What does it take to be a successful entrepreneur?
Unbridled enthusiasm, a willingness to fail or be wrong and change direction, and relentless commitment to stay the course toward your vision.
- Passion: You have to have just the right amount of passion and love doing what you are doing because in the moments when you hate it, you will need to have some pull forward!
- Focus: Is more important than intelligence, some of the most brilliant ideas never get off the ground because they lack focus. Simple and clear ideas fly because there is a determination and focus to make them work.
- Effective Action: Without effective action, the best laid plans sit in a drawer or on a hard drive. Execution and staying the course are the driving forces behind strong businesses today.
"You have to be a little bit of a crazy person. What drives you is that sheer passion when you get out of bed in the morning."
Randi ZuckerbergFounder & CEO, Zuckerberg Media; Editor-in-Chief, Dot Complicated
It sounds so easy doesn’t it? If it was easy we wouldn’t see 85% of start ups go out of existence after the first 3 years, and 20% of the remaining businesses go out of business after the next 2 years. Why do so many entrepreneurs fail if the magic recipe is Passion, Focus, and Execution?
The most successful new startups have several qualities that the others are missing. They know they can’t do it alone – being an entrepreneur doesn’t mean you go it alone. It means you surround yourself with people who know more about the things you don’t need to know about. You don’t have to be the chief marketing person, sales, CFO, and operations person. In fact, if you are all of those things, your business will most likely be a statistic within three years.
The recipe for a successful and sustainable business is simple:
- Keep your vision and ideas simple and easily verbalized. The simpler they are, the more the people around you can share it with you…and with others
- Surround yourself with people who bring a variety of skills and knowledge to the table.
- Get a coach who will help keep your passion alive, while focusing you on your plan. Coaching is the most effective way to create clear focused and effective action with no loss of enthusiasm. You will be guided on how to hire out tasks and things you shouldn’t be doing as the business owner while keeping your attention on your profits and losses, allowing you to create a sustainable business model, with incredible growth and breakthrough results.
And finally, take Randi’s advice and make sure you’re doing something that gets you out of bed in the morning!
If you like this video, check out what George Ross had to say in Interviews with World Class Advisers: George Ross.