concentrate on building upon their strengths.
They focus their energies on what they do well, and allow others to
fill in the gaps. If product design is their strength, but accounting
is their weakness, they find someone else to fulfill the important
role of accounting for and tracking the financial resources of the
business.
Having it all does not
necessarily mean doing it all. A realistic strategy built around the
entrepreneur's strengths and weaknesses is necessary for long-term
success. A well run business, no matter what the size, requires talents
for product development, sales and marketing, managing people, planning,
recordkeeping and financial management.
Each of these areas requires
a unique set of skills and abilities. The entrepreneurial spirit is
energized by focusing on doing what you do well, and finding others
who do well at the rest.
Scouting the Horizon
When Sue DeClerque received
her first contract to provide off-site medical transcription services,
she was aware of an increasing trends towards these types of services.
By watching the trends and keeping her ears and eyes open, she knew
that hospitals and clinics were facing an increasing backlog in transcribing
for medical charts. Sue was also aware of companies that were beginning
to provide such services for hospitals and clinics through the use
of technology. Her awareness of the increasing needs and potential
solutions helped her to make use of this potential opportunity.
Today, Sue's company Words
Express, provides transcription services across the region from computer
lined offices in Bismarck and Fargo. Keeping an eye on the horizon
and anticipating future and emerging customer needs, is a consistent
tactic for the successful entrepreneur. The entrepreneurial spirit
is continually curious about industry and consumer trends, and seeks
to find solutions to customer problems even before they are clearly
visible.
Keeping the Faith...
Ruth Watts, owner of Ivory
Leathers, knew she could design and sew leather goods. As she shopped
for custom designed leather clothes and accessories, she found herself
altering or changing her purchases. Then the idea struck her - custom
design of leather goods as a business. Without the financial resources
to lease space in a mall or retail center, she put her first commercial
sewing machine in her garage and opened her business. It has taken
a lot of hard work, dedication and concentration to build her business
to the point it is at today. There were difficult times, (like the
time she had to put her motorcycle up for collateral for a bank loan)
but from the very beginning Ruth says, "I knew it would work".
"You just know it in your
gut" as one entrepreneur puts it. This entrepreneurial spirit is fueled
by a deeply held belief in the product or service being provided.
An intuitional sense that "it will work". This confidence and conviction
is found in all successful business ventures, and provides motivation
and determination in even the most difficult of times.
Having Fun...
Having fun? But isn't running
a business serious stuff? Sure, owning and running a business requires
serious decisions and down to earth strategies. But "fun" is the only
way to describe the enthusiastic voice and twinkling eyes of an entrepreneur
with the entrepreneurial spirit.
"I have always liked cars,"
says Ray Robertson. But cars were not part of his university administrative
job. Several years ago, Ray and a partner opened a fast lube service
center, which averages 70-80 cars per day. "It's fun," he says, "studying
car trends and determining services is like making my hobby a business."
Meeting the challenges
of running a business can become a drag if your not having a good
time. Successful entrepreneurs are in an industry or providing a service
which they find interesting and stimulating. Work is fun to the entrepreneur
who is true to their interests.
What's New?
"Our first computers weren't
anything like what we use today," chuckles Sue DeClerque. "Technology
becomes obsolete the day we buy it, so you have to keep learning to
provide your customers the best possible," she adds. Being open minded
and willing to learn is a visible characteristic of the entrepreneurial
spirit. How, where, when, what do you think? are constant questions
the entrepreneur will ask of customers, employees, suppliers or anyone
who may have an insight or an idea.
People who struggle with
change or resist ideas which may be different from theirs do not make
successful entrepreneurs. This insatiable curiosity fosters product
innovations and unique product or service features which catches the
attention of customers. Being as good as the competition is not good
enough to make breakthroughs in the marketplace. Today's best seller
can become old inventory quickly if a business is not in a constant
search for innovation. The entrepreneurial spirit thrives on new ideas
and new ways to make them happen.
Hurry Up and Wait...
"You have to take action
- now! But building a business takes time and patience," says Arlene
Wilhelm, owner of ExCel Cleaners. The entrepreneurial spirit is a
paradox of action and patience. Successful entrepreneurs do not procrastinate.
They do not wait for things to happen. They make things happen by
taking action, doing, trying, deciding NOW. But they also have courageous
patience. The patience to nurture and grow the business.
Farmers are good examples
of this element of the entrepreneurial spirit. For years I watched
my father, Frank Lefor, plant crops and then spend months fertilizing,
controlling weeds, monitoring the weather and waiting for the crop
to be ready to harvest. He would frequently walk into his wheat fields
and "check the crops" to see how they were doing, even though he knew
they were weeks away from being ready to harvest.
This patient anticipation
of a result can be unsettling to the immature entrepreneurial spirit.
As a child I remember the frustration of a science experiment I was
not patient enough to see through. I planted a pumpkin seed in a pot,
and within days began to dig in the soil to see if anything was growing,
eventually ruining any chance for the seed to germinate. After observing
my actions my father gave me my first entrepreneurial lesson when
he said, "If you aren't willing to let it grow - don't plant the seed."
Initiative and action is sustained by patience in the spirit of the
entrepreneur.
Keep On Going...
Even the most successful
entrepreneurs that we have heard from, read about or used as an example
in this series, have had crisis, tragedy and late night panic attacks.
The entrepreneurial spirit does not dwell in fantasies of perfection.
Real world problems do exist and fear and panic find the way into
the strongest entrepreneurial soul. What do successful entrepreneurs
do when the going gets tough? They keep on going.
Sonja Drury experiences
some anxiety as she is creating, baking and packaging her gourmet
baked goods for the holiday rush season. Feeling overwhelmed with
the work to be done, "Panic occasionally sets in," she describes with
a deep sigh. "What do I do? I just put another cookie in the bag and
keep going until I calm down," she explains.
The ability to keep moving
through the panic gives the entrepreneur a renewed spirit - a sort
of second wind - which propels them forward. Rather than giving up,
they get on with doing what they know they need to do. It would be
easier to give in to the panic and fear which comes with stretching
beyond the comfort zone as entrepreneurs must do. But giving in would
mean giving up, and surrendering to the odds is not in the vision
of the entrepreneurial spirit.
Next
Chapter...
