Entrepreneurship is not for everyone. Often, it takes years of dedication, many hours, and little recognition to achieve success. Numerous entrepreneurs quit up or fail for a variety of reasons, including financial constraints.
Entrepreneurship, from my opinion, is difficult, even in the best of times. According to statistics, about half of enterprises that hire people fail within the first five years, while approximately one-third survive to their tenth year.
However, if you’re considering entrepreneurship and believe you have what it takes (or have already launched a business), I’ve compiled a list of four characteristics that will ensure your success in this fast-paced atmosphere.
1. You Are Aware of the Latent Potential Plateau
The majority of people anticipate progress to be linear. At the very least, it will be swift. In fact, though, the benefits of our efforts are frequently delayed. Oftentimes, it takes months or even years to appreciate the true value of our earlier work.
The Plateau of Latent Potential, as first described by James Clear in his book Atomic Habits, is the lag period between doing what we need to do and receiving the results we desire. Additionally, the lag time is infuriating. This might result in a ‘valley of disappointment,’ when individuals become disheartened after weeks or months of diligent work yields no results.
For instance, a stone cutter can strike a rock a hundred times without causing it to shatter. Then, on the hundredth strike, the rock fractures in half. Is this to say that the final strike accomplished everything? A categorical no. Everything is possible because of the 100 hits preceding the final one.
When an entrepreneur overcomes a plateau, others may perceive it as an overnight success. However, the entrepreneur who developed the business is well aware of the work he accomplished years ago that enabled today’s accomplishment.
2. While everyone else is hustling, you are sleeping.
Building a business takes time, and it may take months of diligent work to accomplish even a small amount of progress. As a result, entrepreneurs will go to any length to ensure their success.
According to some of the most successful entrepreneurs, the hours you invest in your business directly determine your success. Grant Cardone, a self-made millionaire, said that he works 95 hours each week to stay on top of his business.
However, this begs the question, is working that much beneficial? For myself, I used to labor long hours despite my exhaustion in the expectation of success. While it initially aided me, I eventually developed depression and burnout.
Then I learnt about Herbert Freudenberger’s and Gail North’s 12-stage burnout model:
- Excessive drive: when you are consumed by an obsessive need to prove yourself.
- An inability to switch off while working hard.
- Neglecting needs: Insufficient sleep or a lack of nutritious food.
- Displacement of conflicts: When you ignore real life concerns.
- The sole concentration is on work: There is no time for personal needs.
- Neglecting growing problems: denying that any issues are the result of our own actions and blaming others or our work.
- Withdrawal: Reducing social contact with the outside world to a minimum.
- Unusual behavioral changes: Changes in conduct that are readily apparent to friends and family.
- Depersonalization: The process of becoming depersonalized and believing that neither you nor others are valuable.
- Inner emptiness: The sensation of being empty on the inside.
- Depression is a state of being disoriented, weary, and disappointed about the future.
- Burnout syndrome: When an individual experiences burnout, he or she mentally and physically collapses.
And many entrepreneurs I know experienced burnout during their business’s early phases. However, they now listen to their bodies and brains and work with, rather than against, their energy levels.
3. You Concentrate on Your System, Not on Your Objectives
I used to enjoy goal planning in the early stages of my entrepreneurial career. As the days went, I discovered that goals are useful for establishing direction, but procedures are the most effective way to make progress.
Unnecessary tension and pressure may be caused by goals. When you establish a goal and a deadline, you are almost certainly inducing tension and anxiety in yourself. If you are unable to cope with stress and pressure, making objectives may be more detrimental to your health.
Your objectives prevent you from investigating alternate possibilities. Yes, it is an inconvenient truth that no one discusses. When you set a goal, you devote all of your energy and focus to achieving it. This implies that you are less receptive to examining alternative possibilities and opportunities.
Goals might erode your confidence. Attaining your goals might provide a boost to your confidence. However, failing to reach the goals makes anyone feel bad about themselves. Failure to accomplish goals might be more devastating than you can think.
Your enjoyment is constrained by your goals. Goals produce a ‘either-or’ conflict: you must either accomplish your objectives and be successful, or you must fail and be a disappointment. A goal-oriented mindset confines you to a single scenario, although there are numerous possibilities to succeed.
Finally, as noted by one of my all-time favorite writers, James Clear, you must keep in mind that the point of goal setting is to win the game. On the other hand, the objective of concentrating on systems is to enable the player to continue playing.
4. You Have No Reluctance to Get Your Hands Dirty
To be successful, today’s entrepreneurs must take a more ‘hands-on’ approach to their business, which has changed considerably over the last few years and continues to change.
Especially in a highly specialized profession — whether science, law, economics, engineering, or any other — an entrepreneur who has never had their hands dirty will struggle to earn their team’s respect.
Meeting with clients in the field, contributing to sales talks, and attending logistical meetings — all of which may have seemed elementary in the past — are now critical components of success for today’s businesses.
According to Gleen Llopis, a US corporate executive and entrepreneur, entrepreneurship is about getting your hands on a business that has changed dramatically since the last time you met with a client, contributed to a marketing conversation, or sold something.
This, I feel, is the time for the world to discover new ways to re-ignite its momentum, which will demand more than simply hard work; it will require getting your hands dirty:
Rebuild relationships and trust. Those who wish to succeed in today’s environment must be real and approachable to everyone they meet. This requires you to open up your world to your coworkers, so building a stronger bond of trust with everyone you work with.
Increase your productivity while decreasing your observation. You need to accomplish more while observing less. It is preferable not to wait for problems to resolve themselves before you. The entrepreneur that want to succeed must be active in their concerns. Entrepreneurs who embrace the concept of doing small things generate the possibility of accomplishing great things.
Nobody has all of the solutions. True. Simply being the boss does not imply that you have all the answers. Reading a book may help you resolve your issues. However, consulting others and utilizing their wisdom is critical. The most successful entrepreneurs form relationships with others who can challenge their thinking and help them improve.
There is a direct correlation between discomfort and success. Throughout your entrepreneurial career, you will face difficult choices and situations. I feel that the more difficult conditions you encounter, the more probable it is that you will encounter situations that culminate in greatness.