Successful Entrepreneurs Show How to Succeed in Business

Fishbowl CEO Dave Williams sat down with five other business leaders recently to discuss how small businesses can succeed. You can read the whole article in the Utah Valley BusinessQ article “Roundtable – Growing Pains and Gains.”

Entrepreneurship Isn’t for the Faint of Heart

Dave Williams says that to be a successful entrepreneur, “You need the willingness to lay it all on the line.” Going into business for yourself is a risk that you must carefully calculate. In addition to managing risk, entrepreneurs must have an infectiously positive attitude. “We have to be a provider of hope to our people, even if we’re scared and don’t know if there’s hope,” Williams explains. “That separates the managers from the leaders. Leaders create hope and provide that for other people.” This reminds me of what Richard Donner said when he was directing Superman: The Movie. He said that everyone on the set, from the actors to the camera operators, had to feed off his excitement every day. Even though he was sometimes discouraged and didn’t get much sleep, he had to stay excited for their sakes. If he didn’t have energy, he had to fake it until he did. That kind of dedication and leadership makes a big difference.

Now Is the Time to Grow

It’s not easy to tell exactly when is the right moment to start a company or take bold moves to grow. Sometimes it’s just a matter of holding your breath and jumping in. Williams says, “Not only startups but also mature companies need to make smart decisions during this type of economy. There’s less competition, so it’s a great time to capture market share.”

Stay True to Your Principles

It’s almost impossible to run a successful business if you constantly change your standards for success. Williams has a clear idea of what he wants from himself and his 78 employees: “For me, my best decision was determining what my values or my non-negotiables were… The four are: You have to trust one another. You have to believe in what we’re doing. You have to be loyal to one another. You have to be fully committed.” By defining what you expect out of your employees and being consistent, you can avoid many of the growing pains companies experience as they lose their focus. Dave Williams has a lot more to share about successful business strategies, and so do the other business leaders in this article. Be sure to check it out. And sign up for a free inventory software demo to see how inventory management software can help your business become more successful.