The Entrepreneurial Savant

• Did you ever notice that the people who are early don’t miss anything?
• That the people who are early, get in on the project from the start and become decision makers?
• That people who are early meet the other early people and establish relationships before getting down to business?
• That the person who is early never misses an unexpected success or announcement?
• That early people are relaxed and organized when things get started instead of playing catch-up?
• That the early person gets a chance to warm up and get a cup of coffee?
• They don’t rush, don’t forget things, and enjoy life a little more.

Be early. It’s an easy way to give yourself a promotion in the eyes of your mentors and bosses. It also puts you at the advantage in a negotiation or interview.

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These magic words should be on the tip of your tongue whenever you’re in a situation where you don’t have an answer. In one phrase you admit to being an imperfect human like the rest of us and you make a proactive offer to take action. This phrase will save you from a lot of situations where there is the temptation to bullshit your way along while hoping you can pull it off. Unfortunately for the BSer, most of us have pretty good BS detectors. So be honest: Tell em you don’t know the answer but you’ll find out. Then do it and get back to them right away. You’ll be able to see your stock rise on the spot.

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A lot of us don’t understand the concept of profit, in spite of growing up in a capitalist economy. We earn our wages based on an hourly or yearly figure and hope for raises or bonuses. When you go into business for yourself and that paycheck stops coming in like clockwork, the profit concept becomes a lot more important. When you price something, basing your price on your overhead and paying yourself a reasonable wage, always add in a figure above and beyond for profit. As obvious as it sounds, many of my self-employed friends fail to mark up their services. Profit is the future of your business. It pays for the bigger projects, it pays back loans, it creates equity and it provides an incentive. The profit motive has turned out to be a very effective motivator. Remember the USSR?

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The original name for this secret was ‘Do your homework beforehand.’ however I knew the word homework would cause a horrible reaction from anyone reading this for obvious reasons. Fortunately the Boy Scout motto works even better. A little preparation can mean the difference between success and failure in many situations. One of the best examples is when you have an unexpected meeting or interview that might lead to an opportunity. You get a call or someone makes a referral and suddenly a door is open to you that you never expected to walk through. With a limited amount of time there are a few things you can do to prepare. You can either wing it, flying by the seat of your pants or you can immediately begin gathering information about the person you are about to meet. If you wing it you may succeed but you are equally likely to fall on your face. If you walk in with some knowledge, even superficial, of what the other person does or is concerned with, you can move the situation ahead much faster. Your prep work means the other person does not have to explain everything from the beginning and can get to the nitty-gritty right away. If they’re interviewing others this will probably make them very grateful. After all it’s one less speech to make. And you’ll have taken the initiative, displayed the resourcefulness to have gotten your act together under pressure and most importantly, showed a sincere interest in their needs.
Preparation is vital for job interviews, important meetings, first dates, and a host of other activities. The easiest route to rapid prep work is to get on the phone and ask other people for their knowledge. Google the company and people you are meeting with, check local business magazines for articles about the company you’re going to interview with, ask her friends what she likes to do with her spare time, etc. Sometimes you may have to do your preparation on the run but even a little homework can mean a much more profitable and successful opportunity.

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One great definition of an expert goes like this: If you read about a recent development in the daily paper and you are already aware of it you are probably an expert on the subject. Why be an expert? Because specialized knowledge is worth paying for and because deep involvement in any subject expands your mind in many ways. Most of us are experts in something. Hobbyists, cooks, gamers, musicians, romance novel readers, etc., all have the potential to be experts.
What does expertise mean for success? Many, many businesses have started because of specialized knowledge. In fact, if you are considering starting a business the most common advice you’ll get (from the experts!) is to do something you are an expert at. Look at how many gamers become game developers. It happens because they have a basic understanding of what makes interactivity work and how far it can be carried. They’re at the cutting edge (another definition of expertise). Many hobbyists have made small fortunes out of their expertise by starting websites, designing specialized components or writing books about their specialty.
Being an expert isn’t really about money though. It’s about being really fascinated by a subject. And many people are fascinated by experts. They pay to hear them speak or seek out their opinions. This is great for your self-esteem. And good self-esteem is a part of leading a successful life.

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Consultant’s consultant Hubert Bermont found that one of the most frustrating things about starting a consulting business was the realization that even when clients paid for expensive advice they often didn’t follow it. He relates the story of being at lunch with a psychiatrist friend who told him that he knew four words that would cure 90% of his patients’ problems. Those words were:

Don’t take it personally.

Think about it. The majority of cruel, careless, idiotic or just plain stupid things that appear to be done to us by others are really the result of their own problems. If we could develop the thick skin to not take things personally, we wouldn’t waste valuable energy agonizing over the actions of others.
Note: Bermont’s book, How To Succeed as a Consultant in Your Own Field (Prima), is one of the best books ever written on the subject of starting your own business, even if you are not a consultant. It is particularly valuable for people starting second careers after working for others. Highly Recommended reading.

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