Ten Golden Rules of an Entrepreneur:
Peter Jones is a proven businessman and star of the BBC’s Dragons’ Den. His entrepreneurial journey started early when, at the age of 16, he founded a tennis academy. He then set up a computer business, along with other business interests.
Peter has won many national awards, including Emerging Entrepreneur of the Year in 2001. Now in his early forties, Peter is considered to be one of the UK’s leading entrepreneurs. Here are his top tips:
Rule 1: Have a vision
Your vision is your destination. You’ll need a map to help you reach that destination, which will be made up of goals and results. The vision is the vital part, otherwise, you won’t know where you are heading and your goals will be irrelevant.
Rule 2: Use your influence
All businesses need business partners to grow. Tycoons know the importance of filling the gaps and weaknesses in their own skill set or business idea, by finding the parts of the jigsaw puzzle to create the best chance of success.
Rule 3: Build your confidence
If you don’t believe in yourself or your idea, why should anyone else? Gain confidence through gaining experience, skills and knowledge. Change your perception of failure to realise that it provides feedback. Feedback provides essential learning to help know what not to do the next time.
Rule 4: Make a commitment
Committing to follow through once a decision is made is an invaluable ally on your road to success. Be prepared to work hard and make sacrifices. Commit to a common goal and make it happen, but commit to yourself and your health too.
Rule 5: Aim for results
Tycoons make things happen. They are driven by results. Planning for your success is as important as achieving success. You need to know exactly how you got there so your success can be duplicated, scaled up and multiplied, and it is that which turns an entrepreneur into a Tycoon.
Rule 6: Take action
Action is the bridge between your vision and results. Action involves figuring out how to get from where you are now to where you want to be. Without action there would be no results.
Rule 7: Timing
Anticipating the changing needs of the market and partners is crucial. Timing when to enter a market or not will help optimise success, as will knowing the right time and circumstances to start your business.
Rule 8: Perseverance
Tycoons go the extra mile. Perseverance, sheer determination and tenacity are core characteristics of the mindset of a Tycoon. Successful entrepreneurs battle against all the odds to build their business and always appreciate when it is time to get out. Try to have flexibility to work outside your own comfort zones in order to bring your dreams to fruition.
Rule 9: Be caring
Relationships with people are key. Business and personal relationships should be cherished. Treat people how you yourself would want to be treated. Always remember that people are the lifeblood and engine room of any business.
Rule 10: Use your intuition
Listen to your instincts. They can protect you from making poor business decisions and guide you down the right path.