Entrepreneur Essentials

Jean Chatzky
For Rich and Jeff Sloan, entrepreneurship is a way of life. The brothers and business partners are accomplished inventors, business owners, public speakers and radio talk show hosts. As the founders and principals of StartupNation, a Web resource service for entrepreneurs, they now share their expertise with other budding business people looking to start their own companies. Jean talks with Rich and Jeff about the qualities they say helped propel them—and can help launch others—to the top.

Hallmarks of a Successful Entrepreneur:

  • Resourcefulness: Know your strengths and your shortcomings, Rich and Jeff say. Then, look around for the resources to backfill what you are not good at doing. "When you surround yourself with those resources, you have a real chance for success," Rich says.
  • Passion: Entrepreneurs have the ability to put their passions and desires into action. "A lot of people have the idea—they get inspired to do something—but the real difference is those people who do something about it," Jeff says.
  • Tenacity: Rich and Jeff say that as young inventors, they were persistent and wouldn't take no for an answer. "You combine that mania with that naiveté, and nothing stops you!" Jeff says.
  • Vision: With the knowledge they gained from launching their first invention, Jeff and Rich took the next business step and began representing other inventors. "An entrepreneur has an incredible ability to take something that is 'today' and parlay it into something different, better, bigger or new for tomorrow," Rich says.

 

The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.