The ‘popular’ idea of being an entrepreneur - running your own business, being one’s own boss and pursuing your passion to carve a life on your own terms - seems too irresistible to pass… But is entrepreneurship for anyone willing to take the ride?
As a matter of fact, studies have suggested that entrepreneurs are ‘made’ and not ‘born’. It's about developing a set of core abilities and the right mindset!
And as Maria Pinelli, global Vice Chairwoman of strategic growth markets for EY (Earnest & Young) rightly puts it, “Entrepreneurial leaders are defined as much by their early business experience, cultural background and external environment as they are by any innate personal characteristics.”
I’m sure it’s a huge relief to know that ‘Nurture, not Nature’ plays a critical role in developing the ‘entrepreneurial mindset’ for some of us eager to take the ‘journey’- But before we get too excited and jump on the ‘entrepreneurial train’, let's remind ourselves that this path is not a bed of roses…
Did you know that about 50% of small businesses fail in the first four years? And for the entrepreneur, it seems majority of the startup fund (82%) comes from his/her own pockets or from family and friends.
Given that the entrepreneurial icons like Steve Jobs, Richard Branson, Oprah Winfrey and Elon Musk have failed many a times to reach where they currently are – Failures, it seems, are integral components in the lives of a successful entrepreneur!
What then propels these high achievers even in the face of adversities? How are they able to garner unwavering strength, develop the right business acumen, stand out amidst their competitors and win the hearts of millions of loyal customers?
Let’s explore 5 such key characteristics that you may need to espouse to be an exceptional entrepreneur:
1. Be RESILIENT
Being resilient is all about adapting well to the adversities the business world throws at you. It's about being level-headed, both personally and professionally, even in times of dire situations.
Hard times for any entrepreneur are an opportunity to learn and grow. This is when you brush off any negative criticisms and discouragement, understand and accept your mistakes with a pinch of salt, and move towards your next goal with a renewed sense of awareness and maturity.
Richard Branson launched companies 400 times, before he founded the Virgin Galactic, Colonel Sanders (founder of KFC) was turned down 1009 times when he tried selling his fried chicken recipe, and most of us are well aware of the fact that Thomas Edison failed 10,000 times before he finally succeeded in inventing an electric bulb that worked.
All of these incredible entrepreneurs, inventors and thought leaders had the tenacity to accept change, learn from experience and keep moving forward. Basically on an entrepreneurial journey, if you fall or stumble across hurdles and adversities, you need to immediately pick yourself up, dust yourself off, learn from the mistakes and move on - Do not stop to wallow and whine, as there’s very little time!
2. Be A ‘RISK TAKER’
Most of successful entrepreneurs are always ready to take risks. Risks that take you beyond your comfort zone help you to expand your scope of work and open up bigger opportunities – You may fail along the process, but without risks the rewards are negligible.
Some of the exceptional ones can be so mission-driven and they put everything on the line, their stakes are so high that are labeled ‘crazy’ by the masses.
Take Elon Musk for instance, he invested his entire fortune of ($165 Million) to get two of his dream projects; Tesla and SpaceX off the ground. The possibility for both of the projects to utterly fail was very much alive.
And he did realise that, when one of his Falcon 9 rockets exploded before launch date, but his dream did bore fruit eventually with successful launches, and now Elon Musk is looking further into his dream of colonizing Mars – pushing the boundary and taking more risks, as that’s what keeps entrepreneurs alive.
3. The OPTIMIST
The mindset every entrepreneur should cultivate is that of ‘positivity’. People are always attracted to person who lives life on the sunny side – a confident, optimistic personality is key to achieving any big dreams.
It's proven that entrepreneurs are more optimistic than salaried employees across all aspects of life. They are genuinely happy to pursue their passion and always see the glass ‘half full’.
And if you are a millennial, you’re in luck, as the estimates seem to be in your favour with millennial small business owners being 26% more optimistic than their older counterparts. When the stats clearly show that 9 out of 10 startups fail, it pays to be on the positive side of things; because you create what you believe.
If Elon was not optimistic and if he didn't believe that he can revolutionise the way humans could explore the space – his projects would not have succeeded.
However, it's crucial that Entrepreneurs avoid ‘extreme optimism’ and refrain from rushing into major decisions, without giving enough thought. It's important also to be realistic and be ready to adapt and pivot when things aren’t going out as planned.
4. The PROBLEM SOLVER
One striking trait of successful Entrepreneurs is that – they have the knowledge and are good at solving every aspect of their business, be it marketing, finances, product development, sales, you name it.
When an Estarts his/her business, everything they do in the early stages is about diligently solving every problem that comes their way. As per science, solving problem is not something you can learn and be adept at right away – you need ‘experiential learning’ to gain the necessary ‘muscle’ over time to be a successful problem solver.
Here’s a cool infographic from Funders and Founders that shows ways how Entrepreneurs can solve problems that come their way:
5. Be PASSIONATE – Never Stop Dreaming!
Passion is what sustains Entrepreneurs for the long run, and ultimately help them plan and execute for success.
Without a burning passion in your heart, you'll not be able to jump out of your bed every morning and give it your best. However, passion does not mean to be running after and hoarding as much money as you can. It actually is nowhere near ‘money’, but very much ingrained in what your mission is all about, your product, service and your creativity.
Passion is always greater than what meets the eyes. Steve Jobs wasn’t just passionate about making computers, he was looking for ways to disrupt the industry and empower every person on the planet to be their most creative selves. He said, “Apple is not about making boxes for people to get their jobs done, although we do that well. Apple is about something more. Its core value is that we believe that people with passion can change the world for the better.”
Similarly Elon Musk’s passion is not about building rockets, solar powered homes or electric car. His passion is to “Make the biggest difference to the future of humanity”.
This is what helps Entrepreneurs to always look at the bigger picture and not get swayed or discouraged by trivial ‘hiccups’ that come on the way to their dreams!
Over To You…
Being an Entrepreneur is definitely something we all can pursue if we have our clear sense of purpose, our clarity on ‘why’ we want to chase our dream, and the tenacity and grit to focus and grind longer and harder than most of our competitors and naysayers!
If you'd like further assistance or would like to discuss anything covered today, we'd love to hear from you.
Call Andy Fox (me) on (03) 5249 5570 or email andy@element7digital.com.au
Our Website is element7digital.com.au
