Keys To Success
Entrepreneurs are often portrayed as “Lone Rangers” who have trouble working with other people.
While this may be the case with some new venturists, the entrepreneurs we have interviewed thrive on the experience of others.
Most realize they lack some of the deftness required to maneuver their expanding enterprise, so they enlist cohorts to fill in the voids —
and in some cases, straddle the chasm. Indeed, they seem to have a knack for finding players with compensating talents,
enthusiasm for teamwork, and a fervor for the start-up environment. In other words, these entrepreneurs are super team builders
who quickly put the puzzle pieces in place. Throughout our hundreds of interviews with successful entrepreneurs,
we have heard them praise their mentors, partners, managers, and board members. Not only do they share the credit for their success,
but many also share ownership. For example, Hyrum Smith, cofounder of FranklinCovey, brought in partners to provide administrative,
marketing, and financial leadership to a growing business. The company made more than thirty people millionaires when it went public in 1994,
including Karma, the company’s first order-entry clerk. Apparently, bringing in strong team members early, then sharing the credit and rewards,
are critical to getting new ventrues over the inevitable humps of entrepreneuring. Would-be entrepreneurs who hold onto everything
and try to do it all themselves usually sputter, then tumble.
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