October 03, 2008
Ed Cooney, president of Atlanta Business Bank, spends much of his time with entrpreneurs. Here he relates what he finds to be the qualities needed for success, what they should do and what mistakes they tend to make.
Cooney received his Bachelor of Business Administration from Stetson University in Deland, Fla. He is also a graduate of the University of Colorado Banking School in Boulder, Colo.
He is a CPA and serves as the president and CFO of Atlanta Business Bank. In addition to those responsibilities, he heads the Dental Private Banking Division of ABB. His private clients appreciate 14 years of banking and accounting experience.
Cooney lives in Marietta with his wife and three children.
What qualities make a great entrepreneur?
Passion and ability to relate to people; competitive drive- ability to bring your "A" game EVERY day regardless of the circumstances
What is the single thing most needed to become successful?
Ambition to excel.
What is the biggest mistake most entrepreneurs make?
1. Trying to be everything to everybody.
2. Asking employees to behave as if they have ownership while not providing a vested interest to the employees (All Atlanta Business Bank employees have the ability to obtain stock options.
What resources are necessary?
1. Strong advisors – CPA/ attorney/banker/consultant – people who are willing to give you the answers you may not want to hear.
2. Access to both debt and equity; knowing the correct balance is often difficult to assess yet vital.
Top 10 Pieces of Advice:
1. Share your vision with your employees.
2. Hire character over experience.
3. Spend more time listening than talking.
4. Focus more on your business behaviors than results.
5. Know your personal strengths and weaknesses- this will inevitably be the same in your company.
6. Lead with value, not price.
7. Products and services can be duplicated- a personal relationship with you cannot.
8. Get a LITTLE better EVERY day.
9. Focus on the details- It's the little things the matter.
10. Work hard everyday and treat people right- the numbers will take care of themselves.
- www.northfulton.com
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