Academic journal article Journal of Accountancy

'You Need to Be Fearless.'

Academic journal article Journal of Accountancy

'You Need to Be Fearless.'

Article excerpt

How to innovate successfully: Many people have ideas for innovation, but having the fearlessness to overcome continued obstacles in bringing the innovation to market (or even to a plan) is an important ingredient for success. I tell people to always have a contingency plan. It all revolves around having the ability to formulate alternatives. I say, "This is what I'm going to do, but if this isn't right, here's my plan."

Succeeding with startups: I have a very simple method. I surround myself with very smart people who don't particularly like taking risks. These are people who want to have a job, want to feel empowered in their job, and want to be fairly compensated. I make sure those people are very strong in areas where I may not be. I tell them, "Do what you are great at and allow me not to be concerned with items I should not be." This has repeatedly been a successful formula. I keep calling back the same people when a new startup begins because I trust them, I know them, we know how to work together, and I know I can rely on them to do the tasks that need to be done.

Skill with data creates opportunities: The more data you can integrate, consolidate, normalize, report, and draw conclusions from, the better. There are great opportunities for CPAs who understand analytics and Big Data integration. You don't have to be a great computer programmer, but you certainly need to have a basic understanding of what information could be used for you to make better decisions, where it is located, and what level of data integrity exists.

Traits of successful entrepreneurs: I don't think that anybody can be an entrepreneur. …

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