TWELVE (12) STEPS TO KNOW IF YOU ARE AN ENTREPRENEUR

1 of 12 YOU TAKE ACTION.

Barbara Corcoran, founder of The Corcoran Group and co-star of TV's Shark Tank, says people who have a concept but not necessarily detailed strategies are more likely to have that entrepreneurial je ne sais quoi. "I hate entrepreneurs with beautiful business plans" she says.

Corcoran's recommendation?

"Invent as [you] go," rather than spending time writing a plan at your desk. In fact, she believes that those who study business may be prone to overanalyzing situations rather than taking action.

2 of 12 YOU ARE SCARED.

"Many entrepreneurs judged as ambitious are really insecure underneath," Corcoran says. When evaluating potential investments, she adds, "I want someone who is scared to death." Those who are nervous about failing can become hyper focused and willing to do whatever it takes to succeed. If you feel insecure, use that emotion to drive you to achieve your business goals.

3 of 12 YOU ARE RESOURCEFUL.

"One of my favorite TV Reality Shows growing up was Gulder Ultimate Search", "because the contestants never had exactly the resources they needed but would somehow figure out how to make everything work out. Ultimately, I think that is what being an entrepreneur is all about." It's not about having enough resources, but being resourceful with what you do have.

4 of 12 YOU OBSESS OVER CASH FLOW.

Prior to founding Brainshark, a Waltham, Mass-based provider of sales productivity software, Joe Gustafson bootstrapped a venture called Relational Course ware. "All I ever thought about was cash flow and liquidity," he admits. "There were seven times in [the company's] eight-year history when I was days or hours away from payroll and didn't have enough cash to make it."

How did he respond?

"In the early days, you could step up and put expenses on your personal credit card, but that can only go so far," he says. "You need cash."

Knowing (knowledge) is one thing and application (wisdom) is another. Your knowledge without wisdom is understanding without experimentation. So read, lead and apply...

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