Yandy Smith

The dictionary describes an entrepreneur as ‘A person who engages in business enterprise, usually with some personal financial risk.’

Under this definition, anyone who runs and owns his or her own business can be classified as an entrepreneur because they are taking a risk with their finances every day. But what are the qualities of a successful entrepreneur? Simply owning a business and having risks doesn’t mean that you have successfully accomplished your goal. The dictionary only scratches the surface of what it takes to be an entrepreneur in today’s competitive business world.  One must also take into account an individual’s personality, actions and behavioral patterns—which all contribute to a person’s ability to earn the title of a ‘successful entrepreneur.’

Although it may seem easy enough, becoming a successful entrepreneur is not rudimentary. You have to have a product or service that consumers really want, an organized form of sales and service, and quality marketing advertising. For many of us, the journey to earning the title begins with a burst of excitement about turning our passion into a business (followed by flashing lights of the word “success”). The experience of getting a new idea is wonderful, what follows can be the most exciting and emotional journey you will ever experience. But there is a long, hard road you must travel to take your idea from conception to reality.

I’ve been there. I traveled this road many times, I have had my share of light bulb moments, and I have learned some key points along the way that make the difference between a dreamer and a successful entrepreneur. I learned the old-fashioned way—trial and failure. But, for all my failures came a triumph that made every misstep more than worth it. Here are some helpful tips on how to avoid some of those mistakes I made, and that you take with you on your entrepreneurial adventure.

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Dream big (Image: Thinkstock)

Dream big: To achieve the kind of success that you want, you need to dream big. Every success story starts with big dreams. Have a clear and concise vision of what you want and where you want your idea to go. Actively visualize success in your mind so that it actually starts to become reality. Speak it into existence! Be the person now that you imagine yourself being when you reach your goal. Dress the part now, speak the language now, talk about the places your business will allow you to travel to, research them, tell your friends and family what’s going to happen. The more you speak, the more you’ll believe and the more inclined you’ll be to make things happen. People may look at you like you’re crazy, but imagine how they looked at the Wright brother’s when they thought of creating the first successful aircraft.

Be a leader. Leadership is one of the areas that many entrepreneurs tend to overlook, according to leadership coach John C. Maxwell, whose books include The 21 Irrefutable Laws of Leadership (Thomas Nelson, 1998) and Developing the Leader Within You (Thomas Nelson, 1993). Eleanor Roosevelt once said, “A good leader inspires people to have confidence in the leader, a great leader inspires people to have confidence in themselves.”  Becoming a great leader isn’t easy, it requires successfully maneuvering a team through the ups and downs and the major challenges that a new business faces.

To groom yourself to be a quality business leader:

• Envision yourself as a leader. You have to believe for others to believe.
• Recognize your best and worst qualities and evaluate them honestly.
• Create a plan that allows you to capitalize on your strengths.
• Build a team that assists you in areas that may be weaknesses, which will help you have a more well-balanced business.
• Be straightforward and keep it simple. The clearer your mission and direction, the stronger your team.

Hire shrewdly. Nothing is more important. Do extensive research and check references. You can’t rely solely on what’s said in résumés and cover letters. It’s best to ask everyone you respect for solid candidates. Then have a trial period for the new employee before you hire.

Fire fast. If quick efforts to remediate an inadequate employee do not work, fire the person respectfully. One bad employee can infect the success of the team.

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Yandy Smith: Dressed for success

Look good. Unfortunately, we live in a shallow, beauty-obsessed society. Although leaders are not expected to have Hollywood looks necessarily, it’s worth a bit of primping to look your best at all times. You can show off your own personal style while still having a polished look.

Prioritize decisiveness over inclusiveness. The best leaders know when to encourage team involvement in decision-making and when to act unilaterally. It’s not about making friends, it’s about making the best decisions for your business.

Work long hours. I’d rather disappoint you with the truth than anesthetize you with lies.

Motivation rises and falls upon success and setbacks. Being motivated despite the challenges of business is a skill that’s required in order to sail through the storms.  Tough times do not last, but tough people do. Stay motivated at the highest level.

Last but not least, when it comes to entrepreneurs, failure is an option!  Every entrepreneur faces times when winds do not blow in his or her direction. Stick to your boat and keep floating. Winds always change direction. Optimism is an essential requirement for being an entrepreneur. That new direction might land you on a beautiful island you had no idea existed. Embrace setbacks and look for the opportunity to expand and grow your business.

