Entrepreneur Glen McKay firmly believes in the adage, “the harder I work, the luckier I get.” That along with working smart leads to good results. The executive has been working hard and smart for the past four decades, starting as a deckhand in the Newfoundland fishery and progressing to found Newfoundland Hard-Rok Inc., a successful explosives and blasting company. McKay is also a major shareholder of Cornerstone Capital Resources Inc., a company he co-founded and which acquired Cascabel in Ecuador, which is now in the verge of becoming one of the world’s largest gold and copper projects.
Glen McKay has some tips for entrepreneurs on the way up:
Stay positive: Most entrepreneurs are optimists at heart. Although you need to be optimistic you also have to be realistic, and it’s important that you focus on the good things in the business you have chosen. Otherwise, you risk bringing negativity into your daily tasks, and that’s not good for business.
Run a sound business: Make sure you lead a tight ship. That means your business should conform with sound business practices in every aspect of its operations. Don’t take things for granted, make sure what needs to be done is done properly. It’s not what you expect that happens but what you inspect. Avoid shortcuts.
Understand the complexities of running a business: Many start-up businesses fail as a result of not recognizing that the financial, accounting and legal aspects of a business must be run effectively or else it is doomed to failure. It’s easy to hire such services and these must be incorporated into the business plan from the start. Find an accountant you like and respect and stick with them. A good accountant will keep your business in line with changing regulatory and taxation requirements.
Keep your options open: Your business is very likely to change over time. Instead of balking, embrace change and the new opportunities it can offer. You won’t always be able to predict changes in advance, but if you keep your options open, you’ll be able to keep switching into better paths as they come up.
Take time to appreciate your accomplishments: Most entrepreneurs define success financially. But at the same time, you can’t sacrifice personal growth for money. Take time to appreciate what you have accomplished, as well as the gifts that life presents. It’s a surefire way to gain a better perspective on your business.
Motivation and determination are essential attributes of any successful entrepreneur. But such attributes can be unlocked only from inside a person, not by external influences. With that in mind, choose your staff carefully. Hire people who have strengths to offset your weaknesses and empower them to foster a team spirit in the work environment.
