Got the Entrepreneurial Stuff?
Babson College's Leonard Green is a professor and enthusiastic entrepreneur involved in 14 businesses that run the gamut from thoroughbred horses to real estate and pet food. He's also enthusiastic about Donald Trump's popular reality show, The Apprentice. Green believes in the principles demonstrated in Trump's show, so much so, that he has convinced Babson to launch a class inspired by the The Donald's hit show.
"The Apprentice teaches great elements of entrepreneurship," says the professor, "Entrepreneurs must motivate and challenge their teams. Sometimes they also have to fire people who do not meet their expectations." Green, who stresses that entrepreneurship is not for the faint of heart, offers this Top Ten List For Success:
1. You must be willing to take calculated risks.
2. You must move toward the edge and almost step over it.
3. You must truly utilize out-of-the-box thinking and rat-like cunning.
4. You must be ready to lead by example and empower your teammates to make decisions and handle crisis situations.
5. You must have a management style that is flexible and changes based on situations.
6. You must have "passion" for what you are doing. If you do, then you will spend as much time at it as is required to be successful.
7. You must learn to come up with new and innovative ideas that produce meaningful and perceptive differences, and be able to communicate that idea.
8. You must surround yourself with a great team.
9. You must constantly reinvent your business.
And the #10 Top Way to Become a Successful Entrepreneur?
10. You must always be ready to "jumpstart your brain."
Green is an adjunct professor of family business and entrepreneurship at Babson College