“The Entrepreneur always searches for change, responds to it, and exploits it as an opportunity”- Peter Drucker

It was a pleasure to spend the day with the Dragon’s Nest Finalists in Winnipeg, Manitoba this May. High School students throughout Winnipeg competed for The Learning Partnership’s coveted entrepreneurial award in the city’s first high school entrepreneurial business challenge. There was tough competition but in the end our panel of “Dragons” decided on “Clipper Cord” from Kelvin High School. They presented a bracelet with multiple creative uses that could very well be a mainstay item on camping trips.

In the afternoon I was asked to speak and share my wisdom on what it takes to be a successful entrepreneur.

1.     FAITH

Being a successful entrepreneur is similar to being a sailor on the ocean. You need a good boat, a skilled crew, a map, and to know that you are going to get to your destination. You will encounter challenges like: poor weather, equipment that needs fixing, a crew that needs changing, changes in direction, but knowing you are going to get there is what sustains you. FAITH is belief in what you cannot see but know is there.

2.    BALANCE 

The entrepreneurial path is wrought with marvelous challenges and to keep afloat you need to maintain balance.  Now whether it is taking time out for running, yoga, painting or writing, embrace a daily practice that helps you maintain your physical, mental, emotional and spiritual balance. This “me” time is critical to your thinking, creating and performing your best.

3.    SUPPORT

Build a support network of friends, family and mentors around you. As entrepreneurs we can often become consumed with building our businesses and lose touch with others. When we need help or advice we have nowhere to go. You will need help and advice so build that network now.

4.   INVEST IN YOUR EDUCATION

Never stop learning, listening and observing. As your business grows delivering on financial objectives becomes more complex. It takes different skills to manage a staff of 25 than it did of just 3. It is important on the entrepreneurial path to seek out educational opportunities that help you be a better leader, strategist, employer, and problem solver.

5.  COMMITTMENT TO INNOVATION  (I call it “Going For the White Space”)

When I was doing 3 million in sales from my house, rolling on a stool between 3 operating computers, and feeding my newborn, I had everything I wanted. Cars, boats, vacations… People viewed me as successful. My financials were stellar. But my perception was different. I viewed myself at risk! If I did not continue to evolve my business model I was at risk of staying where I was and this would mean in a short while my competitors could by-pass me. The biggest risk you face as an entrepreneur is not starting a business it is the failure to innovate. Being committed to innovation I pulled out a piece of paper. I drew a Matrix and from this sparked my creativity to design the first online system for national yellow page ad approvals in the industry. This attracted new national customers who loved the cost-effective and paperless way of approving multiple-directory ads. Not only did my company sales go from 3 million to 4.2, to 6.3 and to just shy of 10 million in sales, I could maintain my stay-at-home Mum image and work from the beach! That’s right while lifeguarding the kids I could turn on the diesel generator, connect to Satellite Internet, retrieve email, and make the ad changes for my clients in Toronto and Chicago in ‘real time’. To be successful as entrepreneurs we must commit to being innovators!