On September 13th Hills Bank and the University of Iowa JPEC partnered together to bring in Jeff Hoffman, Serial entrepreneur from Priceline.com, uBid.com, and ColorJar to speak about entrepreneurship. If you were unable to attend, here’s the cliff notes of his presentation.
5 Keys to Success for Entrepreneurs
1. Solve Real Problems
Identify a problem, and ask others if the problem bothers them too? Research to see if a solution already exists, if not solve that problem. Many failed businesses create a solution without having a problem to solve.
2. Win a Gold Medal at ONE THING
Identify one thing you aim to excel in and implement it. Don’t get sidetracked with offering too many solutions in your business.
3. Harvest Ideas
Constantly seek ideas. If you fail with an idea, remove your ego, move on, and accept failure. Many successful entrepreneurs failed at their first businesses. They learned lessons and improved for the next time.
4. Build a Good Team
Always network. Set a goal to meet two new people at each event – at some point your success may rely on them. Seek to hire people smarter than you.
5. Work Hard
This goes without saying, but work harder than your competition. If your goal is to hit 300 don’t settle for 299. Continue to put the time in until you reach your goals. Always ask yourself, “Did I do the best I can do?”
Remember, entrepreneurship is not about making money. It’s about designing your own future. Don’t let the world identify your dreams and don’t chase money, chase excellence. Money follows excellence.
What other takeaways did you get from Jeff Hoffman? How did he inspire you? Let us know in the comments below. We’ve got more great upcoming Hills Bank Business Academy events at www.HillsBank.com/BusinessAcademy.