Legacy Award winner Dionne Warwick

Fans of soul music icon Dionne Warwick sat wide-eyed and open-mouthed as she verbally took on Real Housewives star NeNe Leaks, Academy Award winner Marlee Matlin and anybody else who stood in her way on last season’s Celebrity Apprentice. Many simply weren’t expecting the legendary 70-year-old singer — easily one of the most successful female vocalists of all time— to be so fiery.

For her part, Warwick says she hadn’t expected the mood of the show to get as ugly as it did. She adds that if she had it to do all over again —she wouldn’t.

“The experience on Celebrity Apprentice was very interesting, to say the least,” laughs Warwick, who will receive the Legacy Award at this year’s Black Enterprise Women of Power Summit.

“I’ve known Donald Trump for many years, so when I was approached to do it, I thought, ‘Well, why not?’ But as time [on the show] went on, I found that it was not as cordial as I thought it would be. I felt that it got to the point that where my many years of impeccable achievements were a little bit in jeopardy by the surroundings that I was in. So I thought it best that I fire myself and bow out gracefully without destroying 50 years.”

And what a glorious five decades it has been: The Grammy award-winning singer scored her first hit in December 1962 with “Don’t Make Me Over,” and has been churning out the classics ever since —“Do You Know the Way to San Jose,” “Walk On By,” “Heartbreaker” and “That’s What Friends Are For.” She helped launch the legendary Soul Train Music Awards, raise millions of dollars for AIDS research, and served as a U.S. Ambassador for health.

Warwick attributes much of her tremendous success to keeping good people around her — something she recommends to anyone getting into the entertainment business. “I’m still working with the same people I’ve worked with over many, many years. There is a loyalty factor and a friendship factor that have become paramount. It’s important to stay surrounded by people you trust and who have your back — who have your best interest at heart.”

The singer says she’s proud to receive honors such as the Black Enterprise Legacy Award because they help introduce her to a new generation of fans. “It’s wonderful when what you do for a living has been accepted as something that people want to be a part of and will continue to enjoy over a period of time,” she says. “It’s very exciting.”

Keep an eye out for some new music from her as well: “I’d like to work with Earth, Wind and Fire, and George Benson,” she reveals as she prepares to drop a new album that will be out in March. “I’ll be touring to promote it.” Warwick says she also has plans to go back into the studio with legendary producer Phil Ramone, and that she’s considering recording a bunch of other projects, including a country album she’s been approached to do.

And keep an ear out for her niece, Whitney Houston, as well. “As far as I know [Whitney will have a new album out] this year.”

Until then, here’s a sample of Committed!

BEBR host Caroline V. Clarke with Bethann Hardison

With this year’s Black Enterprise Women of Power Summit® hosted by State Farm in Orlando, Florida only weeks away, Black Enterprise Business Report and host Caroline V. Clarke [@CarolineVClarke] take viewers inside the four-day executive leadership conference, which brings together women of color from across the nation to network, exchange ideas and develop partnerships.

Catch intimate profiles of two Women of Power Legacy Award winners who’ve graced the covers of magazines and are now making power moves around the world. Bethann Hardison is one of the first Black models for giants like Calvin Klein, Oscar de La Renta and Perry Ellis. She’s guided the careers of supermodels Tyson Beckford, Iman and Naomi Campbell and is still breaking ground as the first Black editor-at-large for Vogue Italia online.

Also, model, restaurateur, author and TV personality B.Smith tells how she’s conquered areas of business that have long ignored the input of African American women. Plus, former U.S. Secretary of Labor Alexis Herman shares her inspiring story.

For more information or to register for the 2012 Black Enterprise Women of Power Summit hosted by State Farm visit www.blackenterprise.com/wps.
Black Enterprise Business Report airs every Sunday morning at 10:30 a.m. on TVONE.

Visit www.blackenterprise.com/bebr for local time and station information

R&B singer Karyn White, CEO of Karyn White Enterprises (Image: Courtesy of Subject)

This week on The Urban Business Roundtable, the focus is on inspiration and information from notable women entrepreneurs. First, UBR Contributor Renita D. Young speaks with Grammy Award nominated entertainer and entrepreneur Karyn White. A native of Los Angeles, White establish herself as an R&B music star in the late 1980s and early ’90s, with a string of hits including “Secret Rendezvous,” “The Way You Love Me,” and her unforgettable “Superwoman.” She later ventured into entrepreneurship, creating a real estate and interior design company, Karyn White Designs, in Sacramento, California. Today, White is also founder and CEO of Karyn White Enterprises, a multi-media lifestyle company focused on music, television, publishing and design.

