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Part I: The Nature of Entrepreneurship a... > Ten Ingredients for Success

Chapter 5. Ten Ingredients for Success

Here are ten ingredients James R.Paul, CEO for Coastal Corporation, says it takes to be a successful entrepreneur. Can you identify with these characteristics? Do you have what it takes?

  1. Hard work: plain, old-fashioned hard work.

  2. Focus: you must be able to concentrate on what you do best.

  3. Good ideas: look for good ideas like a dog looks for a fire plug. Everyday look for new ideas, new methods, new ways to improve, to grow—new ways to raise productivity, to find new customers, to control costs, and to eliminate bureaucracy.

  4. Flexibility: flexibility succeeds.

  5. Adaptability to change: adapt to change, but also learn to anticipate it.

  6. Sales: you must be able to get others to buy into your idea.

  7. Confidence: all successful people simply ooze confidence from every pore.

  8. Balance: between detail and general thinking. A sense of perspective is important.

  9. Assertiveness: all successful people use it to their advantage.

  10. Improvement: constantly improve yourself and your company.


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