10 Rules for Entrepreneurial Success

"I have owned a medical practice for over a decade, 12 years and 2 months to be precise. I have certainly made some bad decisions, but one must learn from a mistake in order to make it a learning opportunity. Fortunately, I have made more good decisions than bad ones, thus I claim success. To share my success story with others allows for me to continue to ingrain the learning opportunities I have experienced. While I am a mother, University instructor, medical practice Vice President, and business owner, I aspire to inspire and mentor my children, students, employees, colleagues and those I continue to meet along life’s journey." Meredith F. Hirsh

Meredith's 10 rules for success as an entrepreneur

1. Don't be afraid to spend money to make money

The more you have, the more you can lose. If you have nothing, you still need to gamble in your business ability. 10% of $100,000 is better than nothing of $1 million. If you do not invest in opportunities, the reward will never visualize.

2. Trust your instincts

Your gut speaks to you and can often provide hints if the decision is not good. Listen to your instincts and ask questions if your gut speaks.

3. Make connections

Many opportunities arise from who you know. The smartest person in the room is not the one with the highest IQ but the person who knows who to ask.

4. Have a three-year plan

Your plan may change daily, but it is crucial to think ahead. Don’t make decisions based on today’s environment, look to the future and have contingencies in place based on how rules and regulations may change.

5. Build a leadership team

As Jack Welch, former General Electric CEO might ask, “Who is your top 20%?” If your office is closed for a hurricane and you receive a call that electricity is restored and you can reopen your office, who are the first people you call to run your business? If you do not have a top 20%, you need to train and cultivate one.

6. Be involved

You, as the business owner, are the nucleus that holds it together. If you run away from your business and disengage, how does that appear to your team?

7. Believe in what you sell

The more you believe in the product or service you sell, the more you will sell. If you do not believe in the product or service, don’t own the business.

8. Change is constant, adapt with the times

Review policies and procedures constantly, keep up with the changing environment and be ready to appropriately react.

9. Have confidence

Make decisions but get buy-in. People want to follow a confident leader. Impulsivity is okay after you have researched your ideas, but if you procrastinate too long, you may miss opportunities.

10. Do the right thing

You can fight when you're right.