Secrets to a successful Entrepreneur

I promised in last week’s blog I would tell you one of the most important ingredients a person must have before becoming and entrepreneur.

Last week I mentioned the Ernst & Young Entrepreneur of the year awards for 2011 were given out for the State of Utah. Two of those honored were a husband and wife team of Heidi and Orville. Even with their old fashion names they had become very successful.

In 2004, Orville started a candle making business and he had gotten it to a point where it wasn’t doing very well. He had a mountain of debt hanging over his head. As a matter of fact he told the 1,100 members of the audience at the awards ceremony he was ready to call it quits and declare bankruptcy. He said his wife, who wasn’t involved in the business at the time convinced him they should work together to turn the company around. She said, “Let’s swing for the fence!” He then told the audience, “I thank her …for setting the direction for our business and our life.”

It was reported in the newspaper, this year their company is on track to hit 500 million in revenues.

Almost always a successful entrepreneur has to have both spouses on board and be supportive of the idea and business. To be successful both parties need to be fully committed to the project and be willing to allow the entrepreneur the freedom to do what it takes to become a winner. This can be scary for the other spouse, but sometimes we must “just believe.” You don’t always have to have both working on the project but if one is negative, it is death sentence. It is good to “believe” but as Ronald Reagan said, “Trust, but verify.” Just make sure you both have done your homework before “swinging for the fence.”

In my younger married years I had a good friend who I had known for years as he had been a missionary companion of mine in Oklahoma. For many years he had been my barber and he was the best idea man I had ever met. He was an entrepreneur at heart and as he cut hair he would brain stormed some wonderful thoughts with his customers. I would see my friend almost every month and we would talk over his new business ideas. I loved talking with him and hearing what his next great business venture might be. The problem was he very rarely did any of his ideas. His wife had told him, if he ever tried them, she would leave him.

He was an unhappy entrepreneur with no escape, unless he left his wife.

There is no doubt I would not have been a successful entrepreneur without my wife fully supporting me. She went above and beyond what most spouses would do. If I had married the wrong person, I to could have been a frustrated entrepreneur with no escape.

I would have to say, the one of the most important secrets to a successful entrepreneur is a spouse who says, “Let’s swing for the fence.”