"10 things i do as an entrepreneur" with jeff fuller - norcat entrepreneurship 101
TRANSCRIPT
Agenda
Short history
Top ten things I do as an entrepreneur
Questions, comments
Disclaimer – these are the things I do. I believe they are universal. Results may vary
HistoryMoved to Sudbury in grade onePotato farmerLaurentian University, HBCommBankerRock and Roll MusicianFamily businessAmalgamated businessBad partnersStarted FullerAlways looking for opportunities
1) Really know my vision
Business and personal vision must be in alignment
- Mine = partner of choice, determination, optimism - My vision is my north star. If a decision takes me away from
my vision, it is a bad decision
Think big
Focus on the things I want - Rocking chair test
2) Understand the market
Don’t underestimate competitors
What is the size of the addressable market?
How much market share can I realistically take?
Where is the market going?
Look for blue ocean opportunities - uncontested market space, unlock new
demand
3) Think like a customer
Get paid to help people – don’t think more for less
Use customer needs to drive my decisions
4) Understand what risk management means for
me
Calculated risk – risk management changes with age
An entrepreneur is a person who jumps off a cliff and builds a plane on the way down
5) Do the things that unsuccessful people
don’t
Work hard (and smart)
Set goals – write them down, review them every day
Expect more from myself than anyone else (and forgive myself when I should)
Go the extra mile in everything I do
5) Do the things that unsuccessful people
don’t
Do an act of kindness every day without expectation of reward
Have good rituals
Do what I say I am going to do
Keep commitments to myself
Make the hard decisions
6) Good process leads to good results
A company with average people and good processes will beat a company with super star performers and poor processes.
Solve problems with 5 why’s, not 5 who’s
Read The Toyota Way
7) Have a strong stomach
Have a positive attitude
Live with ad “attitude of gratitude”
Remember the Serenity Prayer
God, grant me the serenity to accept the things I cannot change,The courage to change the things I can,And the wisdom to know the difference
8) Have unstoppable determination
Stop and remember your successes whenever you have a set back
Ask good questions - if you are getting the wrong answers, you are asking the wrong questions
Don’t listen to naysayers
Have positive expectations – plan for the worst, but hope for the best
9) Think and grow rich
Prepare for success and failure
Associate with mentors and people who have achieved the success you are looking for
Make $$$ - cash is king!
You get what you give – give back
10) Have Fun
Life is short
Stay healthy – you are useless to yourself and employees if you are sick
Keep balance and enjoy your family and friends