There are two types of entrepreneurs out there. Some can’t even get their first startup going, while others love to start their second or third projects before even their first startup is fully developed. It is safe to say that ambitious entrepreneurs enjoy the process of managing a startup more than success, in other words, they enjoy the journey more than the destination. In this article we want to share 5 tips that will help you kick start your full entrepreneur potential.
If you think about it, many of today’s prominent names in the entrepreneurial community, like Elon Musk and Richard Branson, have launched a number of companies, evolving from each and thoroughly realizing that not all are expected to be known. Others, including Jeff Bezos and Bill Gates, have one business but are renowned for their numerous in-house “start-up” growth-fostering programs.
The message here is that the correct acts, follow-throughs and responsibilities involved in launching a new enterprise are generally more essential to eventual progress than fine-tuning the one overall concept, or making the answer right the first time.
Here’s a summary of the main criteria you should pursue to join in choosing a community of recognised and prosperous entrepreneurs and also reach your full entrepreneur potential.
You’re not going to get there thinking and talking — just do it.
It’s risky to start anything new, no matter how many analysts have checked it, or how much funding you get. You likely won’t win a race you never set out to start.
The trick here is to collect the relevant details, risks and assets, to reach a choice and to move forward. True entrepreneurs begin experiments.
A while ago, one of my young entrepreneur mates attempted to inspire me with his experience by boasting that he had the idea before anyone else about a few innovations, but he never got to submit a patent before someone took it from him. You can assume as an angel investor that I wasn’t persuaded he’d ever launch his next idea.
Try to learn from what that does not work, and never give up.
Based on my understanding, the majority of business failures arise simply since the entrepreneur is given up too early, without pursuing innovative alternatives. More ambitious entrepreneurs are taking any step that fails to achieve success as a new insight, pivoting towards a viable solution and pushing towards growth.
Many people don’t recall that Bill Gates’ first tech invention was a miserable disaster, called Traf-O-Data. Jeff Bezos says he has made an alarming amount of poor decisions that he considers unpleasant learning lessons but he has never given up and it helped him reach his full entrepreneur potential.
Rally people behind a greater goal, not only a product.
Customer culture today reacts better to a larger vision for enhancing society and the world that can effectively support a relentless influx of new products. Keep challenging your team and clients to broaden their attitude, achieve individual objectives and change the world.
For instance, world famous founder of the Toms shoe brand Blake Mycoskie has consistently made it very clear that its most important objective was to make life easier for the less fortunate.
Thereby he donates a pair for each pair sold, and keeps his staff involved by sending them worldwide to work closely with constituents who would gain most from the donations.
Reward new ideas with action, not further study.
Against the typical business thoughts that replicable procedures and volume manufacturing are key to long-term development. The key today is gaining momentum, tailoring and constant innovation. Do not let your staff forget that, without additional steps, you cannot have creativity.
The best place to start is to allow decision-making by employees on client satisfaction problems. The hotel chain Ritz-Carlton, for instance, inspires workers to seek out innovative concepts by encouraging them to spend up to $ 2,000 per guest to solve a specific challenge.
Spend more time nourishing partners and outside influencers outside of you.
So many early founders go into stealth mode, or are hesitant to reveal what they know, for fear of stolen ideas. The greatest entrepreneurs are able to communicate what they understand, create partnership groups effectively and extend their reach continuously by new research and experiments.
Elon Musk, though firmly in charge of electric vehicles, has recently revealed that he is freely providing its battery intellectual property to partners and rivals in order to speed up the creation of the charging service network needed to broaden the market.
You naturally need the self-confidence to take the first step. Again, granting yourself a goal and sticking to it is a successful means of pushing you into practice.
Practice by persuading others to support you, and then pursue you into action. Note that everybody may struggling when they learn and don’t be scared to pick up and start again.
It’s always important to associate yourself with intelligent people who can fine-tune your dream, compliment your implementation skills and drive you into action. You too will become the real leader and influencer you have wanted to be before you realize it.
There is already a lot of potential for all of us out there.
What do you think about this? Do you have any other tips to help reach full entrepreneur potential?