The American Dream

Strategies for Success

America has always been a beacon of entrepreneurialism because it is so deeply rooted in our history. Our country was founded and then settled by innovators willing to sacrifice old certainties for new opportunities. The people who came to America a few hundred years ago looking for a better life were risk takers in every sense.

In his 2009 inaugural address, President Barack Obama said, "We are a nation of risk takers." Although high-stakes risk taking has gotten a bad rap recently, thanks to poor decision making in the financial sector, the president understood that a strong economy still requires risk takers. For the economy to rebound, we'll need bold entrepreneurs to recognize and seize opportunities. The American economy became the envy of the world because entrepreneurs were willing to take risks.

Do not mistake being a risk taker with being reckless. Risk takers must also become risk analyzers—evaluating the pros and cons, then trusting their instincts and recognizing and seizing an opportunity to create their own businesses. We, as a nation, must regain our appetite for risk in order to embolden the hearts of our entrepreneurs.

The label of "risk taker" appropriately applies to the entrepreneurs profiled in this book. They earned that label because of the courage they exhibited in many areas. Though most risked loss of money, other inherent risks were equally difficult. They risked ridicule and loss of respect or credibility. However, the rewards of taking high-stakes risks are evidenced in the successful businesses they've built, in the thousands of jobs they've created, and in the lifestyle they've been able to provide for themselves and their families. Hopefully, their journeys will inspire or motivate you to try your own hand in starting a business.

In the preceding chapters, you may have recognized the common traits that bind these entrepreneurs. We don't believe these shared traits are merely a coincidence; we think they are the keys to their success. We hope you'll apply these traits to your own strategy for success for your future or existing business. We've highlighted them in every chapter throughout the book and now present them together, along with examples of their application by our entrepreneurs.

1. Trust Your Gut

Successful, independent-minded entrepreneurs know when to trust their gut. An expanding body of research from a number of fields—including economics, neurology, and cognitive psychology—confirms that intuition is a real form of knowledge. It's a skill you can develop and strengthen—one that's particularly valuable in the most chaotic, fluid business environments, when you must make critical, high-pressure decisions at a moment's notice. At such times, intuition usually beats rational analysis.

Trusting your instincts also emboldens you to carry out new, untested ideas and ventures, even when nobody else believes in them. It's about seeing the need for a product or new service and just knowing you can make it happen. You may not have the cash on hand to commission a market study or conduct a focus group, but you're still willing to stake your reputation and money on that idea. Why? Because that's what your gut tells you to do. All of the entrepreneurs discussed in this book listened to and trusted their gut instincts.

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