1. The Vision
All entrepreneurs who ever achieve success start with vision—an idea that they want to believe will change something in the world, even if it is dependent on shipping 1 million of their new product through amazon. This vision is not some vague idea, but specific, active, and authentically compelling. Whether it is Elon Musk's obsession with interplanetary travel or Sara Blakely's idea for more fitting undergarment, the clarity of purpose will ultimately lead to some form of progress.
🔑 Take away: Identify documentation of what you want to create, and most importantly why it's important.
2. Unrelenting Action
A vision without action is merely daydreaming. The entrepreneurs that have success are obsessive with their focus on action. They don't wait until all of their stars are aligned. They start, iterate, fail fast, and run again. Speed and volume of action will always trump perfection.
🔑 Take away: Start before you are even ready. Action begets action.
3. Calculated Risk-Taking
Successful entrepreneurs take calculated risks, not irresponsible risks. They gather information expeditiously, trust their instincts and know that being uncomfortable is often evidence of growth. They recognize when to leap and trust their gut vs. waiting for a validated signal. They balance aggression with caution.
🔑 Key takeaway: Get better at distinguishing dangerous risk from smart risk.
4. Flexibility and Resilience
Every entrepreneur faces challenges. No one's path is flawless, and there will be obstacles, denials, and setbacks. What is common about the successful entrepreneur is their response. They do not dumpster dive, they pivot. They refine the strategy or product before recording an unsuccessful dance.
🔑 Key takeaway: How far you go is determined by how much you can bounce back.
5. Unwavering Faith and Discipline
Belief in the mission, in themselves, or in the idea, is vital. But belief alone wont suffic, next to belief, must also include self-discipline and self-structure or more sympathetically, the labor to fulfil difficult things repeatedly even when feeling unmotivated. Successful entrepreneurs followed a way of living that sticks to their schedule, keeps promises to themselves, and is able to survive in the face of resistance.
🔑 Key takeaway: Passion can illuminate the path, but it is self-discipline that drives the car.
6. Strong Network & Mentorship
No entrepreneur is ever successful in isolation. Behind every success story is a collection of mentors, advisors, collaborators, and early believers. The most intelligent entrepreneurs surround themselves with people who push them, inspire them, and hold them accountable.
🔑 Key takeaway: Invest in your relationships as much as your product.
7. Customer Obsession
For the entrepreneur developing software, selling coffee, or launching an online course, we're talking about the same end goal: serving your customer. And when these entrepreneurs think long-term, they obsess over their audience's needs and leaves no stone unturned in delighting them. Feedback is sacred, it is gold.
🔑 Key takeaway: Listen more than you talk. Create what your customer wants, not just what you want to create.
Final Thoughts
There is no one-size that fits all for entrepreneurial success. But time and time again, vision, action, risk, being adaptable, faith, relationships and customer obsession show up in the characteristics of those who do succeed. That's the formula.
The good news, all of this can be taught, practiced and refined. You do not have to be born an entrepreneur. You can be one.
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