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Being An Effective Entrepreneur

Tuesday, February 22nd, 2011

By Preston Wilson

Entrepreneurs are often recognized for their ability to revolutionize industries and environments through the power of thought and ideas. Their minds are extremely focused and goal oriented. This is incredible; however, it can also be detrimental if not kept in balance. We have recently come to the realization that to be an effective entrepreneur, you must not only have a healthy and ever developing mind and spirit, but also a healthy body.

Over the past 5 years, my wife and I have given every bit of mental effort that we have to developing our businesses.  We have spent all of our time strategizing, studying, and applying every plan that we could possibly devise to progress and bring security and stability to our business endeavors and all who are connected to them.  To outsiders, our businesses appear to be prosperous and innovative, and they are.   But they couldn’t see was what was hidden within. We were exhausted. We had committed our minds, yet neglected our bodies. The attention that we gave our bodies was just to appease them- 3 trips through the drive thru every day, 6 diet drinks a day, gallons of sweet tea every week, and too much time behind the wheel and behind the desk. We were the couple that worked 70 hour weeks.

Our bodies couldn’t keep up with our minds. As do most entrepreneurs, we have tremendous goals and will do everything within our means to achieve these goals. As you probably have learned in the business world, most great things don’t happen overnight. They require time, years and decades. We began to think long term and realized that our bodies would not last to keep up with our minds to accomplish all that we set out to do. We watched one of our greatest mentors, who is looked up to by millions of people throughout the world, give of himself to the point of major anxiety and heart issues last year. Your dreams will be challenged, and even shattered if you and those directly involved don’t take the time and effort to ensure a healthy body. What entrepreneur has time for self inflicted health issues due to bad dieting and lack of exercise?

My wife and I have been committed for several months now to strengthening our health and bodies to be able to live the long lives that our dreams require of us. We have joined a local health club and work out with a trainer twice a week. We have experienced tremendous results in the way we feel and respond on a day to day basis.  Our commitment to our health may seem a little extreme and our devotion to our endeavors as well, but any change that you make in the right direction to preserve your health will be recognized as beneficial in time. Take time out of your busy schedule to exercise. Think about how much and what you are putting into your body. You will appreciate the results and time you redeem in long life to see your dreams fulfilled.

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The Power Of Ideas

Wednesday, January 19th, 2011

The Power Of Ideas-By Preston Wilson

A wise man once said “What we can see is only a small percentage of what is possible. Imagination is having the vision to see what is just below the surface; to picture that which is essential, but invisible to the eye.”

Your most powerful resource in business is your very own mind and imagination. The most powerful tool you can ever put to use found within your mind is an idea. Edison brought light to the world through the power of an idea. The Wright Brothers transformed transportation by using their imagination. Martin Luther King changed America by pursuing his dream.

I have had the privilege recently to spend some time with a very famous artist. It is such an incredible experience to rub shoulders with someone who has tapped into this reality. This particular artist has become well known for his public art. He has the vision to see beyond a cities current label and environment, conceptualize what would change that environment, and materialize that idea. His ideas have the power to provoke thought in everyone that passes by his work, changing their countenance and mentality. Isn’t it amazing that one man expressing his ideas through art has the power to change an environment?

You have this same ability to revolutionize your environment or industry by putting your imagination to work and developing just the right idea. As I share frequently, I am involved in many different partnerships, all of which have suffered some effect from the changes in our nation’s economy. While many businesses have struggled, what has preserved many of these is the power of ideas. Not one business has had to make a huge investment in bringing in an outside source to teach them to maintain or prop them up. We put our minds to work day in and day out, acknowledging our environment and developing ideas to withstand and succeed.

Don’t limit your endeavors to what is in front of you and the way you have always done things. Don’t limit your success by following the exact procedures and footsteps of others who have succeeded before you. Times and seasons change. You possess the resources to make the necessary change that it is going to take to progress within you.  There is a market and need for your brilliance. Begin putting your mind to work. You will find  that new  ideas create increased energy and new  business activity!



