Arel Moodie’s Tips on Succeeding as an Entrepreneur
By Emad Rahim, DM, PMP, CTU Faculty, Business and Management
Our Distinguished Lecturer series kicked off in 2012 with a presentation by Amy Powell, Director of Operations for Starbucks Coffee Co, and Dr. Gene Landrum, creator of Chuck E. Cheese.
On May 22nd, 2013, the CTU Distinguished Lecturer Series welcomed entrepreneur and best-selling author, Arel Moodie. Here is a peek into some insights Arel shared with us.
Arel Moodie understands what it means to create success from the ground up. He was raised in a tough, gritty welfare housing project in Brooklyn, New York, but didn’t let that stop him from achieving success as an entrepreneur, author and highly regarded public speaker. Taking inspiration from Robert Kiyosaki’s book, Rich Dad, Poor Dad, Arel opened his thinking beyond his grim circumstances to envision a better future.
As an entrepreneur he applied what he calls the “opportunity model” to create business success:
- Know the problem you are solving
- Determine if it’s a problem that really needs solving
- Figure out how your solution will earn revenue
- Create a sustainable business that can thrive over time
- Differentiate yourself and your business; be like no other
To lead an entrepreneurial venture you need leadership skills, and that means realizing that success doesn’t necessarily happen in a straight, linear fashion. In fact, there may be many turns and places where you must pivot quickly. You need a clear vision and plan for success that inspires and empowers others to succeed alongside you.
Arel also cites these crucial characteristics of entrepreneurs who successfully lead thriving enterprises:
- Humility, or ability to accept a helping hand
- Honesty, or ability to admit failure and grow from there
- Decisiveness, or ability to make choices even if they may involve some risk
- Empathy, or ability to understand other perspectives
- Willingness, or knowing you’ll never be 100% ready but you’re willing to take the next step anyway
Of course, there are many more characteristics that enable an entrepreneur to succeed. Arel urges new entrepreneurs to overcome fear and avoid quitting early. Securing financing for a new business venture is difficult enough – but there’s still a great deal of work to do once you’ve opened your doors. Arel has seen too many aspiring business owners fail because they’re afraid to make sales calls or take the steps to effectively market their vision. Instead, they make excuses and quit too soon. “You must get out in front of people,” Arel says.
Emad Rahim, D.M., PMP, CTU Business and Management faculty, is a PMI Certified Project Management Professional®. Dr. Rahim has more than 10 years of experience in business development, nonprofit administration, management consulting and project management.
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Image credit: Arel Moodie