21 rules from the book "The Entrepreneur" – William E. Heinecke

These are far from rocket science but they do serve to remind us of some entrepreneur essentials in a very short form:

Rule 1 – Find a vacuum and fill it – Look for a gap in the market.
Rule 2 – Do your homework – Be prepared and keep up to date
Rule 3 – You won’t be committed if you are not having fun – Have a passion for what you do.
Rule 4 – Work hard, Play hard – ensure you maintain a solid work life balance
Rule 5 – Work with other people’s brains – If you don’t have the skill or knowledge, then buy it in.
Rule 6 – Set goals but go easy on the vision thing – Set short term targets and strive to achieve them as long term targets will change with the environment
Rule 7 – Trust your intuition – Not everything is about knowledge and analysis, sometimes you just have a gut feeling.
Rule 8 – Reach for the sky – set stretch targets as they are more motivating to aim for and rewarding when you achieve them.
Rule 9 – Learn to sell – You need to get money for whatever your value proposition is.
Rule 10 – Become a leader – Leaders tend to win more often
Rule 11 – Recognize a failure and move on – You have no problem recognising a fire because the alarm goes off. There is no alarm for a business failure, so have other ways to recognise it.
Rule 12 – Make most of the lucky breaks – Success comes from doing the right thing more often.
Rule 13 – Embrace change as a way of life – It is the only constant in life so you need to be ready for it.
Rule 14 – Develop your contacts – your network is the key to your success, make it large and make it quality.
Rule 15 – Use your time wisely – There isn’t any more time so make best use of what you have.
Rule 16 – Measure for measure – know what you are trying to achieve and have metrics for it. This is the key to knowing your performance and it will allow you to compare against your self to measure improvement and your competitors to measure relative capability.
Rule 17 – Don’t put up with mediocrity – Only accept the best and that is what you will get and be.
Rule 18 – Chase quality not money – money will follow the quality and chasing quality in what you do will get you out of bed in the morning.
Rule 19 – Act quickly in a crisis – hesitating will probably make the situation worse.
Rule 20 – After a fall get back in the saddle quickly – get up move on keep on working towards success…Its almost an entrepreneurial mantra!
Rule 21 – Be content – Being the best is very hard, being the best you can be is enough

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