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Business Rx: Lessons from an entrepreneur coach

Everybody thinks entrepreneurs are the types to go and take crazy chances to make a business work. But successful entrepreneurs don't do that -- they take very measured risks. While they are very good at assessing risk, they certainly don't avoid taking risks.

Strong relationships

Entrepreneurs need to be very good at managing their personal relationships. You'll realize right up front that you have to give up a lot to pursue a new venture and your relationships can be impacted. It's very important that your spouse or partner be on board and become intimately involved with your desire and goal to be a successful entrepreneur. It's tough enough being an entrepreneur -- you need a strong personal support system.

Team leadership

Entrepreneurship is not about being a Lone Ranger. It's about a team coming together to make something happen. You need to be able to build a good team that you can trust to pursue the goals you've set for your company. Without this, you can't grow your business and realize true success.

Rudolph P. Lamone is founder of the Dingman Center for Entrepreneurship.

Looking for some advice on a new business, or need held fixing an existing one? Capital Business and the experts at the University of Maryland's Dingman Center for Entrepreneurship at the Robert H. Smith School of Business are ready to assist. Contact us as capbiznews@washpost.com.


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