Lessons I've Learned as an Entrepreneur

David K. MorganLessons I’ve Learned as an Entrepreneur

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Lesson #1

Know what you are up against.

Assess your competition!

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Lesson #2

If you are going to bet on something,

bet on yourself.

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Lesson #3

Always keep the main thing,

the main thing.

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Lesson #4

The key to a successful business is

a good leader.

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Lesson #5

It always takes longer, and it always costs more.

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Lesson #6You can never do a good deal with bad people and you are unlikely to

do a bad deal with good people.

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Lesson #7

If what you are doing is not working, try something

different.

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Lesson #8

It’s always darkest right before the

dawn.

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Lesson #9

Make good friends with your banker and always keep him/her

informed.

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Lesson #10

When dealing in matters of fairness,

err on the side of generosity.

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Lesson #11

It is much harder to start a successful business in a new industry than in an

established industry.

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Lesson #12

To be successful, you only have to

work half days and it generally does not matter which 12 hours it is that

you work.

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Conclusions and Advice• You learn lessons all your life!

• Successful entrepreneurs have a strong desire to understand how things work. Be curious!

• Being an entrepreneur can be fun and rewarding but make sure you can stand the risks before you dive in!

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Brief Biography

David Morgan, CPA/PFSChairman – LBMC Financial Services, LLC

David helped found LBMC in 1984 and has overseen more than three decades of growth and success for both the company and its clients. He draws on more than forty years of experience as a business leader and industry expert in accounting, auditing and tax. He works closely with family-owned businesses assisting clients with personal financial planning, estate planning, retirement planning, insurance consulting and investment advisory services.

David has been named by Accounting Today as one of the Top 100 Most Influential People in Accounting and currently serves on the Board of Directors for the American Institute of Certified Public Accountants, the world’s largest member association with more than 400,000 members.

Nashville5250 Virginia Way PO Box 1869Brentwood, TN 37024-1869615.377.4600 Knoxville2095 Lakeside Centre, Suite 220Knoxville, TN 37922865.691.9000 Chattanooga605 Chestnut Street, Suite 1100Chattanooga, TN 37450423.756.6585