An entrepreneur doesn’t need an MBA to be successful but there is a certain mindset an entrepreneur must cultivate to grow, understand and lead their business.Business leaders who attain this mindset are the ones who ultimately succeed. This mindset has four, intertwining aspects.
Anticipate failure. In a study conducted by Duke University and the University of Southern California, 549 successful company founders said the most important reason for their success was their ability to learn from mistakes. Learning from failure is how we succeed.
An entrepreneur who makes it big on the first try is a rare story. The path to success is not straight. The road is full of potholes, the journey has many detours. No matter how meticulously you plan, you’re going to make a mistake. Maybe more than one. Some entrepreneurs, fixated on the idea that they’ll succeed on the first try, give up without a second try. By not anticipating failure, they failed.
Let go and delegate. Richard Branson, one of the world’s best known entrepreneurs, relies on a team of top managers to keep his businesses on track. He encourages them to pursue their ideas and provides the tools to succeed. He attributes Virgin’s growth during the early days to his ability to delegate and let go.
Your business won’t grow as much as it could before you admit to yourself that, no matter how hard you work, you can’t run it on your own. A great idea can turn into a great business only when you find and trust the right people to help make it happen. Entrepreneurs need help accomplishing their goals. Hire great people to work in the business so you have the time to work on the business.
Stay curious, learn new skills. Studies of Stanford alumni have shown that people with a greater variety of roles in in previous jobs are more likely to become entrepreneurs. Not all entrepreneurs are experts, but successful entrepreneurs always have a broad skill set.
A successful entrepreneur thirsts for knowledge and enjoys learning. That keeps an entrepreneur effective and efficient. Entrepreneurs benefit from learning new skills and ideas they incorporate into their business. The smallest lesson learned can make a big difference in business.
Follow your instincts. A survey by the Kauffman Foundation found 98% of company founders said the willingness to take risks is the usual stepping stone to entrepreneurial success. Successful entrepreneurs relied on their “gut-feeling” when it came to hiring people for their business.
As an entrepreneur, you will face new challenges every day. You will find yourself on uncharted territory where there is very little research or data for you to make a sound decision. This is where the gut feeling comes in. In risky business, entrepreneurs learn to follow their instincts.