Let Others Spur You On

• Sonja Carberry
• On 5:37 pm EST, Thursday November 5, 2009

Entrepreneurs rarely succeed alone. Savvy ones seek inspiration and advice from those who've made it big. How to find good company:

Read their stories. A century ago, "Think and Grow Rich" author Napoleon Hill asked top industrialists for their success secrets.

His famed tome is now being complemented with an anniversary tribute: "Three Feet From Gold," which compiles guidance from today's business leaders.

Sharon Lechter, one of the authors with the help of the Napoleon Hill Foundation, says the need for expert encouragement is ageless.

"So many times people give up because they lose confidence and faith in themselves," Lechter told IBD. "I think it's important that people seek out that mentorship."

In the book, business luminaries such as Chick-fil-A founder Truett Cathy emphasize the low points they endured on the way to the top.

"Many of them would say they failed miserably," Lechter said.

Learn their lessons. What's changed since Hill's heyday?

"I think we have created a failure-is-not-an-option mentality with our young people," Lechter said.

In a culture where every young sports participant gets a trophy, some business up-and-comers aren't used to battling disappointment. They should adopt the mind-set of top achievers: "The more you fail, the quicker you're going to get to success," Lechter said.

Try to win. Want firsthand access to top business minds? Enter a contest. New York's Creative Core Emerging Business Competition offers just one $200,000 prize, but every participant benefits from expert feedback. So says contest manager Mitchell Patterson. "The first few rounds are judged solely on the business plan," he said. "The winner the second year had entered the first year and just vastly improved," thanks to the advice he received.

Get interrogated. The top five finalists in the New York competition present their plan to a panel of business professionals.

The grilling is followed by a question-and-answer session open to the public.

"One of the participants told me the best thing about business competitions is you get asked questions," Patterson said.

Go to school. A recessionary job outlook has generated more itches to start companies.

To give students and alumni a leg up, the University of Miami added an entrepreneurial division to its Toppel Career Center.

Called "The Launch Pad," the program is not a class.

"There's no credit, no grade, no one fails," said William Green, senior vice provost and dean of undergraduate education.

Alumni and students who create a profile at thelaunchpad.org and fill out a venture assessment form get connected with like-minded entrepreneurs, venture capitalists, industry experts and lawyers.

"The important thing is that they get advice from multiple people," Green said. "We're working very hard to connect our students with the local business community."

Learn by doing. The Launch Pad, in part funded by the Ewing Marion Kauffman Foundation, specializes in delivering just-in-time skills such as market research techniques. Every lesson is hands-on.

"Entrepreneurship is not a spectator sport," Green said. "You have to experience it. This lets them get a taste of entrepreneurship when hope is high and risk is low."

Buzz up!