What Successful Businesses Have in Common

Good entrepreneurs who stay flexible, says Cliff Schorer.
  • Transcript

TRANSCRIPT

Clifford Schorer: I think if I would — if I tried to narrow it down to its essence it would be the entrepreneur themselves. Very rarely does a business or never does a business plan come true. You have to be flexible. You have to work your way through the challenges, learn what's going on, and I think if the personality of the leader is one that's open to new ideas, responds to a market quickly, that they'll figure it out. I think that the greatest trap is really when you are fixed on your idea and believe it has to stay exactly the way it is to be successful. That's pretty dangerous.

Question: What can entrepreneurs do wrong?

Clifford Schorer: Well, I'd say that's half of it. I'd say equally important is the fact that they run out of money. They constantly underestimate the amount of capital they need and they constantly are in a position where they are spending their time trying to raise the next payroll when in reality they should be building a business. So I'd say those two are pretty important things.

Recorded on: 5/13/08