Over the last 30+ years, I’ve represented hundreds of entrepreneurs, startups, and businesses from idea and formation to litigation to trial.
Each successful client had, without exception, these 7 things going for them:
#1: Employ a Competent Accountant or Financial Advisor: Successful entrepreneurs recognize the importance of having a skilled accountant or financial advisor. They ensure accurate financial record-keeping, help with tax planning and compliance, and provide valuable insights for financial decision-making. A good accountant can also identify cost-saving opportunities, assist in budgeting and forecasting, and offer strategic advice for growth and scalability.
#2: Embrace risk: They are not afraid to take calculated risks and understand that failure is a part of the learning process. Instead of being discouraged by setbacks, they analyze what went wrong, learn from their mistakes, and use these lessons to improve.
#3: Stay Informed and Adapt to Change: Successful business leaders stay informed about their industry, market trends, and technological advancements. They are adaptable and ready to pivot their strategies in response to changes in the market.
#4: Foster Strong Networks and Relationships: Building and maintaining a strong network of contacts, mentors, and collaborators is crucial. They invest time in networking, seeking advice, and creating mutually beneficial relationships.
#5: Prioritize Customer Needs and Feedback: They pay close attention to their customers’ needs and feedback, continuously working to improve their product or service based on this input. It’s all about being unique, solving problems and creating perceived value for the customer.
#6: Maintain Work-Life Balance and Self-Care: Lastly, they understand the importance of work-life balance and self-care. This includes taking time off, pursuing hobbies, and looking after their physical and mental health, which is essential for sustained success and avoiding burnout.
#7: Retain a Knowledgeable Lawyer: Successful entrepreneurs understand the importance of legal guidance in their business operations. A good lawyer provides invaluable assistance in areas such as contract review and negotiation, regulatory compliance, intellectual property protection, dispute resolution and litigation, and business structure and governance.
While it’s not necessary to tackle all these aspects at once, it is crucial to prioritize and gradually integrate them into your business strategy for long-term success and stability.
What did I miss? Are there any differences when it comes to professional services or web3 companies?
Happy holidays!
PS- But what about setting Goals?
Here’s a bonus thought. In the past I would have included the need to set clear goals and vision. The argument being that successful entrepreneurs set specific, measurable, achievable, relevant, and time-bound (SMART) goals.
Well, I’m here to tell you things have changed. In today’s world, while setting clear goals and vision remains important, the dynamic nature of today’s business environment demands a slight shift in approach resulting in more flexible short and long-term goals..
Why?
Because being early and even ahead in the current market is immensely valuable. Even if it means quickly deviating from one or more of your SMART primary goals.
Conversely, clinging to outdated methods, business models, or technologies is a surefire path to obsolescence. The ability to pivot swiftly and sensibly in response to evolving business landscapes and consumer expectations is not just beneficial; it’s essential for survival and growth.
