11 Simple Secrets of Successful Entrepreneurship

According to the new book "Beat the System" by Robert W. MacDonald (John Wiley & Sons, Inc.; October 2007) the key to becoming an entrepreneur lies in the implementation of basic concepts and, there are only 11 simple secrets to learn to make it happen.

Here are the secrets to successful entrepreneurship:

• Secret 1: Build parallel interests.
• Secret 2: Be an architect of the future.
• Secret 3: Be decisive, multifaceted, and ethical to a fault.
• Secret 4: Know the risk -- measure the reward.
• Secret 5: Communication -- be a shower not a teller.
• Secret 6: Power to the people.
• Secret 7: Become a trust builder.
• Secret 8: Sharing wealth increases wealth.
• Secret 9: Be constant, consistent, and concise.
• Secret 10: Treat important people like important people.
• Secret 11: Do simple things -- simply do them.

Read an excerpt of the book "Beat the System"

Success Story: John Scharffenberger

It is refreshing to read about the ingredients of a person's entrepreneurial success. U.S. News and World Report has a very interesting article, albeit last year, on John Scharffenberger, who founded several businesses including wines and gourmet chocolates. He co-founded Scharffen Berger chocolate with Robert Steinberg, the leading American fine-chocolate brand out there in the market today.

The article chronicles his pursuit of his passions, showing disregard for “conventional wisdom” and willingness to put in hard work and dedication. His story showcases the importance of giving customers the best quality products in attaining business success, and knowing the right routes to get these products to the consumers.

Some of the lessons he shares in the article include:

• Creating a good product is only half the battle. Distribution is the hard part
• Listen to your gut -- even if it means ignoring conventional wisdom
• Expand gradually, ensuring quality and controlling costs along the way.
• Luck and timing counts in business success

As Scharffenberger said in an interview in The Early Show,

"Failure was never an option. We've just tried to look at life and make one little aspect of life as good as it could possibly be - and that's chocolate."

You can read the long article here