RD Heritage Co-Founder Dr. Robert Davis Highlights 4 Keys to Becoming a Successful Entrepreneur
What separates successful entrepreneurs from the pack? While every accomplished entrepreneur has a unique — and usually fascinating — story to tell, according to RD Heritage Co-Founder Dr. Robert Davis, generally speaking all of them can credit the following three keys to unlocking their uncommon and enviable achievements:
1. Passion
The journey for entrepreneurs is less of a path, and more of a roller coaster; especially in the early stages, when the gap between risk and reward as often at its greatest — and indeed, most frightening and intimidating. This is where an abundance of passion makes the difference between forging ahead or heading for the exit.
“Passion is a combination of belief, vision, commitment, enthusiasm, and relentless work ethic,” commented Dr. Robert Davis, whose firm RD Heritage is a partnership of five family offices and their portfolio of diverse investments in food, real estate, pharmaceuticals, medical devices, biotech, solar energy, as well as the exploration and production of oil and gas. “This last component is especially vital, because many otherwise talented and visionary entrepreneurs are disillusioned by how much work they have to do. Those who embrace the challenge give themselves a chance to make it. Those who reject this challenge have lost the race before it has begun.”
2. Strategy
Since time is always of the essence, some newer and less experienced entrepreneurs leap before they look — and end up getting badly bruised, both financially and psychologically. At the same time, some entrepreneurs become obsessed with planning, that they develop a condition known as paralysis-by-analysis. The smartest and best way to avoid either of these unfortunate outcomes is to have a solid strategy that points the way forward, but also leaves room for ongoing adjustment and optimization.
“A key element of strategic planning is making sure that one fully understands the dynamics and nuances of a specific marketplace or sector,” commented Dr. Robert Davis, who prior to launching RD Heritage spent 10 years as an ER, Ambulatory Care Physician, and locum tenens physician in rural communities across the country. “For example, if an entrepreneur is focused on the healthcare space or financial services space, then he or she needs to fully understand all of the governance and compliance considerations. Running into roadblocks later on can be very costly and time consuming.”
3. Relationship Building
Successful entrepreneurs are self-starters who (as pointed about above) work extremely hard. However, they also focus on developing relationships and building networks; especially when it comes to mentors who can guide them on what to do, and sometimes even more importantly on what not to do.
“The notion of the self-made entrepreneur is a myth,” commented Dr. Robert Davis. “The best and most successful entrepreneurs leverage human capital — and not just financial capital — to exploit opportunities and mitigate risk. At RD Heritage, over the years we have worked with many extremely accomplished entrepreneurs around the world, and all of them are very proficient when it comes to relationship building. They build bridges instead of silos.”
4. Hire the Right People (and Avoid the Wrong Ones)
Not everyone is cut out to work in an entrepreneurial environment, where no two days — and sometimes no two hours — are the same, and where there is always an underlying level of risk and uncertainty. Successful entrepreneurs ensure that they hire people based on personal suitability factors and not just skills, since the former are as important as the latter.
“Hiring the right people is enormously important,” commented Dr. Robert Davis. “This certainly does not mean that everyone must always agree on issues and problems, because that leads to group to think and is a liability instead of an asset. But it does mean that everyone on the roster understands, accepts, and is invigorated by the fact that they are part of an entrepreneurial vision; one that they are meaningfully contributing towards. Those who want a highly stable, secure, structured and predictable work experience should apply elsewhere.”
