There are two central ingredients to success: Risk and Persistence. I refer to them as “The Catalyst of Success.”

There are thousands and thousands of great entrepreneurial ideas out there. Millions of people have big financial hopes and dreams. There are a lot of people who can talk about their concept or idea with great conviction and flair—or about how they could improve an entire industry with their unique insight and experience.

But for all of the millions of ideas, concepts and plans only a very, very small number of them ever come to fruition.

I’d like to point out two of the most overlooked principles of making any business endeavor a success—in fact these principles apply to any worthwhile endeavor that we might choose to pursue.

The first is RISK and the second is PERSISTENCE. These two principles are absolutely necessary ingredients for success.

When I was a teenager I shaped and glassed my own surfboards. I became very familiar with the process of solidifying fiberglass using a mixture of resin and catalyst. In order to create a bucket full of solution that would cover the entire surfboard, I would add three or four cups of marine resin and just about a tablespoon of catalyst—that tablespoon made all the difference—it was the key ingredient that caused the entire mixture to eventually solidify into a hard fiberglass finish.

In my opinion, Risk and Persistence are like the catalyst that will complete the business plan, or any plan for that matter. It’s what takes a project through to the finish line.

The trouble though, is that many people are either paralyzed by the potential costs of taking risks and choose to avoid something potentially great altogether, OR after taking a risk; lack the patience and tenacity, aka: Persistence that’s required to see something to the finish line. In a sense, they throw in the towel prematurely.

I think you can start to recognize the importance of these two principles.

Do you have some insight and experience about how the principles of Risk and Persistence have affected your life? Or do you have a comment or point in regard to these principles from which the readers can benefit?

Leave a comment and I’ll follow up with a reply as soon as I can…

I’ve had some recent opportunities to appear as a guest analyst on The Big Idea with Donny Deutsch.

As always, I’d love to hear back on your thoughts, advice and other feedback about these episodes…

Here are two recent appearances:

Capturing the attention of your target audience is the “Holy Grail” of marketing. For decades eager marketers have produced goofy jingles, shocking images, and unique perspectives to make us stop, look, and listen.

Every once in awhile a marketing campaign works perfectly. It’s rare, but it can happen. Recently, I found myself spending almost an hour glued to a marketing campaign. In fact, my three kids were huddled around with me staring at the monitor. We were a hypnotically captured audience. (Pathetic!)

Within 15 minutes my kids were pushing me to buy a thousand dollar blender. A thousand dollar blender? That’s ridiculous to consider. I mean, what, am I going to start the next great smoothie shop? I don’t think so. But I was still very tempted to purchase something I had no real need for and at a price that’s about 15 times the price of a similar product I could find at Target or Walmart.

I’d like you to take a look at the best online marketing website I have ever seen. And I’ve analyzed thousands of them.

When you’re finished checking this out…and after you purchase your first thousand dollar blender; I’d like you to give me your opinion about why this site works so well. What stands out for you? Why does this site hit the Holy Grail of marketing? I’ll look forward to your comments…

Here’s the site…hide your credit card: www.willitblend.com

Check out these great blog posts for more information about this topic:

6 Brilliant Marketing Campaigns

8 Steps for Great Marketing

Marketing on a Small Budget

6 Great Guerrilla Marketing Campaigns

How to Refresh Your Marketing Campaign

Sometime after 8pm or so, there are a bunch of rickshaws for hire in downtown Austin. You know, a rickshaw, a two-wheeled cart which seats a couple people. You see them all over New York and Asia. In Austin, it’s a perfect way to get from one music venue to another that’s a mile or so down the road.

All of the rickshaw operators ride bikes and pull their passengers from place to place. It’s become a very competitive little business out here.

Recently I met a rickshaw operator that found a way to differentiate himself from the sea of competitors.

He found a way to be different, grab attention, earn loyalty and beat the competition. In fact, I was so impressed that I added him to my contacts in my iPhone—he’s there as “Energizer Phil.”

Energizer Phil wears these funky bunny ears and is the only guy in Austin who literally “runs” his rickshaw business the old fashioned way—the way it all started in Asia—by running his passengers from place to place. He’s got a ton of energy. Forget the bike, this guy truly earns his cash!

(And the funny thing was, he would run right past the guys cruising along on the bikes!)

His outfit, his hustle, and his uniqueness captures the attention of almost everyone on the street as he runs passengers up and down Sixth Street.

When I got out of a concert, I called him back up so he could take me to my car. And I tipped him really well. I doubt any of those regular bike rickshaws get that kind of repeat business and generous tips.

It doesn’t matter how common or competitive your business environment is. If you’re willing to be creative, unique, and go out on a ledge; there’s always an interesting way to out-do your competition.

Check out these great posts for more information about this topic:

Tips for Entrepreneurs

Are You An Innovator, Immitator, or Idiot?

One of my favorite entrepreneurial thought leaders, Guy Kawasaki, provides yet another extremely insightful article.  In a recent guest posting for Sun Microsystems, he spells out his 5 lessons of becoming a successful entrepreneur. I’ve summarized some of it here:

1. “Focus on cash flow”: Guy explains how P&L profitability is important, but that’s not specifically what pays the bills.  Cash on hand is what’s key. With cash you literally pay your employees, vendors, and all other overhead. Cash is king.

2. “Make a little progress everyday”: Guy is suggesting the value of small steps…it’s no longer about major marketing campaigns.  Instead, his focus has turned more toward closing another sale, focusing on a better product and even ensuring a website is just a little more user friendly.  These baby steps are essentially what’ll bring the big picture to life.

3. “Try stuff”: Guy Kawasaki explains that luck happens only to those who try new things – not those who wait for things to happen.  Some of us sit back and pass up opportunities only to see someone else take it and run. You became an entrepreneur to become adventurous, so don’t forget to go out on a limb and experiment every once in a while.

4. “Ignore schmexperts”: Sometimes our gut is screaming so loud that we can’t hear anything else.  When it does, listen to it and not those so called experts.  They’ll always say “I told you so” whether you succeed or fail. Your gut instinct is usually more reliable!

5. “Never ask anyone to something that you wouldn’t do”: Don’t ask your client, employee, or vendor to do something that you wouldn’t be willing to do yourself.  This includes the small stuff—if you aren’t willing to do it yourself when it makes sense, you won’t have the respect of those you lead.  Sometimes we forget that we are dealing with people with busy and active lives… treat everyone as equally as possible.

I’ve given a summary, but go get it from the horse’s mouth!

Read Guy’s original post here: Lessons of Becoming a Successful Entrepreneur

Here are some related blog posts about this topic:

10 Myths of Entrepreneurship

What Makes a Successful Entrepreneur

Secrets of Successful Entrepreneurs

Four Steps to Becoming a Successful Entrepreneur

11 Killer Instincts of Entrepreneurship