| In my 25 + years working with professionals in | | | | confidence to take risks and fail. Successful |
| Business Development, universally I've discovered | | | | entrepreneurs are not only goal driven and goal |
| that they have learned to think like entrepreneurs. | | | | oriented; they have learned to execute the process |
| This is what has allowed them to rise to the top of | | | | of strategic and tactical goal setting and planning. |
| their profession. Each would tell you that along the | | | | Visualizing goals, writing them down and putting |
| way they have learned how to think differently. | | | | together a detailed plan for achievement provides |
| True entrepreneurs struggle with their business | | | | the confidence and motivation to prevail. More than |
| opportunities for a variety of reasons. Among the | | | | just business or operational plans, they have goals |
| most obvious are a lack of capital, lack of | | | | and plans for all the important roles in their life. |
| understanding about marketing, and personnel issues. | | | | They have learned early that if they arenít working |
| However, from my own entrepreneurial experience | | | | their own plan they are probably part of someone |
| and knowledge of others, there are three major | | | | elseís goals or plans. They chart their own |
| reasons individuals fail in entrepreneurial ventures. | | | | destiny, embrace risk-taking leadership positions, |
| They tie the success of their business with their own | | | | make adjustments as required and prevail over a |
| self worth. | | | | course of time. |
| They neglect to set realistic goals and plans for | | | | Tolls |
| themselves and their business. | | | | Finally, entrepreneurs understand that there is a toll |
| They are not prepared to pay the price of success. | | | | to pay. To be successful in any role in life you must |
| True entrepreneurs with the right thinking prevail | | | | be prepared to pay full price one time. There are |
| over a period of time. They have learned to | | | | really no overnight successes as an entrepreneur. In |
| understand the axiom Roles, Goals, and Tolls. | | | | fact, Iëve heard it said that overnight success |
| Roles | | | | generally takes 15-20 years. One of the early tolls |
| Successful entrepreneurs, in contrast to those who | | | | that entrepreneurs are quite often forced to face is |
| struggle, have learned to separate their roles in life | | | | the ìre-makingî of themselves that can include |
| from their self worth or self-identity. They | | | | growing beyond their current circle of contacts. |
| understand that role performance or failure with their | | | | Since most people tend to stay within their own |
| own venture is not a judgment of them as an | | | | psychological comfort zone, they begin to lose |
| individual. People who tend to equate their | | | | identity with the risk taker. They are comfortable |
| self-worth to their composite role identity are | | | | with the type of person who is more like them. Quite |
| inherently risk-adverse and look to maintain the | | | | often the entrepreneur moves on to a different |
| status quo. Being able to differentiate these two | | | | circle of associates who understand the journey. |
| identities allows them to be risk prone vs. risk | | | | Stepping out, being your own person and venturing |
| adverse, a key ingredient to success as an | | | | into the risk prone unknown is lonely by itself. |
| entrepreneur. Individuals who have risked failure, | | | | Consequently, there can be a newfound stress in old |
| experienced it, and learned from it, have not only | | | | relationships. Itís been said before that pioneers |
| learned how to differentiate their role identity from | | | | get shot in the front and the back, and only through |
| their self-identity, they have learned the lessons of | | | | a process of differentiating role performance from |
| risking and failing. They understand that early failure | | | | self-worth, being risk prone, prevailing through |
| in ventures is a natural part of successful startups. | | | | adversity, sticking to your goals, and adjusting your |
| They are able to embrace those experiences, learn | | | | plans will you be prepared to pay the daily toll. |
| from them quickly and move on. This is critical to | | | | An entrepreneur has much to learn in order to be |
| success as an entrepreneur. They must be willing to | | | | successful, including the day-to-day mechanics of |
| face and deal with early failures in order to prevail | | | | running a business, producing products, delivering |
| over time. | | | | services, making money and dealing with people. |
| Goals | | | | The biggest challenge of all is developing an |
| Even though much is said and written about goals | | | | understanding of themselves. They come to grips |
| and plans being necessary for success as an | | | | with what they want and what motivates them; this |
| entrepreneur, few people learn the mechanics of | | | | sustains their willingness to prevail over the long term |
| successful goal setting and planning. Itís not the plan | | | | against adversity. Successful entrepreneurs have |
| but the planning that is important, and the goal | | | | learned to transform their thinking, allowing them to |
| setting process allows them to develop the | | | | prevail where others fail along the way. |