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No. 1 mistake: Allowing fear to crowd out innovation and stifle creativity
Today's Entrepreneur is Glenn Felty, CEO and founder, Stratus Media. Vator’s community is the home to entrepreneurs who embrace their passion and follow their dreams. Our profiles allow members to express themselves by sharing their interests, lessons learned, as well as bits and pieces of their roller-coaster journey.
These profiles give entrepreneurs an opportunity to showcase themselves and tell their story. So if you are an entrepreneur, a serial entrepreneur, or even an aspiring entrepreneur, we'd like to hear from you.
I am a(n):
Companies I've founded or co-founded:
Stratus Media, True Measure, Inc., Dial Concepts
Companies I've invested in:
My own companies and others
Startups I worked for:
My own companies
If you are an entrepreneur, why?
I'm bursting with ideas!
My favorite startups:
LinkedIn for becoming an incredible resource, Zappos for it's uncanny customer service
What's most frustrating and rewarding about entrepreneurship/innovation?
One of the things that frustrates me the most is having progress held up by others outside the company that can't, or won't, move at the speed we are moving at. I find it incredibly rewarding to have a measure of responsibility for giving individuals careers and personal growth experiences as well as having a positive influence of partners and customers.
What's the No. 1 mistake entrepreneurs make?
Fear! Allowing fear to crowd out innovation and stifle creativity. It's ironic that most entreprenuers overcome fear just to step out on their own when there's nothing to lose. Then when things are moving along, and there is something to lose, they become hesistant to take risk and wind up missing opportunities to advance their business.
What are the top three lessons you've learned as an entrepreneur?
1. It's the people. I'll take someone who fits the culture and has the ability to grow into a position over a "so-called" superstar that disrupts the team and demands all the attention.
2. Discernment. I'm talking about keen discernment in everything from hiring to knowing what the focus of the business needs to be. Surround yourself with as many wise advisers as you need in order to help evaluate critical decisions and pick the best possible option(s).
3. Persistence is critical. There are so many things that happen in the life of a business that either seem like, or really are, death's door for the company. Once again, having mentors, whose own experience you can lean on, is invaluable. Never give up, BUT, also recognize when it is time to change course.
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