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December 21 2010

Top 100 Canadian wealthiest entrepreneurs – What do they have in common?

Do you ever looked at the world’s successful entrepreneurs and wondered how did they amassed that wealth and success? Most recently I certainly had one of those moments and I am sharing my observations.

I was reading the Canadian business special edition featuring The Rich 100 successful and wealthiest business people. I normally start reading the opinion column by Sir. Richard Branson but this time I have skipped to page 39 featuring the Canada’s 100 wealthiest people.

I read about the top 5 wealthiest people then started wondering how these successful business empires were built? There are so many questions going through my mind, here are some I managed to write them down,

  • How the Canada’s #1 wealthiest person David Thompson created a business worth $23.36 billion?
  • What motivated these people to work on their ideas?
  • What really sparked their ideas to explode into billions of dollars?
  • Do they ever think of becoming rich and successful when they started their first venture?
  • How the family reacted when they are working hard 24 hrs a day, 365 days a year?
  • How did they hire their first employee?
  • How did they make their first sale? How long did it take them to break even?

I was completely lost in my thoughts and I heard my son asking for his Lunch. I promised him some fries earlier, now it’s time to wealthiest canadian businesseskeep my promise. So I made some fries and PC gourmet pasta. For the whole time I was thinking about how businesses can succeed against all odds. Looking at the fries reminded me a conversation that I had with Peter Cameron-Inglis, it was about McDonalds. It may be a burger or a coffee McDonalds has a process for everything they do behind the counter. This tells me that having the turnkey business plan with full operational processes in place is the key to a business success. Can this be applied to an entrepreneur success?

I started researching around these successful business people and found some key elements in common in all businesses, you are welcome to add some of your experiences in the comments below.

  • As you may have expected, they have processes in place to build team work and productivity
  • They developed successful business relationships and trust with partners, employees and most importantly their customers
  • They added value to the products and services offered when compared to competition
  • Most of the company executives had a well organized work – life balance.
  • Admitted and learned from their mistakes and were quickly adaptive to the new challenges
  • They are passionate about their company products and persistent in getting more sales year on year.
  • They are willing to take risks; this reflects the leadership qualities in entrepreneur.
  • They have clear communication structure in the organizations to reduce the gap between front end staff like customer services, admin and executives. They encouraged staff to be part of their company vision.

In conclusion for an entrepreneur it requires lot of courage and determination to start up a business from scratch. An entrepreneur has to make quick and timely decisions on what will sell and who should he hire or fire. He / She is a vision maker, a true leader who risks to gain the high rewards.

Don't be the product, buy the product!

Schweinderl