Peter Thomas, Founder and Chairman of LifePilot, and Chairman Emeritus of EO, recently hosted 90+ EO members on a Global conference call that addressed how entrepreneurs can survive in tough economic times.
Moderated by EO Global Chairman and EO Detroit member David Galbenski, Peter shared his life experiences as a serial entrepreneur and successful businessman. Having survived four recessions throughout his lengthy career, Peter discussed the 10 tips that would help entrepreneurs from all age groups, industries and geographic locations make it through challenging times.
Those tips include:
1. Understand your values. When you understand your values, you understand what it takes to reach success and stay there.
2. Even if it’s bad news, communicate it. Your staff and high-level executives cannot help you and your company through tough times if they don’t know tough times lie ahead.
3. Find a mentor. Seek out someone who is at least 15+ years older than you, and go to them for guidance and advice. Keep them “in your back pocket” for any and all challenges you may face.
4. Be proactive. Focus on the Most Important Things (MITs) for tomorrow.
5. Don’t bank corporately where you bank personally. Enough said!
6. Recognize your situation and DEAL with it. Don’t sit in your office and let your problems fester. Get up, get out and get things done!
7. Be MORE protective of your corporate secrets. Think you’re doing enough to keep your trade secrets out of the hands of your competitors? Think again.
8. The time is NOW to invest in opportunities. Even if you don’t have the money, find a way to make it work, for the good of your company and its future!
9. Be an entrepreneurial leader. Get involved locally— be a spokesperson for your community and you will be surprised by the doors that will open for your business.
10. Remember: Attitude, Motivation, Commitment. Ask yourself: Do I have the right attitude? Is my attitude affecting my motivation? Is my motivation influencing how committed I am to my business, my staff, the current risks I’m taking, etc.?