Connect with us

Entrepreneurship

5 pieces of entrepreneur advice to live by

Prioritizing yourself is one advice many budding entrepreneurs should learn at the start of their careers.

Published

on

I daydream a lot at 30,000 feet. This doesn’t bother me too much because lately, it seems like I am getting paid for the things I used to get detention for, namely doodling and wondering “what if.”

On today’s flight, I am daydreaming about business axioms. Specifically, I am thinking about what I’d tell my kids if they ever got around to asking me about business. (By the way, they’re teenagers, so I am not holding my breath.)

So here it goes. Five bits of advice I wish I’d heard—and listened to—earlier in my career.

1. Never work for a jerk.

I was lucky to have a good-boss/bad-boss experience early in my career. I worked for the good boss, Doug Harms, in college. He was a wide-eyed entrepreneur who believed in co-creating the future. He thought work should be fun and ran his company with the spirit of inclusion, and dare I say, “love.” Consequently, I enjoyed going to work. Relationships, talents, and profits grew in the wake of Doug’s leadership.

Just after college, I had the exact opposite experience. My new boss managed with fear and underhandedness. I was struck by the negative impact his shadow had on the organization. The fish really does stink from the head down. He brought out the worst in people, including me. Within a year, I left to start my own company.

Right before I left, I bought a book entitled, “Never Work for a Jerk.” I wish I had read it before I started.

2. Pay attention to what makes you feel strong.

If you choose to notice, life gives you clues about your superhero powers. You’ll know what they are when you feel the most alive or strongest. It may be while you are working with your hands, leading other people, speaking publicly or even following exacting processes. Regardless of what the activity is, the important thing is that you pay attention to the clues: time flies by; you smile more; people compliment what you have done; you do really good work; you look forward to doing more of the same.

SEE ALSO  Nickel: An important component of stainless steel

Have you heard the cliché “Do something you love and you will never work a day in your life”? Well, clichés frequently become clichés because they are true. By paying attention to when you feel strong, you’ll quickly zero in on your path to success.

Entrepreneur advice.

Each businessman or entrepreneur has a list of things they wish they knew when they were starting. (Source)

3. It’s not what you do, it’s whom you get to do it with.

This one is pretty simple. Work is often hard. You might as well do it with people you genuinely like or even love.

Anytime I am hiring a potential teammate or choosing a work partner, I ask myself if the person gives me energy or sucks it away. With this answer in mind, the selection process becomes much easier.

4. Pay yourself first.

Make sure you are taking care of yourself first. There is nothing worse than doing good, hard work and feeling like you weren’t compensated for your effort. This feeling leads to contempt for your job, your co-workers and sometimes yourself.

5. Compensation is a buffet.

Speaking of paying yourself first, most people make the mistake of thinking compensation is only about money. My friend and partner Maria Ferrante-Schepis thinks differently. She taught me that compensation is a buffet. Your ability to make decisions, do what you love, build your own team, make money, have free time, learn and grow—these are all important parts of a compensation package. I’ve noticed the leaders I respect most understand how to visit the buffet without looking like a pig.

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

 

SEE ALSO  End of the road: 5 vehicles that will be discontinued in 2018

Mike Maddock is an entrepreneur, inventor, writer and keynote speaker. He is the CEO and founding partner of Maddock Douglas, the internationally recognized innovation consulting firm, which has helped more than 25 percent of the Fortune 100 design, brand and launch new products, services, experiences and business models while also empowering an agile culture that can continually innovate. A serial entrepreneur, Maddock has launched six successful businesses and co-chairs the Gathering of Titans Entrepreneurial Conclave at MIT. Maddock is a Forbes contributor and co-author of three books: “Free the Idea Monkey...to focus on what matters most!,” “Brand New: Solving the Innovation Paradox” and “Flirting With the Uninterested — Innovating in a ‘Sold, Not Bought’ Category.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular