Words From The Wise Entrepreneurial legends share timeless advice to take you into the next century.

These days, we hear a lot of people singing the praises ofentrepreneurs. It's said they are the engine of our economy,the backbone of our country. But the daily challenges of running asmall business can often be discouraging. We asked eight ofAmerica's top entrepreneurs what advice they would give toentrepreneurs to keep them motivated and going strong, today andfor the next 20 years.

Wayne Huizenga

Chairman Of Diversified Services Company Republic IndustriesInc., Former Chairman Of Entertainment Company Blockbuster Inc.,And Co-Founder Of Environmental Services Company WastemanagementInc.

I have been fortunate to be in the right place at the right timeon more than one occasion in my career. However, there have beenmany times when I didn't see the opportunities around me;others had to persuade me to take a look.

Opportunities are all around us today, just as they were 10, 20and 50 years ago, and individual success stories can still bewritten. This is the greatest country there is, and a combinationof hard work, skill and determination can be rewarded. All you needto do is be in the right place at the right time--and, once there,if you want to accomplish twice as much as your competition, youmust work twice as hard.

Harvey Mackay

Bestselling author and founder and CEO of envelopemanufacturing company Mackay Envelope Corp.

Today there are unlimited, unparalleled opportunities. Go to anylibrary, and take a look in The Encyclopedia of Associations.You'll find 20,000 different industries! There is plenty ofroom for the hungry fighter.

One big lesson: There's no such word as"can't." Early on I learned that if I worked hard andpersevered, I would prevail. [You] can prevail regardless of pricewars, recessions, employee turnover, and the rest of the problemsevery entrepreneur goes through.

But my main teaching is this: If I had to name the singlecharacteristic shared by all the truly successful people I have metover a lifetime, I would say it is the ability to create andnurture a network of contacts.

I know when I don't know [something]. But I also know whereto go to get good advice. It's amazing how giving people arewith their advice. Don't suffer from "callreluctance." Pick up the phone or your pen, and ask for theadvice you need. And never say no when you're asked for advice.That philosophy keeps the opportunities flowing for everybody.

Dave Thomas

Founder And Senior Chairman Of Fast-Food Restaurant ChainWendy's International Inc.

Are all the opportunities gone? No way. There are lots ofprofits still to be made, but you have to have quality. What wetalk about in making a successful restaurant is so simple: cleanrestaurants, being nice to our people and our customers, andproducing a quality product. Do those things, and you'llsucceed. The same basic formula works in any business.

I think back to when I decided to become an entrepreneur. Whydid I? Because I wanted to make money. I've always wanted tomake money because I wanted to buy things. So I became inquisitiveabout how people get successful, and I discovered it's calledwork.

When I was growing up--and I've been on my own since I was15--I knew if I didn't work, I wouldn't have the money tobuy food, and I like to eat too well. There are so manyopportunities--if you are willing to work!

Rich Melman

Co-founder/CEO of Lettuce Entertain You Enterprises Inc., arestaurant company with 50 locations

The big lesson I've learned as an entrepreneur is: Stayparanoid. I never feel I'm good enough; I'm always strivingto be better. I don't want to be the biggest, the richest, themost well-known. My goal is just to be as good as I can be, and forme, all the riches have come when I've done that.

The other big lesson: Stay close to the customer. Whenever I getconfused, I go back to the restaurants. The answer always seems tobe where the customer is.

This isn't work for me--and it shouldn't be for anyentrepreneur who really wants success. This is fun. If this got tobe work, I'd stop doing it.

Lillian Vernon

Founder And CEO Of Mail Order Company Lillian VernonCorp.

Perseverance is synonymous with being an entrepreneur. Thebiggest lesson every entrepreneur has to understand: Always expectthe unexpected--and be prepared to deal with whatever surprisescome your way. Don't let mistakes discourage you. Learn fromthem and grow.

My biggest mistake was trying to do it all. This worked when mybusiness was small, but as it grew, I had a difficult timerelinquishing responsibility. I finally realized the only healthyway to grow a business is with a qualified, dedicated managementteam. This is a lesson entrepreneurs have to learn in order togrow.

Jack Canfield

Co-Creator Of The Book Series, Chicken Soup For The Soul(Health Communications Inc.)

Being an entrepreneur is like climbing a mountain. It's achallenge--maybe impossible. But you say to yourself, "I'mdoing it anyway." You start climbing, and you hit obstacles.You have to reach inside and also look for outside support. Then,suddenly, you reach the top. You get the money--that's nice.But what's important is knowing that [you did it].

What kept me going through tough times was knowing I had amessage for the world that was important. We have sold 14 millionChicken Soups to date, and, yes, I could pack this in, but for me,the journey of life is about mastery. The stuff you acquire canrust and rot. What's important is who you become. That'swhy I set bigger and bigger goals. What turns me on about being anentrepreneur is the juice you get when you win.

Stephen Covey

Author Of The Seven Habits Of Highly Effective People (Simon& Schuster) And Chairman Of The Covey Leadership Center

There are more opportunities [for entrepreneurs] today than everbefore. Whole new industries have arisen--look at the Internet. Theglobal marketplace is breeding so many opportunities forentrepreneurs with an instinct for [solving] customers' needsand problems. [These entrepreneurs] can compete against the bigboys!

The biggest mistake most entrepreneurs make is that so many ofthem are strong-willed, strong-minded people, and the problem isthey get myopic about their product and nobody gives them feedbackbecause the people around them are overwhelmed by this strongindividual. Your very strength can become your weakness and yourundoing. I think this is why many entrepreneurial start-ups fail.You need a complementary team around you, people who bring newstrengths to the team.

Ken Blanchard

Co-Author Of The One Minute Manager (William Morris &Co.) And Co-Founder Of Blanchard Training & Development Co.Inc.

When my wife, Marjorie [Blanchard Training's CEO], and Iwere starting out, a successful Australian entrepreneur, DickPratt, told me there are four secrets to building a business:

1. Sales have to exceed expenses. A lot of entrepreneurs forgetthis--they have the fancy office but no customers.

2. Collect on your bills. A lot of businesses go under with alot of people owing them money. When you do your job, expect to getpaid.

3. Take care of your customers. Without them, you'renothing.

4. Take care of your people.

The biggest lesson I've learned as an entrepreneur:Don't let your ego get in the way. It can destroy yourbusiness. I've learned to know my own strengths and to stickwith what I'm good at. That's a secret every entrepreneurshould use.

Contact Sources

Blanchard Training & Development Co. Inc., 125 StatePl., Escondido, CA 92029, (800) 728-6000, (619) 489-5005;

Jack Canfield, c/o The Canfield Group, P.O. Box 30880,Santa Barbara, CA 93130, (800) 237-8336, (805) 563-2935;

Covey Leadership Center, 3507 N. University Ave., Provo,UT 84604, (800) 331-7716, (801) 377-1888;

Lettuce Entertain You Enterprises Inc., 5419 N. SheridanRd., Chicago, IL 60640, (773) 878-7340;

Lillian Vernon Corp., 543 Main St., New Rochelle, NY10801, (800) 285-5555;

Mackay Envelope Corp., 2100 Elm St. S.E., Minneapolis, MN55414, (612) 331-9311;

Wendy's International Inc., P.O. Box 256, Dublin, OH43017, (614) 764-3100.