Lessons I've Learned as an Entrepreneur
The document outlines 12 lessons learned by David K. Morgan as an entrepreneur: know your competition; bet on yourself; keep your main priorities clear; good leadership is key to business success; projects always take longer and cost more than expected; avoid deals with untrustworthy people; try something different if your current approach isn't working; have faith that difficult times are temporary; maintain a good relationship with your banker; err on the side of generosity when fairness is concerned; it's harder to succeed in a new industry than an established one; and to be successful you only need to work hard half the time, not necessarily 9-5. The conclusion advises that learning continues throughout life, entrepreneurs should be curious, and ensure they can
Lessons I've Learned as an Entrepreneur
- 2. 2 Lesson #1 Know what you are up against. Assess your competition!
- 3. 3 Lesson #2 If you are going to bet on something, bet on yourself.
- 4. 4 Lesson #3 Always keep the main thing, the main thing.
- 5. 5 Lesson #4 The key to a successful business is a good leader.
- 6. 6 Lesson #5 It always takes longer, and it always costs more.
- 7. 7 Lesson #6 You can never do a good deal with bad people and you are unlikely to do a bad deal with good people.
- 8. 8 Lesson #7 If what you are doing is not working, try something different.
- 9. 9 Lesson #8 It’s always darkest right before the dawn.
- 10. 10 Lesson #9 Make good friends with your banker and always keep him/her informed.
- 11. 11 Lesson #10 When dealing in matters of fairness, err on the side of generosity.
- 12. 12 Lesson #11 It is much harder to start a successful business in a new industry than in an established industry.
- 13. 13 Lesson #12 To be successful, you only have to work half days and it generally does not matter which 12 hours it is that you work.
- 14. 14 Conclusions and Advice • You learn lessons all your life! • Successful entrepreneurs have a strong desire to understand how things work. Be curious! • Being an entrepreneur can be fun and rewarding but make sure you can stand the risks before you dive in!
- 15. 15 Brief Biography David Morgan, CPA/PFS Chairman – LBMC Financial Services, LLC David helped found LBMC in 1984 and has overseen more than three decades of growth and success for both the company and its clients. He draws on more than forty years of experience as a business leader and industry expert in accounting, auditing and tax. He works closely with family-owned businesses assisting clients with personal financial planning, estate planning, retirement planning, insurance consulting and investment advisory services. David has been named by Accounting Today as one of the Top 100 Most Influential People in Accounting and currently serves on the Board of Directors for the American Institute of Certified Public Accountants, the world’s largest member association with more than 400,000 members.
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