3 Keys to Enterpreneurial Success

I recently read an article that was published on OPEN Forum. The article was an interview with  Bill Gross, the founder and CEO of idealab, who has founded more than 75 startups in his lifetime. More amazingly, dozens of them have grown into successful, sustainable businesses.

The interviewer talked to Bill Gross and discussed several topics, including his amazing success rate.  Out of this interview came the three most important pieces of advice that Mr. Gorss would give to other entrepreneurs.

First, you have to be passionate about the product or service you're providing. Every emerging business will have near-death experiences, and to get through them you need more than a financial incentive. You need to really care about what it is you're trying to do. As librarians, we have that in spades. I don't know of anyone working in a library for any length of time who does not truly believe in the mission and work of the library.

Second, he stated that you need to be straightforward with everyone you're dealing with. Straightforward with investors, straightforward with employees, straightforward with customers. You need to tell people what to expect, and you need to be honest and forthright when things don't go as you hoped or expected.
Now this one may be a bit more difficult for us.  Library workers tend to gloss over the troubles; we turn a blind eye to gaps (whether due to our inability or a lack of resources).  I know I have dropped the ball on this one.

His last piece of adivce; you need to give your employees a significant piece of the action. Many entrepreneurs worry too much about hanging on to every last share of equity. In so doing, they underestimate how much a meaningful equity stake (via options) will motivate the rest of the team. 

Now librarians dont' have shares and stock options to offer their employees, but we do have something just as important. We can allow our staff ownership by putting their advice, their suggestions and their skills into practice.  Just as we as managers & leaders what people to assume we "know what we are doing" - don't you think your staff wants that too?

Be passionate, Be straightforward and Give your staff a piece of the action.  3 Keys to success from an enterpreneur who knows what he is talking about.


You can read more of this interview at http://tiny.cc/rtj6j