Since I can remember, I grew up being told by my father that the true "American Dream" is to own your own business. He always told me being your own boss, setting the foundation of what you want in life, and being able to pay yourself what you're worth, is what I should strive to accomplish in life. He neglected to tell me where some of the major pitfalls are that can happen while you are trying to build your empire.Even now I don't know everything, nor do I claim to. All I can tell you is I have failed several times in business (Including once in 2013 which completely wiped me out financially), and I am now running a very successful business with my wife.Here are a few very important entrepreneurship rules I live by. My hope is for them to help you along your journey.
- Know Your Business
- This seems so simple, yet I can't tell you how many people I know that start an empire and have no idea about the nuts and bolts of the empire they are trying to start.
- Vet Your Partner
- Assuming you are going into business with someone, spend some time and money getting that person checked out. Trust me it's worth it
- Vet Your Employees
- Your Employees represent YOU. So know who is wearing the brand logo of your business on their shirt, so they can represent you in the best light
- Always Be Properly Funded
- An underfunded business is a business doomed from the word go
- Know When To Walk Away
- I have my theories on when it's time to throw in the towel when it comes to "your baby" but I am not the one emotionally invested or attached, you are. I elaborate on this subject more in my speeches to clients but there is a 80/20 or 90/10 rule I live by when it comes time to make that life changing decision
These are my 5 WILLIE WONKA "Golden Ticket Rules" about starting and maintaining a successful business. This is just a quick synopsis; I elaborate on these topics in far more detail when speaking to audiences in person.In case you are wondering, when I started my construction company, Kayden Premier Enterprises, in 2008 I did not do or follow ANY of these rules. It is no wonder my business was doomed to fail, the inevitable just got prolonged because I am an excellent salesman.In my new business venture, I follow and apply all of these rules. We are doing fantastic things and helping a lot of people along the way! I hope this article helps you to navigate the high seas of entrepreneurship, just remember you are the captain and the voyage starts and ends with you!