4 Common Chords Of Successful Entrepreneurs

By Bro. Bedford
http://www.howtobeablackentrepreneur.com

Bro. Bedford


Yes, there is a thread that runs through successful entrepreneurs. In my interview with best-selling author of Think and Grow Rich: A Black Choice Dennis Kimbro, we discussed this thread or chord that all successful Black entrepreneurs have.

And if you want to be a successful entrepreneur, it is impossible to not embrace these chords as your own. Here is what Dr. Kimbro shared with me:

No matter who I interviewed I found 4 common chords in all of these men and women.

1) They dreamed Big Dreams, they had a dream, a passion, something they desperately wanted to accomplish in life. They didn’t get in this business to make a killing, to corner the market or make a whole bunch of money. They worked extremely hard and over the years of working hard, they finally lifted up their eyes and you know what they found?

They found that they were standing in a pool of liquid Gold. In other words as the Bible says, “Do these things and then success would be added unto you.” So they went the extra mile, they kept their shoulder to the wheel, they stayed focused.

2) They were inner directed vs. outer directed. In other words they weren’t so quick to believe well meaning friends or family members who said you can’t do this or you can’t do that, they walked to a beat of a different drummer. And that’s why the old poet Robert Frost was so apropos when he wrote years ago, “ two roads diverged in a wood, and I—I took the one less traveled by,” in other words you’re unique.

You can’t succeed being like everybody else. You must take the lonely road. Differentiation is the key. That speaks to differentiation. DIFFERENTIATION IS THE KEY.

Right now there are 21 different ways to market or sell a product or service, number one is Word of Mouth, number 21 is Internet, 20 is TV, 19 is Radio, 18 is Magazines.

So what’s so different and unique about your product or service, what’s so different and unique about you?

You can walk into any Food Line, you walk into any A&P, you walk into any Kroger, and you walk into any Publix and go down the breakfast cereal isle. Right now between Kellogg’s and Post they produce 20 different variations of breakfast cereal. From Fruit Loops to Cocoa Puffs, Raisin Bran to Special K. Last years Marketing and operating budget-$1.5 billion dollars to differentiate all those breakfast cereals.

Right now General Motors manufactures 33 different automobiles, from the Buick Lesabre to the Hummer. Last years marketing budget to differentiate all 33 of those automobiles-$2.5 billion dollars.

So you’re an Entrepreneur, why does the market place need another source of supply. You’re not the only one out there making hamburgers; you’re not the only one out there making a widget. Why does the market place need you?

So, describe your business in 10 words or less. Describe your business in 5 words or less. Describe your business in 1 word.

What is your Unique Selling Proposition?

3) They dedicated themselves to life long learning. The information is there. One of the qualities these Entrepreneurs had in common, they ALWAYS seek out new INFORMATION. In other words, they are very particular whom they allow in their CIRCLE.

So who is in your circle? I’m speaking rhetorically now. Who is in your circle? See you can’t be the sharpest one in your group. If you’re the sharpest one in your group, you can’t grow, and when you stop growing you begin to die. SO WHO’S IN YOUR CIRCLE?

Who’s making you feel stupid? Who’s making you feel like a jerk? Who’s making you feel like an idiot? Who’s compelling you to go out and get the book, buy the book, read the book, apply the book, highlight the book, use everything in the book that you’ve read, PUT IT INTO ACTION?

You better pray that someone in your group is compelling you to do that, If not you’re DEAD.

Bill Gates, the wealthiest individual in the world right. He is not going to bring anyone in the circle who can’t add to him.

He’s worth what? $44- $50 Billion, you do the math. That’s $100 million dollars a day, $4 million dollars an hour, $67-$70,000 dollars a second.

He’s not going to waste his time with somebody. Who do you think he’s going to allow in his circle, someone that will help him go forward. But what do we do, we do the same thing over and over again. Not these Entrepreneurs…they know. They know the two greatest days of your life: The day you were born, and the day you know why.

4) And last but not least, these men and women flat out refuse to fail. I’m not saying that they didn’t fail, many of them failed their way to success, but failure was NEVER a viable option for them.

There you are.



For the full interview with Dennis Kimbro and other Black Millionaire Entrepreneurs, visit:
http://www.conversationswithblackmillionaires.com

Bro. Bedford is founder of http://www.howtobeablackentrepreneur.com
a free e-zine dedicated to making Black Entrepreneurs.

Good stuff Ebony.

I call it life harmony. The more you put things around you IE, friends, education, thought, dialogue, that is related to your goals, the more the odds increase of you achieve that goal.

For example, if you are a business owner, and you have business owner friends, take business classes, go to business networking events, and discuss with other folks your business you are harmonizing. Everything is moving in one direction.

However, if you are a business owner, and you hang out with non-business owner friends, are studying poetry, only go clubbing, and never discuss your business...you are being pulled in multiple directions. That makes it more challenging to succeed.

He’s worth what? $44- $50 Billion, you do the math. That’s $100 million dollars a day, $4 million dollars an hour, $67-$70,000 dollars a second.---Bro Bedford

This give sme pause.

His understanding of 'net worth' is that is result of an annual income.

Please don't ssy, 'Well, you know what he means.'

He offered the advice.

No one asked for it...I guess.

PEACE

Jim Chester

LOL...

True...good catch

I like your life harmony concept!

Depending on how hard my classes are this fall I am going to start on my book:

The black man (and woman's) real guide to starting business in the hood.

That will be one of the chapters.