Some Rules for Entrepreneurs

We interrupt this feed for a brief public service announcement for like minded professional entrepreneurs trying to create something great who might no longer be in their 20's

Companies need clear values for their people, but so do individual entrepreneurs for themselves.  Take the energy of the hustle and rub it against a maniacal focus on execution, against the backdrop of adulthood, and you end up with the following kinds of operating rules:

1. FAMILY
Eat Breakfast and Dinner with your wife and kids.  Weekends are for sports, art projects, reading, napping and aimless nature walks- together as a family.  Turn off the Blackberry, set the cel phone to vibrate, pay attention.  This is why you are working so hard.  Dont forget it. 

2. NO IDOLS
This means not putting any person, however famous or important, on a pedestal.  You don't need anybody other than yourself and your family.  You don't need somebody else's approval to make you feel smart, successful or important.  Do not worship heroes.  See people for who they are not who you want them to be.

3. SLOW DOWN
Don't rush.  Try to do it right the first time.  Its ok and sometimes even vital to make mistakes but don't make them if you don't have to.  Let things play out without force.  Take your time.  Be patient, careful, exact and you will gain in confidence and security whatever you may lose in opportunity.

4. PAY ATTENTION
The little things do matter.  Sweat them, celebrate them, master them.  Understand everything you can about a situation before making a decision.  Every big thing is made up of lots of little things which are made up of even littler things.  Don't tackle the big without understanding the little.

5. DRESS BRITISH, THINK YIDDISH
Be cheap, frugal, cautious with money.  Before you commit it to anything or anybody make sure you are clear to yourself and who you are paying about what you expect in return.  Make your money work for you before you spend more of it the same way.  Saving empowers more than spending.

6. FOCUS ON NEEDS
Need is biological, familial, social.  Don't confuse it with control or ego.  Businesses, like people, need money to survive.  Survival depends on profit for businesses and food and shelter for people.  Anything outside of that is want, and although wants can be compelling they are not needs.

7. RELATIONSHIPS MATTER
Outside of your basic biological needs, everything you do is based on relationships with others.  There are many different kinds of relationships, some deep some shallow.  All of them require respect and attention to continue.  Being inconsistent with your relationships influences your reputation which you do not have control over as it depends upon the choices of others.

8. IDEAS
Ideas come from within and contribute to the world around you.  They engender creativity which can generate new ideas from you and others.  Some ideas are better than others; some deserve to be whispered while others deserve to be broadcast.  Treat ideas differently depending upon their value, but listen to them, be open to them, and trust them in yourself. Don't fall in love with your own ideas and end up pursuing them at any cost, however.  Take input from those you trust and don't assume they are trying to suffocate your creativity if they don't agree with your ideas.

9. DONT BE IMPRESSIONABLE
Take the time to weigh input from trusted advisors, consider their expertise as it relates to a decision, and make good, solid decisions- don't get carried away by the the opinions or passions of the last person you talked to

10. MATURITY
Make sure experience and maturity are part of any venture- young, bright people are great to have on board, but balance them out with others- and don't assume intelligence trumps know-how in terms of building a business that's sustainable

11. FOCUS
Focus on executing one thing extraordinarily well - no, you can't pursue a bunch of ideas at once and execute superbly on all of them

12. EMPATHY
It's not just about YOU.  In doing what you do, you put other peoples' careers, financial security and emotional well-being on the line.  Care about that at least as much as you care about your own vision.

Comments

[Jordan]

Great post, Seth; even for those of us in our 20's! Relationships do matter, and if you bite off more than you can chew, you'll end up burning more bridges than you can cross =o)

[p-air]

Given that I see some evolution in your thinking since last year, I'd say your growth is well reflected in these rules of thumb. Thanks for sharing, these are very valuable.