Take a Chance!: 101 Entrepreneurial Lessons for Making It Big

Entrepreneurs are always exposed to Chance cards. Unlike in Monopoly where the player must do what the card states, you have the choice to make. It is these choices that define success or failure. Seek advice from mentors and colleagues but make the final choice based on your gut instinct.

When it comes to launching your first product, research the market for competitive products extensively. Then decide what key variable you can add to your product to differentiate it from the others. Product differentiation is crucial to your success, and sometimes it is one key ingredient that makes all the difference.

We always want to know what the latest restaurant is and to check it out. Why? Human behavior. Humans love new things. What do the most successful restaurants offer their guests? Daily specials. Why? Because those are chef recommendations. When it comes to your business, think like a restauranter: How can you make your product or service stand out

Do one thing better than anyone else; side gigs can only get you in trouble.

Although trade shows are still around, they don’t have the impact they once had because of the internet. Research trade shows for your particular industry. You will see on their websites a list of exhibitors with all their information. You can also click on the floor map and see which exhibitors are the most important based on the amount of space t

Never be a minority shareholder in a closed corporation.

Your original product idea might be good. However, a related product idea might even be better. There is a reason why Amazon shows related products when you buy something. Always keep your eyes open to related product ideas.

Steve Jobs is that he didn’t invent anything from scratch. His genius was that he took someone else’s idea and made it better.

The internet is great for research, but there is nothing better than seeing a product, concept, or new business in person. Whether you have to drive or fly, it is well worth the investment in time to experience inspiring ideas firsthand.