Personal integrity is essential to any entrepreneur trying to build a successful business. Whether you’re in a rough patch or your best month yet, maintaining this quality helps you succeed.
Possess Personal Integrity No Matter the Circumstances in Your Business
Two hamburger joints open back in ’67 … we’ll call one Bob’s Burger Shack. Great hamburgers! The other shop is McDonalds. The rest is history, yes?
Were Mickey D’s burgers really that much better than Bob’s? I mean, really … how hard is it to get a burger right? Even Ray Croc himself admitted this to eager business school students he lectured in his lifetime. He’d ask them, ‘How many people in here can make a better hamburger than McDonalds?’ Everyone would raise their hand because everybody’s made a tasty burger before, at least tasty by their own standards. But then he’d ask, ‘How many people make more money than McDonalds?’ Naturally, all hands dropped.
It’s a simple yet eloquent demonstration that it doesn’t matter whether you have a better idea, a better product, or a better service. In business, the only thing that matters is getting that product, idea, or service out to as many people as possible, and/or at as much profit as possible.
Entrepreneurial Skills to Master in Business
It’s the learning curve of the entrepreneur—amassing the skills necessary to take what you have to offer to a mass audience profitably, which anybody can learn how to do. It also takes nerve and determination that most people just don’t show when it comes to taking control of their financial future. That kind of moxie can be the rope that saves you instead of binds you in stagnation after a big failure.
Few people have the kind of moxie that Karl Eller has. He’s a legend in Arizona and a giant in business period. He started out in billboard advertising. He was one of the founders of the NBA Phoenix Suns basketball team and president of Columbia Pictures at one point, which he helped merge into Coca-Cola— an amazingly successful businessman.
But he had a major setback, to say the least. He built another company called Circle K—a kind of convenience store—into the second largest chain in the U.S. during the 80s. Under his leadership, the company grew from something like $750 million in sales to $3.4 billion!
Then the company filed bankruptcy in the 90s, due in part to just a bad turn in business. He was forced to leave with $100 million in personal debt! Can you imagine being $100 million in debt? Not your company … you, personally?
Instead of declaring bankruptcy, though, Eller dug himself out by going back into what he knew well: outdoor advertising. Eller built another media company and merged with Clear Channel Communications for a then-record $1.15 billion!
And he did this when most people are retiring.
His track record is elegant proof that the question isn’t what type of business you want to go into—or at least that’s not the essential question. You’re going to find your niche, and you’re going to be better at that particular field of interest than others—whether we’re talking about burgers or billboards.
The essence of success in business, I believe, is the intangible quality that means having personal integrity no matter what the situation— win or loss. An entrepreneur cannot being afraid to take risks, and you have to possess the ability to bounce back after tremendous setbacks.
What do you think? What do you consider to be some of the intangible qualities and skills entrepreneurs need in order to be successful in their business venture? The Millionaire Mind community wants to hear from you!