Are Basic Business Principles Dead? (An Entrepreneurial Tribute to Black History month)

As we wave goodbye to Black History month and welcome women history month, I wanted to take a moment to reflect upon the footprints that African American entrepreneurs and inventors have left. The "wheels" of business is not and should not be re-invented. Regardless of your age or background, the roads that past entrepreneurs have paved are indicators of future successes for current and future entrepreneurs.

So, the answer to the question is no! Basic business principles are alive, more alive than they've ever been. If you're still unsure, study the businesses that managed to stay alive during the famous dot.com crash. They followed basic business principles and established lasting business models. Don't re-invent the wheel, just re-create it.

The story of African American entrepreneur Garrett Augustus Morgan for example, is a great one to study. The son of former slaves and a pioneer inventor, he became very famous for inventing the gas mask and three way traffic lights.

How did he do it? Morgan followed some basic business start-up principles that were important then, and still are important now:

Thinking about Growing your Business in 2010?

If you own a small business or start-up, you will be relieved to learn that entrepreneurs have found success in sticking to their plans in 2010. Successful entrepreneurs are not running to hide because of a difficult economy. Instead, they are following basic business principles to grow their businesses.

This week I attended a conference that I attend annually; GROW 2010. It's hosted by Marty Grunder! Inc in Dayton Ohio. If you're a regular subscriber to this blog, you know that I've mentioned this conference before. Besides the fact that I admire and respect the host a lot because of his commitment to entrepreneurs, I also learn a lot each year that I attend.

Well just in case you're feeling a little business pessimism right now, here's a picker-upper for you. A mini survey was taken during the conference. Entrepreneurs were asked to name some successful steps taken to stay afloat in the current economy.

12 Months to your Business Launch

Two years ago I started a business that centered around the theme of helping aspiring entrepreneurs and start-ups create a business model within a year. Before that, I was working in banking and advising people to do the same.

Why a year? Two reasons: 1) My "field" experience (if you want to call it that) has told me that it takes that time to at least get a structure around a business idea and 2) it is the most crucial time for a startup.

Throughout the years, I've worked on the back-end with start-ups, I've helped some small businesses remodel existing ideas and I've helped people go from dreamers to entrepreneurs. Some entrepreneurs may come out with this similar idea via products and/or teachings but one thing is true; I've already been behind the scenes doing this.

One thing though, has not changed for me. I'm still doing what I started doing; I just continuously figure out the best way to do what I do. I have a passion for start-ups and small businesses that burns from within and a purpose centered around driving entrepreneurship. Others may try what I do but they won't remain on the scenes when I'm still here because they don't have the purpose for it.

I say this to make this point: if I can achieve my dream, so can you! Forget about years of experience and tons of money. Forget about whether you think you're too young or too old.

Who wants to know a "Nobody?" Everybody!

So here's some real talk for you: stop trying to be a know-it-all-smarter-than-everyone-else-local-celebrity-too-full-of-myself-talk-a-lot-without-doing-you're-beneath-me-acting somebody. I could go on with this list but I'll stop here.

People really don't care about status. And the ones that care only about your "celebrity" status, are called groupies. That's right, I think entrepreneurs can have groupies too. Stop and ask yourself, do you really have a "loyal" following or do you have "groupies?"

My friend always quotes this saying during his speeches and I love it, "if you want to know whether you are a leader, look behind you and see who's following." What kind of people do you have following you? If you have "groupies" does that mean you're a groupie leader?