30 Years of Minority Business Development – Lessons Learned on How to Build a Successful Enterprise

As a business plan writer, I’m always working with clients to create a sustainable business. I was sent this list of 30 things we as business owners should do to thrive for the long term.

30 Years of Minority Business Development – Lessons Learned on How to Build a Successful Enterprise By Dr. Fred McKinney Tuck School of Business

Have a Well-Articulated Strategy
Think of Culture in the Beginning
Create a High-Quality Board of Directors or Advisors
Have the Capital to Sustain Yourself for the Bad Times – “Winter is Coming”
Get to Know Your Banker, Your Accountant and Your Lawyer
Hire the Management You Cannot Afford
Be Careful of Hiring Family – They are Hard to Fire
Have Transparency with Your Spouse and Family
Set Short-Term Goals Consistent with the Long-Term Strategy
Learn How to Say No – Every Deal is Not a Good Deal
Know the Difference Between Economic Profits and Accounting Profits
Get Certified and Learn How to Use the Certification
Have a (Social) Media Plan
Read the Wall Street Journal Daily
Listen More – Talk Less
You Are Always On
Convince Yourself that Entrepreneurship is For You
Become an Industry Expert
Join Your Industry Association and Be Active
“Sharpen Your Saw”
Celebrate Your Uniqueness Give Back Until it Hurts – Paying it Forward Pays Off
Continue Your Education
Mentor Your Replacement
Look to Collaborate
Get on a Plane and Visit Places Where You are a Stranger
Put Yourself in a Leadership Position Outside of Your Business – Become a Board Member of a Local Non-Profit
Pay Your Taxes
Experience Temporary Failures and Set-Backs
Anticipate the End
Pray