(INTERNET WIRE)-- What does it take to get a new business off the ground? For John Diebel, founder and CEO of Meade Instruments in Orange County, California, his inspiration came directly from the stars. An amateur astronomer, Diebel turned his childhood love of stargazing into a world class telescope business. Starting with a mere $2,500 in capital, Diebel grew his small mail-order business into the world’s top manufacturer and designer of telescopes and optical accessories.

Today, Diebel is taking on a different challenge. He is sharing his business wisdom as a judge for Ernst & Young’s Entrepreneur Of The Year Award program. Joining corporate and academic leaders from across the country, Diebel will help select those local business leaders who he believes best exemplify today’s entrepreneurial spirit.

Being a successful entrepreneur requires a keen understanding of the art and science of running a business. According to the U.S. Census, more than two-thirds of new companies don’t make it. Therefore, it’s crucial that prospective entrepreneurs develop a set of guiding principals when starting a company.

What guidelines would the Ernst & Young Entrepreneur Of The Year Award judges adhere to when starting a new company? They would begin by following these top 10 business tips:

1. Always maintain your integrity.
   
2. Get into a business that you know something about and enjoy doing.
   
3. Focus on the customer.
   
4. Hire good people and allow them to do their jobs.
   
5. Never ever run out of cash.
   
6. Risks are part of the game, don’t fear them.
   
7. Under promise and over deliver.
   
8. Never mistake a good idea for a good opportunity.
   
9. Provide something people need and take a chance.
   
10. Make a life not just a living.

While these words of wisdom can be useful guidelines, there are no hard and fast rules for running a company. "There is no one right way to succeed, so don’t bother looking for it," says Kitty Lagareta, Chairwoman and CEO of Honolulu based Communications Pacific, Inc. and current Entrepreneur Of The Year judge. "Entrepreneurs create their own paths and their own models."

Contributors to this top 10 list represent a "who’s who" of business and academic leaders. Among them Tom Gimple, CEO of Tickets.com; Mo Siegel, Chairman of Celestial Seasonings; Dr. Jon Goodman, director of the University of Southern California’s prestigious EC2 Incubator project; Mark Zupan, dean of the University of Arizona School of Business; Peter Johnson, president and CEO of San Diego based Agouron Pharmaceuticals; Al Lews, Assistant Dean at U.C. Riverside; Dr. Anne McCarthy from the Center for Entrepreneurial & Family Enterprises; and, John Diebel, founder and CEO of Meade Instruments.

Return To The Top

Read More Start-Up Articles