See How Others Did It
By MICHAEL MINK Posted 10/10/2011 02:15 PM ET
To make a mark in business, it helps to learn from those who've done so. Robert Jordan and Michael Ellsberg have written books based on interviews with top business leaders. Their tips from them:
• Dive in. "Launch is always a leap," Jordan, an entrepreneur who wrote "How They Did It: Billion Dollar Insights from the Heart of America," told IBD.
Howard Tullman, founder of numerous firms worth a total of about $1 billion, told Jordan "the name of the entrepreneurial game is successive approximation, not postponed perfection." Tullman has discovered that the right people will arrive to help refine ideas after you get started if they're not there initially. Jordan said: "Nike (NKE) is right, as trite as it sounds: Just do it."
• Have a plan B. Often, that's the one that works. In his experience and in interviewing 45 people who started from scratch and created companies worth $41 billion, Jordan found that the original idea wasn't the big winner. It's often a variation of it.
"Be ready to switch horses if necessary," he said. "The big home runs for these champions were usually ideas that only came around because they first tried and failed with an initial concept."
• Partner up. Success often isn't a solo act, Jordan found. David Becker, founder of First Internet Bank, suggested that each hire should improve the firm's function.
• Know yourself: Jordan says personal reflection was important with the business leaders he interviewed. It had a practical purpose in assessing what they're good at.
• Go for it. People love sluggers, but rarely swing for the fences themselves. "If you look at your efforts like Edison testing light bulbs, you will keep going and never quit," Jordan said. "If you look at every effort as a personal reflection of your worth, you're dead."
• Sell yourself. Focus on marketing. That's what Ellsberg, author of "The Education of Millionaires," learned from his subjects, such as Facebook co-founder Dustin Moskovitz and fashion magnate Russell Simmons.
• Network. Ellsberg says connecting with influential people is not just a nice thing to do with your free time; it's something you should always be doing.
"If you want to advance your professional life, your business and your station in life, become a lifelong student of high-quality networking and connecting," he said.
• Be accountable. Founders of companies know they're responsible for everything that happens in the business. If something goes wrong, the fault is theirs. Period.