I picked up the paper on Tuesday morning this week to learn that the legendary showman and owner of the Los Angeles Lakers, Jerry Buss had passed away. He was a true entrepreneur and if you can get past the fact that almost nothing is left to the imagination when it comes to the Laker girl costumes, there are seven tips that he used to guarantee his enormous success:
1. Eyes wide open – Jerry Buss was always on the lookout for a great opportunity. He made his first fortune in real estate and when he purchased the Lakers, it was perfect timing. Start to notice where you see a need that's not being met or maybe there's a business that already exists and you can improve upon the model or make it better.
2. Duet Instead of Solo – Jerry had partners in many (if not all) of his business ideas. From everything I've read, I would venture to guess that he was the main decision-maker and the visionary but he realized early on that he needed other people involved to reach the success he dreamed about.
3. WOW Them – This above all else, was the biggest reason for his early success with the Los Angeles Lakers. Jerry Buss realized that people want an “experience” beyond watching their favorite team go to the hoop. Right away, he placed Hollywood's top stars court side at games and came up with the Laker Girls concept and live bands at half-time. What can you do to create an experience for your clients? It can be something as simple as remembering their birthdays with a special card or hosting a special event for your VIP clients and top referral sources.
4. Surround Yourself With Smart People – Jerry knew he needed top talent to build an exceptional team that could win an NBA title. By his own admission, he knew nothing about basketball and how to coach a team. He spared no expense to get the best players and coaches to take the Lakers to the next level. Surround yourself with people who are experts in their area of knowledge. Stop trying to do everything yourself. Outsource and delegate as much as you can.
5. Drive & Determination – Jerry Buss had both and was committed to making sure his vision for the Lakers was realized. He played hard and worked hard. To achieve big goals, much work and effort is required. There is no way around it.
6. Risk Brings Reward – Buss wasn't a stranger to taking risks. Both in real estate and again as an owner of a major NBA team, he took calculated risks every step of the way. My definition of a calculated risk is trusting your intuition and at the same time, do the math.
7. Work Your Numbers – I saved this one for last but it's certainly not least. Getting a good grasp on costs to run your business, create a new product or offer a new service is paramount to your success. Buss talked about “working the numbers” in all of his business decisions. He was clearly a risk-taker and trusted his instincts but at the same time, I have a feeling he kept a pencil and piece of paper close by to do the math.
I personally get inspired when I read the success traits of both men and women who have made their mark, accomplished goals and realized their vision. I hope these seven tips will inspire you to take action on your next Big Idea.
Anything is possible. Everything is waiting for you.
© 2013 Joy Chudacoff
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