When I reviewed Peter Jones’ Tycoon: How to Be REALLY Rich I highlighted his ten golden rules, this post explains what they are and offers my thoughts on them.

Rule 1: Have a vision. To succeed as an entrepreneurs you need to have a vision that you are working towards. This vision should define your goals and provide the motivation you need to get you through the hard parts. I think that a vision that you are passionate about is vital to your success.

Rule 2: Use your influence. Jones suggests using your vision to motivate employees to work towards achieving your goals, and using your network of contacts to influence the success of other people. I probably wouldn’t have chosen this rule instead choosing to suggest that you need to be an inspirational leader.

Rule 3: Build your confidence. I agree with this, after all if you don’t believe in yourself and your business idea, why should anyone else.

Rule 4: Make a commitment. Commit to your vision and be prepared to make the sacrifices it requires. Being successful takes hard work and commitment don’t believe anyone that tells you otherwise.

Rule 5: Take action. Business ideas are all well and good, but success comes from great execution not great ideas. No matter how good an idea is, until you execute it, it’s worthless.

Rule 6: Aim for results. Set goals and aim to achieve them. Goals should be SMART, that is Specific, Measurable, Action-oriented, Realistic and Time-based.

Rule 7: Get your timing right. Start a business at the right time in your life.

Rule 8: Persevere. Successful entrepreneurs know when to quit and when to stick as Seth Godin explains in his excellent book The Dip.

Rule 9: Be caring. Care for your staff and supporters. Again this is part of being a good leader.

Rule 10: Use your intuition. Trust your gut instinct, it might well be telling you something important.

What would you add?

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