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

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

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.

When it comes to research, others are not you. They don’t have the same entrepreneurial mind to know what to look for. The more questions you ask, the more answers you receive.

You’re never going to spot an opportunity, trend, or fad sitting at home or in your office. If you are selling a product, visit as many stores as possible that sell your type of product. If you invented a home improvement product, where are you going to sell it? ACE, True Value, Lowe’s, Home Depot, Menard’s, Tractor Supply, or Amazon? Think about w

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.

Equity is the most important foundation for a successful business. Entrepreneurs are risk-takers and think differently than businesspeople or investors. As much as possible, invest more than 50 percent in your company when you start. It will be well worth it for reasons far more than financial.

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

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.

Whether it’s a plan-o-gram, new product, or service, be flexible in the developmental stages so you can react quickly to market conditions and make changes without much risk to yourself. For example, if you are launching a new lip plumper, always buy the smallest quantity and pay more per piece. This limits your risks and allows you to make changes