T. Boone Pickens - Capitalizing on Opportunity
Eighty-year-old billionaire T. Boone Pickens sees today's times as the next big boon for entrepreneurialism. Here are seven ways you can follow Pickens' entrepreneurial mindset - even if your bottom line doesn't include drilling for "Texas Tea."
1. TAKE A LONG VIEW. "To make the big money, I've found it's best to take a long-term view, stay focused and not get spooked by the temporary fluctuations in the market. When I have the odds in my favor, I put my money up and keep it up. If the fundamentals change, I get the hell out of there."
2. LEAD BY EXAMPLE."You don't run over your personnel, but you don't pump them up with false praise, either."
3. HAVE A PLAN."A fool with a plan can outsmart a genius with no plan."
4. MAKE THE CALL."Sometimes the window of opportunity is open only briefly. Waiting is not a decision, although many people think it is. Be willing to make decisions. That's the most important quality in a good leader. Don't fall victim to what I call the ready-aim-aim-aim-aim syndrome. You must be willing to fire."
5. BALANCE IT OUT."Work eight hours and sleep eight hours, and make sure that they are not the same eight hours."
6. LEARN FROM MISTAKES."It's all right to get your fingers crushed in the door, but don't let the same door crush them twice."
7. BE ACCESSIBLE. It creates goodwill.
