We are reviewing the ten most important factors that will determine your success (or not) as an entrepreneur.
I made that word up. But, here is the point: as an entrepreneur, you are going to have good days and bad days. And, to be successful, you are going to need to get up every morning and forget anything bad that happened the day before. You have to be able to purge the negativity of the day before and enter the new day with optimism, energy, and confidence.
That is not always easy to do of course. But, it is a critical skill in many professions. Think about a professional athlete, for example. Batter comes up with the bases loaded. Strikes out. Has to come up again 3 innings later. If he labors with the negativity of the crucial strike out, he will not perform at his best. Same thing with a field goal kicker missing a field goal. A tennis player who double faults.
Recently I was asked to write about my worst entrepreneurial moment. Easy for me.
I was one of the first people in the United States to develop a factory outlet shopping center. I approached factory outlets and manufacturers who were operating in out-of-the-way locations and convinced them to locate in one building. And this outlet center was a big success. So big, in fact, that I had a temporary bout of hubris.
One of the tenants in this building was a very small store selling bedspreads and pillow cases, towels and sheets. The two owners of this store approached me and asked me to be their third partner and help them build the store into a chain. But, they were just two small retailers, and I was the founder of a very successful outlet center. So I politely passed without any investigation of the idea or potential.
Dumb move? That small chain is now Bed, Bath & Beyond. And, they are both billionaires.
Have I forgotten about that? Obviously not but I do my best not to bang my head against the wall every time I am in one of their stores.