Successful Entrepreneurship
There are 5 keys to entrepreneurial success: Courage, Creativity, Collaboration, Community, Commitment.
Courage.
Most entrepreneurs begin confidently. They believe in their new product idea and in their ability to build a business. But when trouble comes, many of them naturally worry about what will happen to their investment and reputation if the venture fails. That is when courage is needed. Successful entrepreneurs are those who learn to face and overcome the fear of failure.
Steve Jobs put it in perspective: “Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma -- which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.”
Creativity.
Entrepreneurs must be creative in all kinds of ways. It’s not just in conceiving new products; that is only the start. They need to be creative in attracting great people to the team… launching the venture…promoting sales…scaling the business. And it requires creativity every day.
The most successful entrepreneurs encourage creativity in their organizations. They know that new ideas will come from motivated employees, but how do you inspire people to be creative? Ask thought-provoking questions. Listen attentively to them. Give them respect. Brainstorm with them. Recognize and reward them. And invite them to return to share additional ideas.
Collaboration.
One of my favorite books is Meditations by Marcus Aurelius, the wise Roman emperor. He wrote, “When you have trouble getting out of bed in the morning, remember that your defining characteristic – what defines a human being – is to work with others.”
Collaboration has become a buzzword in business, but people can tell the difference between genuine collaboration – when you enjoy and appreciate cooperating with co-workers – and forced collaboration, when you are going through the motions, perhaps hoping that someone else gets the blame if the collaboration doesn’t produce anything worthwhile. Successful entrepreneurs know the value of genuine teamwork. They realize that just saying “we’re a team” isn’t enough. They want people to understand and respect the work everyone else is doing. Only then will there be the spirit of teamwork needed for a new business to flourish.
Community.
There’s a growing sense of community among entrepreneurs. It’s part cultural – shows like “Shark Tank” promote entrepreneurship. Many colleges and universities have added entrepreneurship to the curriculum; not just teaching about established businesses. There are also exciting new partnerships between for-profit businesses and nonprofit organizations. And with a growing economy, entrepreneurs are increasingly optimistic. So, there are encouraging macro trends for the entrepreneurial community.
But there’s also something very personal that fosters a sense of community among entrepreneurs: networking, mentoring, and coaching. Most entrepreneurs have a pay-it-forward attitude, and they are conscientious in helping other entrepreneurs by sharing their insights and connections.
Commitment.
We often think of entrepreneurs as people who make their dreams come true. However, most entrepreneurs suffer nightmares along the way. They find themselves enjoying the journey, but then hit roadblocks. To plow through the roadblocks, they need determination. And to have that kind of determination, they must have purpose and commitment. They must be true to their mission, their principles, and to the people they care about. That’s how they stay focused and recharge their confidence.
I also believe there are 3 traits that successful entrepreneurs have in common:
Resilient.
Entrepreneurs usually go through heavy turbulence in the early stages – buffeted by doubt, criticism, and setbacks. But the best entrepreneurs are resilient. They learn to have a thick skin, to be flexible, to admit mistakes and change plans as needed. They know they’re responsible for others – family, investors, employees, allies -- so they realize they must learn and practice the skills of being resilient: staying positive, sharing with advisers what they are facing, and staying true to the mission. They understand the wisdom in something said by the poet, Maya Angelou: “I can be changed by what happens to me. But I refuse to be reduced by it.”
Resourceful.
An entrepreneur must learn how to maximize resources. The basic resources are time, money, people, and ideas.
To make the most of what time is available, an entrepreneur must not only plan and schedule wisely, but make sure they are playing to their strengths.
To make the most of what money is available, an entrepreneur must realize that capital is not just money in the bank – it also means smart budgeting, frugal spending, investing for a good return, minimizing risk, and creating new revenue streams.
To make the most of what people can do for a venture, an entrepreneur recognizes that there are many individuals – not just employees – who can contribute as allies, customers, and advisers. Successful entrepreneurs learn to sincerely ask them for their help and motivate them by making clear they are truly needed and appreciated.
To make the most of the resource of new ideas – ideas to improve the product, or recruit talent, or raise funds, or launch the new venture – entrepreneurs learn to encourage brainstorming, listen to prospective customers, and incentivize creativity.
Reliable.
For entrepreneurs to be trusted by those involved in their ventures, it doesn’t just mean being a good communicator. It requires being honest, responsible, and reliable. That shouldn’t be considered a tall order, but under stress, and with high expectations, it can be. It’s hard to be the always-reliable leader. No one is perfect – everyone makes mistakes. But if you stay true to your principles and take your responsibilities seriously, you will be reliable and trustworthy. And nothing is more important in determining the ultimate success of a leader.