Page 3 - Inside Access July 1st Edition

FOOD FOR THOUGHT
Winning Lessons from Successful Entrepreneurs
1. You are never too smart or too old for a mentor
In case you think mentors are only for "wimps," you should know that Bill Gates always revered the guidance he received from Warren Buffet on many corporate matters.
Most successful business people, whether retired or still active, love to share the wisdom they gained from their own experience.
2. Entrepreneurial skills can limit investing success
Entrepreneurs and investors are different kinds of people, inside and out. Smart investors diversify their exposure across multiple assets; if any one of these fail, they are still in the game. A true entrepreneur makes one big bet on a new and untested asset, normally against conventional wisdom.
3. Apply business skills to solve social problems
Social entrepreneurship is on the rise, with the advent of millennials and a total world view. Companies
that pursue socially relevant goals as part of their mission have the potential to generate double- bottom-line results - a financial return as well as a social benefit.
delegate authority.
6. Resilience and determination generally beat IQ
We all know of successful businesses started by entrepreneurs who dropped out of school, while MBAs get no premium with investors. According to most experts, "street smarts" (experience) trump "book smarts" (intelligence) every time, especially if accompanied with a large dose of grit.
Whether you are already a seasoned entrepreneur, or just starting out, you should regularly strive to think bigger and outside the box, starting with the lessons from others who have been there and done that, and emerged successfully.
Only then can you contribute to the next set of winning strategies for the next generation of entrepreneurs.
Contributed by
Oye Jolaoso
4.
Skip conservative - be optimistic, even delusional
The best entrepreneurs just believe they can make it happen - even though conventional logic would peg the risk as being off the charts.
Professional investors dismiss founders who give "conservative" financial projections, and usually make less. Shoot for the moon - you may hit it.
5. Surround yourself with people who are smarter than you
Too many entrepreneurs have a tendency to overrate their personal skills and wisdom, and seek out people who won't challenge them.
The smartest ones acknowledge their weaknesses, and find people who complement their skills, from whom they can learn and
PAGE 3 INSIDE ACCESS | JULY 2021 1ST EDITION