By Thomas Oppong

The success of seasoned entrepreneurs and investors continues to be a great inspiration and motivation for all of us, regardless of where we are in our careers. I am confident that you will find many pieces of advice below that you can immediately apply to your business.

1. Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.

– Swami Vivekananda (not an entrepreneur but a great teacher: I just needed to add this)

2. Risk more than others think safe. Dream more than others think practical. Expect more than others think possible. Care more than others think wise.”

– Howard Schultz

3. Establish a business agreement (contract) at the very beginning of your venture. This should outline who does what and equity split. This eliminates nasty legal issues once the business becomes successful.

– Tom Preston-Werner

4. You don’t learn to walk by following rules. You learn by doing and falling over.

– Richard Branson

5. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.

– Steve Jobs

6. If you have an idea put it up there online, no matter what it looks like. You need the feedback early on.

– Brian Chesky

7. Start-ups also are becoming easier to build without venture cash because entrepreneurs can now outsource programming chores to cheap, offshore engineers.

– Paul Graham

8. here’s nothing quite more permanent than a temporary business model.

– Matt Mullenweg

9. Building a company is like baking a cake… sometimes the eggs get on the roof.

– Marc Andreessen

10. It’s ok if something doesn’t scale as long as it strengthens your position.

– Adam D’Angelo

11. You want the quality of Apple, the trustworthiness of Zappos, and the likeability of Richard Branson, enchant your customers.

– Guy Kawasaki

12. See things in the present, even if they are in the future.

– Larry Ellison

13. It is important for young entrepreneurs to be adequately self-aware to know what they do not know.

– Mark Zuckerberg

14. It’s okay to doubt yourself, it’s okay to feel down; just never give up.

– Aaron Patzer

15. Practice isn’t the thing you do once you’re good. It’s the thing you do that makes you good.

– Malcolm Gladwell

16. You don’t need a business plan. You don’t need to have an MBA. All you need is a great idea. Anything is possible and you can accomplish it.

– Ron Conway

17. The “magic formula” is an engineer who can become an entrepreneur and CEO.

– Marc Andreessen

18. Spectacular companies start with ambitious but unknown founders, no pedigree required.

– Jim Goetz

19. It’s better to do something hard if you’re capable of solving hard problems.

– Paul Graham

20. Ignore your mistakes. The number one thing to worry about is “Am I doing what I’m good at?

– Max Levchin

21. If you have an idea put it up there online, no matter what it looks like. You need the feedback early on.

– Brian Chesky

22. Take on more than you’re ready to, and get used to that feeling.

– Drew Houston


About LRPC’s Monday Morning Minute

Lawton Retirement Plan Consultants, LLC (LRPC) Monday Morning Minute is crafted to provide decision-makers with important information about the economy, investments and corporate retirement plans in a format that allows a reader to consume the information in less than 60 seconds. As an independent, objective investment adviser, LRPC has access to many sources of research and shares the best and most relevant information with its readers each week.

About Lawton Retirement Plan Consultants, LLC

Lawton Retirement Plan Consultants, LLC is a Milwaukee, Wisconsin-based independent, objective Registered Investment Adviser (RIA) providing investment advisory, fiduciary compliance, employee education, provider management and plan design services to retirement plan sponsors. The firm currently has contracts in place to provide consulting services on more than $400 million in plan assets. For more information, please contact Robert C. Lawton at (414) 828-4015 or or visit the firm’s website at Lawton Retirement Plan Consultants, LLC is a Wisconsin Registered Investment Adviser.

Important Disclosures

This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance, tax, legal or investment advice. Each plan has unique requirements and you should consult your attorney or tax adviser for guidance on your specific situation. In no way does Lawton Retirement Plan Consultants, LLC assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations. Investors should carefully consider investment objectives, risks, charges and expenses. The statements in this publication are the opinions and beliefs of the commentator expressed when the commentary was made and are not intended to represent that person’s opinions and beliefs at any other time. The commentary does not necessarily reflect the opinion of Lawton Retirement Plan Consultants, LLC and should not be construed as recommendations or investment advice. Lawton Retirement Plan Consultants, LLC offers no tax, legal or accounting advice and any advice contained herein is not specific to any individual, entity or retirement plan, but rather general in nature and, therefore, should not be relied upon for specific investment situations. Lawton Retirement Plan Consultants, LLC is a Wisconsin Registered Investment Adviser and accepts clients outside of Wisconsin based upon applicable state registration regulations and the “de minimus” exception.