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Four Key Elements To A Successful Endeavor

Monday, December 13th, 2010
By Preston Wilson
Growing up, I spent a great deal of time with my grandfathers. One of my great grandfathers that I visited with every day was a farmer, J.R. Ludlum. He lived a very simple life for 98 years. He had a reputation for always having a beautiful harvest. For years, I enjoyed dinner with him five days a week. Dinner was always two or three freshly picked vegetables.
To my knowledge, he only had one bad crop in the early 1920’s. He would refer to it on occasion. This one bad crop caused him to change his course in life and actually brought my family here to new soil from the coast of North Carolina. My grandfather had a book that he would refer to as a secret to his success. This book was The Farmer’s Almanac. If you’re not familiar with The Farmer’s Almanac, it’s an annual publication that suggests when a farmer should sow particular seed that year for a strong harvest. It basically makes a prediction considering the perfect time, environment, seed, and application to accomplish just the right results. If he were to miscalculate any of these four key contributors, it would affect the outcome of the harvest.
Although I love food, my interest in life is not agriculture. However, I learned one of the most valuable principles as an entrepreneur from my grandfather and his almanac. For any endeavor to succeed, four key elements must be taken into equal consideration. Those elements, again, are proper timing, environment, seed, and application.
When I set out to plant a new business endeavor, one of the first things I consider is the timing. Am I certain that the timing is right in the lives of my family, partners, targeted customers, and country for me to pursue my idea? Timing is crucial. The right idea at the wrong time will surely fail.
The right environment is equally important. The likelihood of success selling snow skis in the Bahamas is slim to none. For your endeavor to survive, it must be planted in soil that is suitable for it to flourish.
As always, you must have the right seed, or investment to make for your idea to succeed. This goes hand in hand with the other three elements. Without the proper resources to begin your endeavor, it is destined to starve. This investment must not only include what it takes to start, but must also include what it’s going to take to see its full potential.
Without sufficient invested effort in the process, planting the right idea in the right place at the right time will still fail. This is an element that most eager entrepreneurs struggle with. We think it through, make the investment in just the perfect market, but we just don’t calculate the sweat equity that it will involve. The period from planting to harvest doesn’t happen overnight; someone has to work the field from start to finish.
I encourage you to pursue your dreams and ideas, but to consider these four key points. Maybe you have failed at a past endeavor as my grandfather did. It is never too late to consider which of these four elements that you were missing, calculate, and balance your thoughts and resources.  And, in the right time, plant your endeavor. More than likely, the harvest of your seed will satisfy a market and brighten and influence the future, as my grandfather’s harvest did for me.

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“Law of Recognition”

Monday, November 15th, 2010
By Preston Wilson
If you’ve followed my articles over this past year, it’s not hard to recognize the value that I place on people. I believe people are the key ingredient to any successful investment. Without the efforts and ideas of people, there is no healthy economy. I have learned to apply a valuable principle to relationships that stimulates a greater and more rapid return on my investments. One of my mentors likes to call this the “Law of Recognition”.
Anyone unrecognized becomes uncelebrated. Anyone uncelebrated becomes unrewarded. Anyone unrewarded will eventually exit your life. Recognition and appreciation of the performance of key people in your life will sustain and progress your endeavors in most cases, more than any other resource. So, who are these people and how should they be rewarded?
In business, I am connected to well over 100 partners, investors, employees and subcontractors. Some I see daily, and some I may see only a couple of times a year. My personality has grown from being the class clown to a very no-nonsense kind of guy. Many would classify me as a workaholic. It takes effort , but I try to pause, recognize, and show appreciation to those people who have joined with me in some form or another to achieve success. As an appreciation, I offer assistance and involve myself in the achievement of their personal endeavors from time to time.  I realize that I am not the only individual with goals and investments. I often try to send encouragement and personal appreciation emails. Another very effective way that I’ve learned to show appreciation is to constantly strive to create a pleasant working environment. It’s difficult for people to perform progressively and positively in a 1970’s environment in the year 2010. It’s surprising what little things like this will do for you.
Another group of people that contribute strongly to the success of your endeavors are your friends and family. Without the support and contribution of these people from your past and present, you more than likely would not have achieved your goals thus far. These people are often the most neglected and may be viewed as unrelated to your business. I must say that until the past few years, I felt that way as well. These people not only make sacrifices at times, but they are there to continue sharpening you socially and providing a necessary outlet from the pressures that you face in your business pursuits. I have very close friends that I am often serving and rewarding in different capacities for their continued friendship. I could never reward my wife and family enough for the contributions and sacrifices they have  made as I pursue my vision, but I give it my best effort. Consider the setback you would face if the people you count on were to exit your life. It would definitely impair your progress.
This “Law of Recognition” that I am revealing may seem a bit weird coming from a hardcore entrepreneur, but I have experienced the results. The investment of time that you put into the lives of people surrounding and supporting you will bear uncommon results. The season that we are entering into is an open door for you to begin applying and testing these principles. Stimulate your business by recognizing and rewarding those around you this Thanksgiving.

