TORONTO – Ted Rogers told the Economic Club of Toronto on Monday that he “may not be the smartest guy in the world” and that he doesn’t use big words because he doesn’t know what they mean or how to pronounce them. But the man behind the Rogers Communications empire said he was relentless and persistent – key ingredients to being a successful entrepreneur.
“I can assure you of one thing: I worked hard. I always aim to be the most prepared person in the room during any business meeting,” he said.
It’s important to work hard not only when things are tough, but also when things are going well, he added.
“The road is littered with companies and entrepreneurs who fall in love with their own positive press clippings,” he noted. “In the good times, you have to keep pushing … keep ringing alarm bells … because tough times surely will come and you and your company had better be prepared.”
In the informal speech littered with anecdotes, Rogers said other factors needed to be a successful entrepreneur were building or cultivating other people’s great ideas if they undernourished them, listening and building a strong team of workers who value integrity, building strong partnering, and focusing on the customer.
Rogers recommended keeping an eye on the market leaders.
“Don’t worry about the third or fourth place company in the market. There is a reason they are there. You can learn more from watching the leaders,” advised Rogers.
Partnerships, he noted, were vital because entrepreneurs can’t do everything on their own, but it must be the right type of partner.
“For a partnership to succeed, someone has to be in charge and everyone has to clearly understand their roles,” he said.
Rogers’ final entrepreneurial rule is “it’s all about the customer.” He advised trying to find a market need and filling it, rather than trying to create a market.
The points made in Rogers’ speech were derived from a book he penned with Bob Brehl to mark his 75th birthday in May.
