What Does it Take to Become a Successful Entrepreneur?
Sure, not all entrepreneurs are the same. They’ve grown different businesses, studied a variety of topics, and they each have something unique to offer. However, they have more or less followed the same path to get to where they are now.
A Successful Entrepreneur will…
Successful entrepreneurs didn’t make it big by acting small; they were tenacious, open to mistakes, and they hang on… even when they felt like hope was lost.
Tenacity is Key
Entrepreneurs are an interesting bunch of risk takers who really do provide value to the economy, employment and the like. Successful entrepreneurs are tenacious and relentless. I’ve seen some of the colleagues I’ve had over the years put up with a tremendous amount, both internal and external.
They’ve been relentless, they’ve lived another day, and their concept was good enough that that time and longevity made it actually work out very well.
It was Thomas Edison that said that he didn’t fail 1,000 times building a lightbulb—he figured out 1,000 ways not to build it. It’s a great thing. You’re not going to do it perfectly. You’re going to have this evolutionary track to building a great company. You’re going to have some ebbs and flows, and you’re going to learn from it. It’s okay.
Realize That You Will Make Mistakes and That’s Okay
You’re going to make mistakes. That will happen. You can’t beat yourself up and you need to say, “What can we do differently next time? How can we avoid this? What systems or processes, research, testing?” Minimize the risks going forward.
You have to get comfortable with the idea that you’re going to make mistakes, and you have to get comfortable with your people and that they’re going to make them.
It’s advisable to build a culture where it is okay to make mistakes, where you have enough tolerance built into your organization that the mistakes are not catastrophic, yet they are growing experiences for your people.
By allowing them to make decisions and make mistakes, you’re actually growing a better organization that will ultimately have more value in the marketplace, because it doesn’t all surround that entrepreneur.
Hang in There!
Sometimes it is appropriate to throw in the towel, but many times, it is more appropriate to live another day. “It’s not fun today, but I can see some light at the end of the tunnel and I’m going to hang in there,” is a great mindset to have. Often times, hanging in there produces good results.
Hanging in there another day was a good decision for many people. Entrepreneurs end up buying themselves a job instead of building a business. That comes from working in the weeds of it instead of working on it.
Successful entrepreneurs quickly make the transition from working in their business to working on it.