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Success In Honoring-by Preston Wilson

Wednesday, October 6th, 2010
There is an ancient principle that ensures wealth and success that I seldom see applied in current day and time. I believe that it is a real treasured secret that works in the favor of those who understand and apply it. I call it the “principle of honor.”
In 2005, there was a movie nominated for a Golden Globe that first prompted me to begin studying this principle.  If you haven’t seen Hotel Rwanda, I recommend it to anyone in a position of management and leadership. It’s a true story of a hotel manager named Paul, who went to extreme measures to honor every guest who entered there.  During the years that he and his employees invested sweat and resources in honoring everyone that came across their paths, they were actually building equity in their future success. For those of you who haven’t seen the movie, I will leave you hanging here and leave it up to you to watch it.
Just this year, I was reunited with a childhood acquaintance that wanted to start a business. He shared his concept with me, and I encouraged him and aided in making some provisions so that his concept could ‘make it’.  In judging the influence of his competition and the economic challenges that we were all up against as a nation, I underestimated the level of success he would achieve in such a short amount of time.
In his case, the odds were stacked a little high. He had a secret for achieving success that most people would never consider–the “principle of honor.”  From the first day he launched his business, he began honoring each of his clients and doing everything within his power to ensure their complete satisfaction.  As I sit here now and share this with you, unemployment rates in our area exceed that of our state and nation; yet, this young entrepreneur, still in his first year, has secured a second location to expand his business.
He hasn’t invested a tremendous amount of borrowed money, and his investment has been honoring. I have spoken with several of his customers who have been so pleased with the service he provides that they continue to come back and bring friends.  I have asked them what it is that makes them return. Every one of them has responded in the same way–”the way they make you feel.”
It pays to understand and apply this principle. For the next week, put honor to the test by giving as much attention to names as you do to numbers. The results will be surprising.

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Rewards of Reputation-by Preston Wilson

Wednesday, September 8th, 2010

Earlier this year I had the opportunity to spend some time with a man who I would consider to be one of the South’s finest business coaches. He has achieved some incredible goals in his life and now has committed the rest of his life to helping others do the same. In our meeting he asked me to summarize my strategy in achieving the successes that I have experienced thus far in my life. I have seldom been asked this question and was hesitant to respond, because my strategy didn’t come from Harvard or Wall Street. My response was “the reputation of the king is the prosperity of the citizens.” After a long pause and stare, he shook his head and responded, “You are going to be a wealthy man.” He shared with me some incredible success stories of people who operated from a like mentality. I left the conversation humbled and challenged. Because of the response I received from this honorable businessman, I want to elaborate this key thought for you to consider as you pursue your business endeavors.

Often times as a sense of power and influence come to those who are successful in business, the desire dwindles to recognize and reward those whose sweat contributed to their achievement. As I have shared before, I don’t believe that anyone is a self made man. People, whether patrons or personnel, contribute to your success. In the early years of rapid organization of the City of Belmont, there was an entrepreneur by the name of Robert Lee Stowe who invested all of the resources that he could gather to build a strong economic future for our area. His vision was pretty incredible for that day and time. He planted large mills to provide employment for area citizens and created small desirable communities to provide them housing. But beyond this, he developed large areas for recreation and hosted many incredible events throughout the life of his business to honor his employees and create and uncommon sense of community. His contribution to the early lives of those whom he employed, made them very grateful and proud to be associated with him and his company. My great- grandfather moved his family here from the coast of North Carolina just to be a part of this incredible opportunity and way of life. Needless to say, RL Stowe Mills over the years developed into a lucrative investment for Mr. Stowe, as well as his family for generations following him. However, I don’t believe he would have achieved such tremendous success had he not recognized his associates and employees value and invested in the lives of those he employed. Our current generation may have little knowledge or appreciation of his achievements, yet they are still reaping the benefits of his hard work and vision as they attend the RL Stowe Jr. YMCA, enjoy movies and fireworks in Stowe Park, observe the beauty of the Daniel Stowe Botanical Gardens, or attend parties and events at the Stowe Manor. His success, wealth, and legacy has long outlived him, because he chose to support those who followed his leadership and push them into prosperity with him rather than allowing them to nibble from random crumbs from the table of achievement.

Concern yourself with the prosperity of those who are contributing to your success. Honor your employees as you meet your quota. Recognize and reward your customers as they continue to patronize and support your business. The extra expense and effort that you put forth will cause your business growth and longevity to exceed your expectations, because of the reputation that you develop. Consider this perspective and you will contribute not only to your personal success, but you will have a positive influence on the economic future of our region.

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