How To Succeed

Being a successful entrepreneur requires a keen understanding of the art and science of running a business. According to the U.S. Census, more than two-thirds of new companies dont make it. Therefore, its crucial that prospective entrepreneurs develop a set of guiding principles when starting a company.

Each year, Ernst & Young calls upon corporate and academic leaders from across the country to act as judges for selecting business leaders who best exemplify the entrepreneurial spirit. Here are some of the guidelines these judges follow, and the top 10 business tips to help you beat the statistics and succeed in working for yourself:

Always maintain your integrity.
Get into a business that you know something about and enjoy doing.
Focus on the customer.
Hire good people and allow them to do their jobs.
Never ever run out of cash.
Risks are part of the game; dont fear them.
Under promise and over deliver.
Never mistake a good idea for a good opportunity.
Provide something people need and take a chance.
Make a life, not just a living.

While these words can be useful guidelines, there are no hard andfast rules for running a company. Kitty Lagareta, chairwoman and CEO of Honolulu-based Communications Pacific, Inc., and current Entrepreneur of the Year judge adds, "There is no one right way to succeed, so dont bother looking for it."

Successful Entrepreneurs Offer Words of Wisdom
for the Budding Businessperson