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Young: Feeding on success in business
I would like to share with you this week some thoughts concerning the entrepreneurial investor and the broader aspect of the self-employed idea person who chooses to pursue that one brilliant idea that could create a windfall of financial fortune.
An entrepreneur owner/leader enjoys remarkable benefits from knowing how to step aside and let others operate their venture without his or her hands-on participation.
This kind of entrepreneur, many of whom reside within our valley floor, create an organization that is more self-sufficient and self-sustaining, and by doing so create more wealth, personal freedom and free time.
So, let’s talk for a moment about the entrepreneurial investor with a venture earning some level of profit able to accept another exciting challenge— managing money so that it may work to actually produce more money.
Investing for maximum return involves smart leverage. An entrepreneurial investor will often leverage the success of that first business that’s created to start up a second or third company based on that original business model or concept.
Think about this with me for a brief moment—by franchising the original model or buying into other healthy business ventures, the entrepreneurial investor can get into the career of not just selling basic products and services, but of selling entire business ventures.
Now there is a thought that draws my attention, a sort of financial rewards chess game. The goal here is, of course, to still create profit.
Rather than remain at the helm of this myriad of ventures, the entrepreneurial investor will buy them, ensure that they have valuable equity or some attractive allure and potential, and then sell them to other entrepreneurs or budding entrepreneurs-in-waiting.
The focus may be seen then as comparable to a real estate investor who buys a house, rehabs it and flips it for a profit.
The challenge is to avoid falling back into the role of operating the venture as an administrator or manager.
To meet this problem with a viable solution, the true entrepreneur will typically appoint someone else to take over the reins of the venture.
Then the investor becomes more of a director or silent partner of sorts, who shares in the profits while enjoying the relief of not having to share the routine day-to-day management responsibilities.
The term entrepreneurial investor links investors with entrepreneurs, and with good reason. They have many traits in common.
Both invest time and money with a goal of realizing a profit for their equity. They’re self-confident, independent and have the ability to remain in a positive frame of mind whether they win or lose.
Unlike most of us, they envision the future clearly it seems, and they do persevere—which is a common trait of all entrepreneurially-minded people.
Recognizing the entrepreneur within often takes time and patience.
Many different types of people are drawn to entrepreneurship drawn by a wide variety of talents, aptitudes and personal traits.
The attitude, mind-set, passion and character that I so often write about in this column, which to me defines a successful entrepreneur, are sometimes hard to pinpoint or sum up in a profile.
But, it’s always easy to recognize in an individual or spot in an action within a business arena.
Learning about the symptoms and traits of the entrepreneurial investor can give added fuel, hope and impetus with what potential entrepreneurs already know about themselves and their personal and financial aspirations.
Having even an inventory of desirable characteristics can help us better clarify our own sense of financial and personal reward purpose.
It can help us reach objectives en route to greater attainment of higher goals and bigger benchmarks.
Lastly, it can help us also grasp in a practical and tangible way, the disposition of the successful entrepreneur. Indeed, entrepreneurial investor in a manner of a wonderfully inspiring boost of confidence, foresight and determination when we can realize and accept, that we, too, may share that winning entrepreneurial attitude.
I would like to conclude with six steps to success that the entrepreneurial investor may undertake that offer an abundance of thought for you and I. They are:
• begin with a vision
• identify your action plan and your contingency plan
• seek knowledge wherever you can
• re-evaluate regularly
• stay focused
• resist the temptation to make decisions randomly
Please remember, the future can’t be predicted, but it may be controlled.
In short, to consistently achieve anticipated results, top investors and entrepreneurs know that a winning strategy consists of a clear vision, a focused, disciplined effort based on specific objectives, as well as nimble application of knowledge and information—all of which may be skillfully executed for optimum outcome.
This is precisely what successful investors and entrepreneurs have in common—an uncanny ability to use their premeditated planning process to analyze and confidently make complex decisions when the future consequences are uncertain.
I’ll bet that there are many entrepreneurial heads out there shaking in approval of this theory. My neck is sore just nodding in agreement with all of you.
Joel Young is an entrepreneurial leadership coach, educator and consultant and the Founder of the Okanagan Valley Entrepreneurs Society.