Back to the past
The third principle: Entrepreneurs create something new from the very childhood.
Entrepreneurs do not become overnight. And in general, is it possible to become an entrepreneur? Can anyone become one? Or does an entrepreneur need to be born?
There has long been a debate about the existence of an entrepreneurial gene passed down from generation to generation. Sometimes businessmen say that “it’s in their blood.” Others, on the contrary, argue that it’s all about the environment, and it is the environment in which a person is brought up that turns him into a true entrepreneur. Although science denies the existence of such a gene, it does recognize a genetic predisposition to certain behaviors that can be considered entrepreneurial. Vigor can be considered the best example of such a hereditary character trait.
By themselves, these hereditary traits do not guarantee that a person will become an entrepreneur. This is where the environment comes into play. If a child has a role model in his life – a person associated with a small business, if a child is supported in creative pursuits and taught not to be afraid of risk, it is very likely that he will become an entrepreneur. On the other hand, children who are brought up in a very secure and safe environment are most often taught to beware of risks. So they are more likely to choose the peace of mind that comes with a steady paycheck.
Be that as it may, the character of a businessman is definitely shaped by experience. Becoming an entrepreneur almost always begins with an introduction to sales. All current businessmen in their youth were at least a little engaged in trade. They loved it then, and they love it now. Entrepreneurs always have a passion for raising prices, and often in this desire they go beyond the reasonable.
Actions according to circumstances
Fourth principle: Talent for improvisation.
Entrepreneurs are resourceful. They are able to instantly adapt to any situation. This is where their advantage over their competitors lies. Entrepreneurs are easy-going, tolerant of uncertainty, and always ready to take on a challenge. In addition, they do not have superiors, so they are able to make business decisions in a split second. Since there are no options like “no” or “can’t” for entrepreneurs, nothing is impossible for them. And this is what helps them acquire new customers.
Entrepreneurs show purposefulness and, at the same time, open-mindedness. They do not take their eyes off their tasks and goals, but at the same time they are ready to instantly go the other way, if the circumstances so require.
However, there is a paradox in their inherent resourcefulness. In the initial stages of business development, it is precisely this flexibility in doing business that helps enterprises stay ahead of their competitors. But as the business expands, the enterprise becomes more and more structured, more and more formalities appear in its work. Then the company begins to respond more slowly to changes and customer needs. At this point, entrepreneurs need to find a way to maintain their former flexibility or sell the established enterprise for the best possible profit and move on to a completely different, new business.
Fifth principle: Violent perseverance, vigor and perseverance.
Entrepreneurs tend to be very energetic. They are active, tireless, patient, persistent and persistent in achieving their goals. They never give up – they just keep moving forward at full speed.
Entrepreneurs don’t know what vacation is. As soon as an idea comes to their mind (and they are always in search of ideas), they immediately get to work. They simply cannot sit still, they quickly get bored with inactivity and everything that even remotely resembles a monotonous job.
Concentration and stubbornness are completely different concepts. Entrepreneurs know where the line lies between believing in their product and being stuck in a lost cause.
Euphoria from own product
Sixth principle: Enthusiasm bordering on obsession with your product.
Entrepreneurs believe fervently in their products. They talk about them as if they were their own children. They are confident that their idea, product or service will instantly conquer the whole world.
The only thing that limits the potential of the product is, apparently, the opinion of the entrepreneur himself.
Entrepreneurs never ask if the product of their mind can succeed. Success for them is a matter of course. But are they soaring high enough in their imagination? That’s the main question.
When it comes to how entrepreneurs think about their product, it can seem like they have their heads in the clouds. But rest assured, their feet are firmly planted on the ground. They may indeed be too caught up in the elusive idea that their company will one day be on the list of the top 500 corporations by sales. But that’s the whole point: if you don’t dream about the stars, you’ll never reach them. Behind all the dreams and boasting is always a serious study of products and markets. This is what explains their dreams of unprecedented success.
Will anything come of this venture?
Seventh principle: Unwavering pragmatism.
Perhaps this principle will seem incompatible with such an optimistic assessment of the future of one’s product. But the point is that it is their pragmatism that helps entrepreneurs to hold back and stay balanced without giving in completely to their dreams. They never take anything for granted and constantly doubt everything. They say that they will achieve huge success, and then they ask themselves, but will something really come of this venture?
Entrepreneurs are practical. Their solutions, inventions and innovations may be one of a kind, unexpected, but, most importantly, they are practical. That is why they are such a huge success. Some will argue that pragmatism is contrary to the idea that entrepreneurship is risky. Oddly enough, it is the calculation of entrepreneurs in taking risks that helps them to remain pragmatic. They engage in risky ventures, but this risk is never thoughtless. This is where pragmatism comes into play: by the time an entrepreneur takes the plunge and commits himself fully to the cause, he will have had time to assess the risks, the chances, and the cost of untapped opportunities a hundred times over.
Turning failures into opportunities
Eighth principle: The ability to see new opportunities in failures.
Failure is essential to the success of entrepreneurs. The fact is that for them, failure is just another opportunity to learn something new. Entrepreneurs know how to take a step back and analyze what went wrong. Then they return to work with a better understanding of the situation and a willingness to take on new challenges.
Entrepreneurs take pride in their failures. Or rather, not by the failures themselves, but by their successful exit from the deepest crisis caused by their miscalculations. The bigger the miss, the better the story, because they love to go into detail about how they managed to cope with such a serious failure.