It was awesome visiting with Baylor’s entrepreneurs this week! Their undergraduate entrepreneur program is ranked #5 in the nation which was no surprise to me. Dr. Kendall Artz has done an amazing job designing the program and building the passion in the students…the Dr. Pepper floats helps a little. Seems like the common theme with students is where to start. I always emphasize Tai Lopez’s Knowledge, Strategy, Execution, and Passion…hmm three commas.
Knowledge – You should know the product or service inside and out including the economics of the business, the key players in the industry, key customers, attorneys, potential alternatives, etc.
Strategy – You should take that knowledge and convert it into an actionable plan. I like to break things into a 30/60/90 day plan that are actionable and measurable items.
Execution – Without the ability to execute, the best plan will fail. Some entrepreneurs fail at taking that leap to hire or manage people when needed, have confidence or the wherewithal to withstand the tough times, overly risk adverse, etc.
Passion – Every startup struggles and has many points in time where it is so easy to hang it up. With Passion, the thought of quitting never enters the entrepreneur’s mind. Every hurdle is an opportunity not a reason to quit.
Once again a special thanks to Baylor and their entrepreneur program. I look forward to my next trip through there!!