Canadian Billionaire Michael Lee-Chin's Tips for Entrepreneurs
We just attended a really great event put on by Jackie Lee of Recruit My Friends with Michael Lee-Chin as the keynote speaker. Lee-Chin is one of the 20 Canadian billionaires on Forbes list and quite an inspirational speaker. He made some interesting points that we thought every entrepreneur (or would be entrepreneur) would benefit from hearing:
- Develop the principals for your business and stick to them no matter what. Be a martyr for your principals. These principals will help you through the tough times and you should go back often and revisit them when making decisions. Build a good reputation and let nothing touch it.
- Play the long term game. Build a strong business that will succeed in the long haul and be prepared to ride it out. Expecting success in less than 5 years is not realistic.
- Invest only in what you know, and, do what you love. As an entrepreneur, you are investing in your own business. You know your business inside and out, so this is a good investment, providing you love what you do and are prepared to work really hard.
- Invest in only a few companies vs. many. Of course we can't all invest in different companies, but this also applies to your own personal investments in mutual funds, rrsp's, etc. A few eggs in a few baskets that you know well is better than many eggs in many baskets that you can't possibly stay on top of.
- Use other people's money to enhance the rate of return. In Lee-Chin's case, he borrowed from the bank.
- See adversity as opportunity. So the economy is bad. That also creates a lot of different opportunities. For example, now is a good time to invest in companies you know. Now is a great time for entrepreneurs to differentiate themselves in the market place and be more resourceful with what they can offer. What may feel like a huge blow can be an opportunity if you see it from another perspective. To see this, you have to push your emotions aside and look for the silver lining and focus on that. "Danger = Crisis + Opportunity" (Chinese proverb)
- Let your principals guide you, rather than your emotion. This is tougher than it sounds since we're always taught to "go with your gut". The gut can be influenced by emotion. If you have built strong principals for your company that are realistic, your decisions should be based on that.
- Be willing to sweat it out. Starting your own business will be a roller coaster with high highs and low lows. You need to know that going in, and you have to mentally prepare yourself that this is part of the deal. Be prepared to ride through it.
- Differentiate yourself. Do not become a commodity. Do not be known for the lowest prices, be known for the quality of your services.
- Do well and do good. Lee-Chin is a philanthropist and strongly encourages giving back to the community.
- Develop the principals for your business and stick to them no matter what. Be a martyr for your principals. These principals will help you through the tough times and you should go back often and revisit them when making decisions. Build a good reputation and let nothing touch it.
- Play the long term game. Build a strong business that will succeed in the long haul and be prepared to ride it out. Expecting success in less than 5 years is not realistic.
- Invest only in what you know, and, do what you love. As an entrepreneur, you are investing in your own business. You know your business inside and out, so this is a good investment, providing you love what you do and are prepared to work really hard.
- Invest in only a few companies vs. many. Of course we can't all invest in different companies, but this also applies to your own personal investments in mutual funds, rrsp's, etc. A few eggs in a few baskets that you know well is better than many eggs in many baskets that you can't possibly stay on top of.
- Use other people's money to enhance the rate of return. In Lee-Chin's case, he borrowed from the bank.
- See adversity as opportunity. So the economy is bad. That also creates a lot of different opportunities. For example, now is a good time to invest in companies you know. Now is a great time for entrepreneurs to differentiate themselves in the market place and be more resourceful with what they can offer. What may feel like a huge blow can be an opportunity if you see it from another perspective. To see this, you have to push your emotions aside and look for the silver lining and focus on that. "Danger = Crisis + Opportunity" (Chinese proverb)
- Let your principals guide you, rather than your emotion. This is tougher than it sounds since we're always taught to "go with your gut". The gut can be influenced by emotion. If you have built strong principals for your company that are realistic, your decisions should be based on that.
- Be willing to sweat it out. Starting your own business will be a roller coaster with high highs and low lows. You need to know that going in, and you have to mentally prepare yourself that this is part of the deal. Be prepared to ride through it.
- Differentiate yourself. Do not become a commodity. Do not be known for the lowest prices, be known for the quality of your services.
- Do well and do good. Lee-Chin is a philanthropist and strongly encourages giving back to the community.
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