Business Leader Mickey Maurer offers 10 Tips for Entrepreneurs
Business leader Mickey Maurer offers his advice to a sea of students at Ivy Tech Community College’s second annual Cook Institute for Entrepreneurship. He starts by sharing advice for succeeding in business based on his own mistakes and triumphs.
Maurer describes his decades of experience with entrepreneurial ventures, including those that did well, such as his bank, and at least one that didn’t: a chain of racquetball clubs that eventually closed because the market became saturated. While still involved in multiple businesses, Maurer has also become a major philanthropist in his native state of Indiana.
“Entrepreneurship is a game, a great game, and they keep score with money,” Maurer said. “Now I give most of it away.”
He donated $35 million to Indiana University’s Bloomington law school, which now bears his name. He is chairman of the board of The National Bank of Indianapolis, a bank he started himself. Maurer is also a shareholder in IBJ Corp., which owns Indianapolis Business Journal.
Maurer offers the students 10 tips for would-be entrepreneurs taken directly from his book, The 10 Essential Principles of Entrepreneurship You Didn’t Learn in School.
His 10 Tips Include:
Hire good employees and keep them.
2. Barriers to entry.
Invest in a high-barrier business — a business that is difficult to get into — because prices are higher and competition is lower.
Find people who can share what they’ve learned and offer feedback on ideas and strategies.
4. Rely on your gut.
Get advice from lawyers, accountants and mentors, but make the decisions yourself.
5. Mind your manners.
Return phone calls and treat people with civility.
Make sure you have a majority interest in the venture. “If you have a minority interest in a closely held corporation, you are lower than a snake’s belly,” Maurer said.
7. Quality of life.
When making a decision about going into business, ask how it will affect the quality of your life.
8. Pace, discipline and focus.
When it comes to business, timing and staging of actions are important.
9. Giving back.
Offer your time and talents to the communities in which you work. Maurer described his “Mickey’s Camp,” a summer program where prospective donors pool their funds —in the Summer of 2011 $250,000 was raised — and select recipient charities.
10. Know when to fold.
It’s important to learn when to invest, but it’s also important to learn when to sell out.
Maurer has written two books about Hoosiers who have made significant contributions to our state, “19 Stars of Indiana,” published by the Indiana University Press. One volume features 19 men; the other, 19 women. Among those profiled are Bloomington’s David Baker, William Cook, Angelo Pizzo and Sylvia McNair, along with Helmsburg’s Sharon Rivenbark, owner of For Bare Feet.
To learn more about these 10 tips to success as an entrepreneur download or buy Mickey Maurer’s 10 Essential Principles of Entrepreneurship You Didn’t Learn in School.
This article was originally found on Ivy Tech Bloomington.