Strategies: Lincoln has lots of advice for entrepreneurs
— -- Here's a trivia question: Who's the only U.S. president to receive a patent? Here's a hint: He was also a small business owner and one-time retailer. The answer: Abraham Lincoln.
This year we observe the 200th anniversary of Lincoln's birth. We remember Lincoln as a great president, who helped save the nation and free the slaves. But a little known fact is that Lincoln was also one of us, and small business owners and entrepreneurs can find a kindred soul in Abraham Lincoln:
• He was self-made. He worked his way up from poverty, with less than one year of formal education.
• He was a retailer. He owned a small store, which quickly went out of business.
• He was an inventor. He received patent No. 6469 in 1849 for a device to lift riverboats over sand bars. It was never produced.
• He ran a law practice. He had to deal with his partner, clients, competitors, billings.
Moreover, Lincoln shared the same attitude toward failure that characterizes successful entrepreneurs — he wasn't daunted by it. In fact, Lincoln failed over and over again. In his first race for elected office, he came in eighth (out of 13 candidates) and failed repeatedly to get elected to the Senate.
So we who run small businesses or who are launching entrepreneurial ventures can look to some of the many insights from Abraham Lincoln for guidance:
On attitude:
• "Always bear in mind that your own resolution to succeed is more important than any other one thing."
• "You cannot fail, if you resolutely determine that you will not."
• "People are about as happy as they make up their minds to be."
On sales:
• "When I am getting ready to reason with a man, I spend one-third of my time thinking about myself and what I am going to say and two-thirds about him and what he is going to say."
• "We must not promise what we ought not, lest we be called on to perform what we cannot."
On planning and time management:
• "I will prepare, and some day my chance will come."
• "If I only had an hour to chop down a tree, I would spend the first 45 minutes sharpening my axe."
• "Leave nothing for tomorrow which can be done today. Never let your correspondence fall behind. Whatever piece of business you have in hand, before stopping, do all the labor pertaining to it which can then be done."
• "You cannot escape the responsibility of tomorrow by evading it today."
On dealing with clients:
• "An exorbitant fee should never be claimed. As a general rule never take your whole fee in advance, nor any more than a small retainer. When fully paid beforehand, you are more than a common mortal if you can feel the same interest in the case. ... Settle the amount of fee and take a note in advance ... and you are sure to do your work faithfully and well."
• "Discourage litigation. Persuade your neighbors to compromise whenever you can. Point out to them how the nominal winner is often a real loser — in fees, expenses, and waste of time."
On the importance of quality and integrity:
• "I have no desire to have God on my side. Rather, I want to do all that I can to be on His side."
• "If in your own judgment you cannot be an honest lawyer, resolve to be honest without being a lawyer."
• "Man is not the only animal who labors; but he is the only one who improves his workmanship."
- "Every man is proud of what he does well; and no man is proud of what he does not do well. With the former, his heart is in his work; and he will do twice as much of it with less fatigue.
• "Whatever you are, be a good one."
And, finally, Lincoln — like most smart businesspeople — kept a sense of humor.
• "If I were two-faced, would I be wearing this one?"
• "If this is coffee, please bring me some tea; but if this is tea, please bring me some coffee."
• "It has been my experience that folks who have no vices have very few virtues."
Rhonda Abrams is president of The Planning Shop, publisher of books for entrepreneurs. Her newest book is Successful Marketing: Secrets & Strategies. Register for Rhonda's free business tips at www.PlanningShop.com. For an index of her columns, click here. Copyright Rhonda Abrams 2009.