Crown Worldwide has been in business for over 50 years, and has 265 offices in almost 60 countries. According to the SBA, only 50 percent of small businesses survive beyond 5 years or more, and only about one-third survive 10 years or more. So what’s the secret to success? Chairman and Founder, Jim Thompson, says there is no big “secret”. But, he offers a few tips and suggestions for entrepreneurs and business owners:
- Be prepared to deal with obstacles. You need to be the type of person that will persevere and overcome all of those challenges.
- Have a plan, know how much it’s going to cost and have adequate funding. Knowing where you’re going and having a plan is key.
- Learn to delegate and choose good people. You can’t do everything yourself, so you need to find good people with good skills who can do things better than you can.
- Have a lot of stamina and determination. Having a degree or some kind of formal education is helpful, but not essential to being a successful entrepreneur.
- Know your core values and abide by them. Believing in providing a good customer experience, respecting the people who work for you, etc. – do things the right way and you’ll have a better chance of success.
- Don’t sell your business until the time is right. Don’t sell too quickly or give it away. That’s not being a true entrepreneur, that’s being a speculator.
“The founder of 50-year-old Crown Worldwide discusses the fundamentals that helped keep the company growing since its founding in 1965.”