10 Steps for Success as an Entrepreneur

What abilities do you need to do to run your own company? There are many different ways to be successful, but Fred Mouawad has some concrete advice that will help no matter what kind of business you're in.

Mouawad has started seven different companies--enough to impress the most active of serial entrepreneurs. He's currently CEO of the online collaboration platform Taskworld, as well as helping guide his family's 125-year-old jewelry business.

Here are the 10 steps he believes every successful entrepreneur must take.

1. Do some soul-searching.

"Your startup is an embodiment of your whole and a reflection of your beliefs," Mouawad explains. So before you open your doors, spend some time reflecting on those beliefs, your passions, your intentions for your new venture, and what your ideal company would look like.

At the same time, take an honest look at your own weaknesses and--paradoxical as this sounds--try to find your own blind spots. If you want a successful business, it's even more important to know what you need help with than to know what you do well.

2. Pick the right type of business.

You'll have to devote a huge proportion of your waking hours to your business if you want it to succeed. You'll also be devoting a huge amount of your brain space to it--there will be times when you can think about little else. So it's important to make sure the work that you're doing fits well both with your values and with how you like to spend your time.

Consider not only the business itself, but the characteristics of the industry you're selecting. Some industries require you to be formal and understand traditions. Some depend on your ability to form personal connections with customers. Others are so fast-changing you must constantly adapt to keep up. In some industries, everyone is cordial and friendly while in others tough talk is the norm. Consider whether all aspects of the business will be a good fit for you.

Finally, your business must provide the return on investment that works for you. Evaluate the financials carefully--how much you stand to earn, and how other businesses in the sector are faring--before you make up your mind.

3. Figure out how much money you'll need.

"A lot of businesses make optimistic financial assumptions before starting their venture," Mouawad warns. That's a mistake that can kill an otherwise successful business.

The key here is to ask yourself, "What's the worst that could happen?" And then try to imagine a scenario even worse than that. How much money will you need to survive no matter what goes wrong? That's the capital you should have right from the start.

4. Hire the right people.

"Business is like sports: The best team usually wins," Mouawad says. So make sure you have the best team you possibly can. Take time over hiring, get to know the people who are going to be working with you, and make sure they are a good fit for you and your company in terms of their outlook, values, and personalities, as well as their actual job skills. And once you've got the right team, make sure you keep them by giving them jobs that they'll love and the opportunity to grow.

5. Create a winning culture.

We all talk about culture, but Mouawad says most entrepreneurs fail to give this important issue enough thought. "Culture is a living organism that requires constant monitoring and shaping," he says. "Once you come to this realization and start managing expectations, you will discover a formidable lever to inspire and motivate your team to achieve goals that may initially have seemed impossible."

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