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Entrepreneurial Business

Entrepreneurs and Eagles
by "Coach Bud"

Independent. Freedom. Courage. Resilient. Resourceful. Risk acceptance. These are the characteristics of two species: the human species we call "entrepreneur" and the bird species we know as the North American Bald Eagle. What better icon for an entrepreneur could there possibly be? For centuries this majestic bird has been a symbol of power, courage, freedom and independence.

"Wait a minute", you are saying, "I don't think eagles flock" and you are right. Unlike most species of birds, the eagle is a loner. It is also interesting to note that the bald eagle stays with its mate until one of them dies. While the eagle can and must rely totally on its own devices to survive, as an entrepreneur in today's crowded, competitive marketplace it is tough to go it alone. Fortunately, we don't have to go it alone unless by choice. With the advent of the high technology era opportunities abound to form compatible win-win alliances, partnerships, joint ventures and other creative ways to help each other succeed. As entrepreneurs, when we "flock" together we raise our level of success. One of our greatest strengths is also one of our greatest weaknesses. With our "passion" for independence, our resourcefulness, resilience and a dash of ego, we think we can do it all without help. This attitude becomes even more prevalent when we realize others around us don't have the same passionate feeling for what we are doing and embrace our vision. The sooner we understand that we can realize our dreams by giving and receiving help the faster our "journey of success" becomes. My mantra has and always will be, "When your true purpose is to help others succeed, you succeed".

For most entrepreneurs the Internet is far from the panacea it sometimes may seem. It does give us a new vehicle to market our product or service and levels the playing field in competing with larger companies in our industry.

Based on forty-years experience in marketing, sales, customer service and entrepreneurial business, both my own and consulting/coaching entrepreneurs, I strongly urge you to pause and review the fundamental purpose of your business. Obviously, survival depends on two basic elements: there must be a need, want or desire for your product or service and, after a period of start-up, you must generate revenues that are greater than your expenses. A successful entrepreneurial business requires much more.

The entrepreneur's "journey of success" is usually a long and tough one, filled with challenges at every crossroad. When you are passionate about your purpose, you find a way to develop and acquire the skills to turn your challenges into opportunities. Over 150 years, Benjamin Disraeli gave us the formula when he said, "The secret of success is consistency of purpose".

The purpose of this column each month, as stated above, is To Enhance the Success of Entrepreneurs. There will be no "theories" in this column. The strategies, ideas, concepts and resources you will read about each month will be based on my "real world" experience and the "real world" experience of many successful entrepreneurs who have "been there and done it". A blend of strategies that have proven to be successful and innovative ideas will help you raise the level of your success.

Speaking of your level of success, you can elevate yours by reading "The E-Myth Revisited" by Michael E. Gerber. This book will give you a whole new perspective on your business and help you focus on successfully making that difference you set out to make when you made the commitment to become an entrepreneur.

Gerber states, "The great business people I have known seem to possess an intuitive understanding that the only way to reach something higher is to focus their attention on the multitude of seemingly insignificant, unimportant and boring things that make up every business". He also observes that we tend to spend most of our time "in" our business rather than "on" our business. This fact alone contributes significantly to the reality that over 400,000 businesses in this country fail every year.

With the idea of a viable product or service that meets the needs of business clients or consumers, the leadership ability to have others share your vision and a focused commitment to attaining success, anything is possible.

According to "The Oxford Dictionary" an entrepreneur is "a person who undertakes an enterprise or business, with the chance of profit or loss". The key word in this definition is chance. The term "risk taker" (or to some people, whacko) is usually the first thought most people have when hearing the word entrepreneur. Probably "risk acceptor" is a more appropriate description. The entrepreneur accepts the fact that risk is fundamental to realizing their dream. The key is to balance your passion with the reality of risk. As a current TV commercial states, "the greatest risk is to not take any".

My litmus test for an entrepreneur is someone who asks, "Why do you do what you do?" That person should keep their "real job".

Thanks to Dan Davies commitment to the "Entrepreneurial Spirit", each month I will be sharing my, and others, many years of experience to help you enhance your success. This column is about you. We welcome and encourage your feedback on your experiences, needs, topics of interest and real life stories of successful entrepreneurs. Please email me at bcoggins@cogginsmarketing.com or call (919) 848-9299.

May you earn the success you desire and share your success with those who appreciate it.

"Coach Bud" shares 40+ years experience to help his clients Create, Develop and Grow a Successful Entrepreneurial Business. Please visit www.cogginsmarketing.com.

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