Also, UBR Contributor Samantha Pass speaks with Sylvia Wynn, co-founder and president of market research consulting company SJW Enterprises, about the importance of choosing a name for your business that will last and embody the values and distinguishing characteristics of your brand. Prior to launching her own company, Wynn established herself as brand maven as vice president of marketing and sales for Johnson Products Co., in addition stints at Gillette, Lever Brothers and Avon. In addition, Wynn has served as an adviser to Chicago’s Women’s Business Development Center.

Sylvia Wynn of SJW Enterprises (Image: Courtesy of Subject)

In addition, in my “Alfred’s Notepad” segment, I share some important tips for entrepreneurs who want to get a leg up on the competition when participating in elevator pitch contests, such as the Black Enterprise Elevator Pitch Competition, the finals of which will be held at the Black Enterprise Entrepreneurs Conference in Chicago this May. First, you need to be able to deliver your explain your business model in less than 60 seconds. That means clearly explaining what product or service you’re bringing to market, who you’re selling it to, at what price and profit margin. If you get that right, you’ll buy time to share more. If you don’t, you may not get a second chance. Second, practice your live pitch so that you can deliver it based on what you know, not what you can memorize. Get friends or colleagues to drill you about your business until you can answer their questions in a relaxed and confident fashion without getting flustered. When pitching your idea, stage fright is not an option.

And finally, every week on UBR, you’ll get motivation and inspiration from author and entrepreneurial icon Farrah Gray, a weekly wrap-up of business news from USA Today business correspondent Charisse Jones, our Patient Investor Report from Ariel Investments and key economic intelligence for small business owners from our UBR economists Derrick Collins and Rasheed Carter.

If you have a question you want answered or a topic you want addressed on The Urban Business Roundtable, connect with me at BE Insider, the social media network for people who are serious about Black Enterprise. You can also find me on Twitter and Facebook.

Alfred Edmond Jr. is the senior VP/editor-at-large of Black Enterprise and the host of the Urban Business Roundtable, a weekly radio show, sponsored by Ariel Investments, airing CST Wednesdays at 8:30 a.m., Thursdays at 6:30 p.m. and Saturdays at 9:30 a.m. on WVON-AM 1690, the Talk of Chicago. You can also listen live online at WVON.com. Check back each week for UBR Spotlight, which features additional resources, advice and information from and about the topics, entrepreneurs and experts featured on the show.

Our mission at ME University is solely to help motivated dreamers—mostly women—build a purposeful and profitable brand platform. In this marketplace, strategic branding is about positioning yourself as an influencer.  So many people right now are hungry for more….more stability, more financial freedom and more fulfillment in being able to truly live out their life calling.

What most fail to realize is that branding is the most important skill needed in the marketplace today.  In a 2.0 world, it is critical that professionals and experts start branding in a way that attracts the opportunities, clients, partnerships, and income they desire.  Most people unwittingly take the traditional marketing “announcement” approach, which is so wrong and outdated now!  There is a much better way.

ME University specifically equips women ready to launch their dreams, build companies successfully, generate media publicity, land corporate contracts and sponsorships, become authors, speakers, and bonafide experts in their space.  We do this while also incorporating mind renewal and spiritual balance.  There is not another forum quite like it!

Our partnership with Black Enterprise has been central to our ability to connect with our ideal target audience. And we are honored that some of the largest corporations on the planet have joined our movement—companies like HP, Office Depot, Home Depot, Ernst & Young and Delta Air Lines.

Ultimately, ME University is a place where lives transform and dreams shift into a profitable reality. For more information about our signature branding bootcamp and our transformational and profitable branding programs, folks can visit us at http://meuniversitylive.com.

Read more about “Rose” on BE Next.

Below, on Our World with Black Enterprise, Warwick talks about building her own legacy after years in the entertainment industry . Click here to register for this year’s Women of Power Summit hosted by State Farm at The Ritz-Carlton, Orlando, FL. Register now and use code DGED12 to receive a $200 discount off the price of registration! (Cannot be combined with other offers).