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My father could sell ice to the Eskimos. How? First, the Eskimos would take a liking to him and they wouldn't want to disappoint him. Second, my father would convince them that the ice he was selling was something they couldn't live without. And, finally, he wouldn't take no for an answer.
Click here to read the entire forward by Bert's youngest child, Scott, now chairman and CEO of Developers Diversified Realty, one of the nation's largest real estate companies.
I recently read an article in USA Today about entrepreneurship. It addressed the debate of whether entrepreneurs are born with some kind of innate ability to start and grow a business, or whether they are taught how to transform good ideas into successful companies. This is a hot topic in today's business school and boardrooms because of the important role entrepreneurial firms play in creating jobs and boosting productivity. The result has been an onslaught of new courses on entrepreneurship, designed to teach students how to become something many experts believe is inborn and can't be taught.
To read the rest of the introduction, please click here.
Somewhere, in the recesses of my mind, I had anticipated a welcoming a committee. Okay, balloons and a brass band seemed far-fetched, yet to me it seemed fitting that the Mayor, or at least someone from his office, would be there to greet Iris and me as we arrived on the island of Pohnpei. But rather than the beat of drums, marching feet, or crash of symbols, only the thump of the stamp on our passports marked the completion of our 8,000-mile journey from Cleveland, Ohio to the capital of the Federated States of Micronesia.
Courtesy of the U.S. Navy, I first landed on this tiny pacific island shortly after the first of the year in 1946, six months after the dropping of the atomic bomb on Hiroshima and Nagasaki ended the war in the Pacific. I spent four long months on Pohnpei, learning about life and myself and dreaming of my future back in the States.
For at least 20 years, after reading that an airport had been built on the island, I had wanted to return to Pohnpei - this time with Iris. Yet something always prevented us from taking that trip. It was too far, too inaccessible. A pending deal needed supervision. Ohio State was playing Michigan. I always had some ready excuse. Finally, Iris said "we're going", and we bought the tickets. On September 28, 2002, after watching The Ohio State University football team beat Indiana, our four-day journey began. We flew from The OSU airport in Columbus to St. Louis, where we spent the night, before flying on to Honolulu the next day. The following morning a four-stop hop took us to Pohnpei.
Suddenly there I was, back in the place where my life took a pivotal turn; the place that gave me perspective on my future. I thought perhaps someone else would remember my time here. But only I remembered. Only I recalled that it was while in the Navy that I decided to become something, to become someone. At the time, I didn't use the word 'entrepreneur'. I don't think I had ever even heard that term before. It was here that I also realized that the military, at my level at least, was a meritocracy. I figured that working harder than everyone else was the way to get ahead - a lesson I followed throughout my life. I had always worked hard, don't get me wrong, just as many of us had, growing up on the lower east side of Cleveland during the Great Depression. Though I probably had two dozen different jobs by the time I graduated from high school. Life as a competition or zero-sum game, with the winner making out better than the loser, was a new concept to me. It was during these years that it dawned on me that good things come to those who work a little harder than the next guy.
To read more from Chapter One of Crossing the Road to Entrepreneurship, click here.
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Throughout the book, Bert Wolstein offers several, easy-to-read guidelines about life, management and building a business: (Click below to learn more)
- Early Entrepreneurial Lessons
- Don't put off until tomorrow anything you can do today.
- Learn to hire the highest quality professionals you can find (lawyer or accountant or bricklayer or electrician).
- Have some understanding of what those professionals are doing so that with a little common sense you can tell if they are doing their jobs correctly.
- Learn to be flexible and do what it takes to get things done whether it is in your job description or not.
- Build a reputation for honesty and integrity.
- Respect your customers and vendors and don't hide problems that might arise.
- Customers are the lifeline of the business - treat them fairly and honestly so you can use them as a reference.
- If you're having a difficult time making a decision and find yourself really torn over what to do, just walk away.
- Rules for Delegating Authority
- Be prepared to take full responsibility for any project or decision you delegate.
- Delegate to those you feel represent your work ethic and attention to detail.
- Ask a lot of questions. Follow up with phone calls and personal visits to assure projects are completed on schedule, on budget, and at the expected quality level.
- Explain your standards for quality and other expectations to those completing the work.
- Be prepared to identify and fix problems as they occur even though you've delegated the work to someone else
- Common Sense Tips for Leading By Example
- Don't be a snob. The minute you start thinking you're better than everyone else, you're not.
- Don't judge your employees by the size of their bankbooks or their resumes, but rather by the amount of heart and pride they put into their jobs.
- Respect and reward people who perform their jobs with integrity, regardless of their title. The quality of work performed by the person cleaning rooms at the Bertram Inn is just as important to the hotel's reputation as the quality of the manager's work with his staff and his interaction with guests.
- Don't consider yourself above any job and be prepared to show employees how to do the task you ask them to complete.
- Return every phone call, even when you dread what the other person might say. If you can't return a call promptly have someone do it for you.
- Don't arrive late for meetings. It indicates that making a grand entrance is more important to you than other people's time. In fact, don't be on time to appointments; if possible arrive a little early. It shows you value other people's time and that you are anxious to meet with them.
- The Breed Called Entrepreneurs
- Entrepreneurship is not for the faint of heart. You can't back away from a fight at the first sign of conflict. You can't worry about being loved by everyone. Entrepreneurs are in business to make money, not to win popularity contests.
- Entrepreneurs go through almost daily struggles, but that doesn't mean they are not succeeding or that they can't win the fight in the end.
- Entrepreneurs who expect to make it in the long run have to be willing to roll up their sleeves and do whatever is needed to keep their company and employees focused in the right direction.
- Entrepreneurs have to wear many hats. Sometimes that means going on sales calls or cleaning the restrooms. Sometimes it means pounding nails, or digging foundations.
- Entrepreneurs need to stick to their personal ethical convictions about doing what they think is right and saying what they believe to be true regardless of the consequences.
- Traversing the Road to Entrepreneurship
- Even if you think something "can't lose," there are always conditions under which it can, in fact, fail.
- Don't assume that the person sitting across the table from you during negotiations values a win-win relationship.
- Working with local governments to close a deal can test anyone's patience. Approach negotiations knowing that their first inclinations is not in your best interests—it's often not even in the best interests of the community.
- When working with government officials, you have to be able to recognize all political implications for those involved to understand what they are likely to support and what they likely to squelch.
- Think twice about investing in a project in which its success or failure is dependent on forces beyond your control.
- Becoming emotionally attached to a business can fuel you with the extra energy and passion that might be required to make it succeed, but you have to know when to cut the emotional ties and make an objective business decision.
- Hiring a real expert can buy you a great product, with a highly credible brand to market, as was the case with hiring Jack Nicklaus's company.
- Diversity in business ventures can spark creativity, but also stretch you too thinly.
- Giving It Away: How to Make It Rewarding
- Identify your general areas of interest
- Learn about the organization and the specific programs it offers so you can speak about it to others
- Make more significant contributions to fewer organizations rather than spreading yourself too thinly
- Support organizations to which you have an emotional connection and evangelize them to others
- Don't just write a check without having a say in what your money will accomplish and how it will be used
- Make the organization responsible and responsive to you so you know how it is doing and what it is accomplishing
- Become involved with the organization by contributing time, not just money, by either being on the board or volunteering.
- Develop an ongoing relationship with the organization rather than making a one-time donation
- Don't expect anything in return for your contributions
- Recognize and appreciate what you do get in return, particularly that warm and fuzzy feeling inside that you have done something worthwhile
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