The Entrepreneurial Mystery: Why Some Succeed and Others Stumble
Hey there, fellow entrepreneurs! Recently, I have had the honor of attending, and speaking at, many events both in person and virtually. I have met so many amazing entrepreneurs doing so many amazing things. As a business advisor and executive life coach helping service based entrepreneurs grow their business and their life, it is my job to study patterns. I study patterns of successful business principles and patterns of successful people. Within the first 20 minutes of talking to someone I can usually see right away what their breakpoints are and I can recognize if they have the mindset to reach greatness.
Have you ever wondered why some entrepreneurs are living the dream, sipping on success like it's an exotic cocktail on a beach, while others find themselves in a perpetual struggle, chasing after success like it's the last piece of pizza at a party? Let's dive in and explore the wild ride of entrepreneurial success and the occasional faceplant for those who can’t get it right.
1. Passion Fuels Power:
Successful entrepreneurs aren't just in it for the paycheck; they're in it for the sheer love of what they do. They wake up with the excitement of a kid on Christmas morning, eager to tackle the challenges of the day. It's not about chasing money; it's about chasing a dream, a CLEAR vision that ignites their soul. Passion is the secret sauce that keeps successful Entrepreneurs pushing through the late nights, the setbacks, and the occasional "I have no idea what I'm doing" moments. You must love what you do and why you do it!
2. Resilience, the Bounce-Back Ability:
Picture this: Your brilliant idea just hit a brick wall, and you're left feeling like your dreams are hanging by a thread. Now, successful entrepreneurs aren't immune to failure; they're just exceptionally good at bouncing back. It's the ability to turn setbacks into learning experiences and setups for future wins. They embrace failure as a quirky sidekick on the entrepreneurial journey, knowing that every stumble is a chance to learn and grow. Resilience isn't just a quality; it's a superhero cape and invisible shield that helps entrepreneurs soar. Seeing failure as a learning experience is a skill that takes some time for some early stage entrepreneurs to grasp but it is critical for long term success.
3. Flexibility and the Art of Adaptation:
In the ever-changing landscape of business, rigidity is the fast track to obscurity. Successful entrepreneurs are the ultimate chameleons, adapting to market shifts and evolving trends with grace and ease. They don't cling to “what worked in the past”, which can be a sinking ship in some instances. They're the captains of the ship navigating to calmer smoother waters. Flexibility isn't just about doing yoga in the office (though that might help); it's about being open to change, embracing innovation, listening to new ideas, and being willing to pivot when the winds of the market demand it.
4. Networking: It's Not What You Know, It's WHO You Know :
This is a topic I speak about often. Building a thriving business isn't a solo gig. Successful entrepreneurs understand the power of connections, the power of a support system of people who can not only guide and direct you but also support you. It's not just about handing out business cards like confetti; it's about building genuine relationships and having qualified people in your corner. Building relationships and a support system, isn't a one-off event; it's a continuous dance of collaboration, mentorship, and, occasionally, even friendly rivalry. Those coffee meetings, industry events, and Instagram connections? These are threads weaving towards the blanket of success. This is why you will always see me attending events, connecting online, and taking lots of meetings to talk to people every week. The power of success is definitely in WHO you know.
Check out a recent video of my speaking on the “whos” at an event.
5. Learning: The Never-Ending Story:
Remember the days when you thought school was over once you had a diploma in hand? Well, successful entrepreneurs never got that memo. They're perpetual students of the game. Whether it's devouring the latest business books, attending workshops, or learning from their own mistakes, they understand that the moment you stop learning is the moment you start falling behind. Continuous learning isn't a chore; it's the rocket fuel propelling entrepreneurs into the future. If you don’t like reading then try podcast listening. I like to listen to podcasts during power walks, in the car, at the dentist, or when getting my hair or nails done! There is lots of time to advance your learning!
A few of my favorite podcasters:
6. Embracing the Art of Delegation:
Attempting to do everything on your own is a surefire way to burn out faster than a candle in the wind. Successful entrepreneurs are savvy delegators. They surround themselves with a team of talented individuals who bring their own superhero skills to the table. Delegating isn't a sign of weakness; it's a strategic move that allows entrepreneurs to focus on what they do best while letting others shine in their respective areas. Building a team is critical. If you are a solopreneur, you essentially have a job, not a business. It sounds cliche but the old saying, “teamwork makes the dreamwork” is so true when it comes to success. I rely on my small but mighty teams in both of my consulting businesses, and in my real estate business. I could not be where I am today without my teams, that's for sure!
7. Vision with a Side of Strategy:
Having a grand vision is fabulous, but without a roadmap, you might end up lost in the entrepreneurial wilderness. Successful entrepreneurs pair their lofty dreams with a solid strategy. It's the combination of dreaming big and knowing precisely how to turn those dreams into tangible, actionable steps. Visionaries with a touch of pragmatism – that's the winning formula. This one took me a long time to master. In my early years as an entrepreneur, I didn’t understand enough about business principles, I didn’t understand how to build the right team, I didn’t understand how to optimize the key messaging and marketing funnel. I understand those things now. Today, I am very clear on both the vision and the strategy for my own businesses and for my concierge clients and their businesses. Monitoring those key metrics along with constantly revisiting the passion, getting clarity on long term goals and creating key messaging for the brand is a critical combo for success. That combo can lead to massive success and it has been so fun to watch my clients go from solopreneur to mid 6 figures, from 6 figures to 7 figures, all while gaining more time for family and self care, while honing in more and more on their true clarity for ultimate success.
In the vast and unpredictable world of entrepreneurship, success isn't a guarantee that’s for sure, but it's certainly not a stroke of luck either. It's a concoction of passion, resilience, adaptability, networking, continuous learning, delegation, and a pinch of visionary strategy all mixed together to create the perfect cocktail. So, fellow entrepreneur dreamers and doers, buckle up, enjoy the ride, and remember: the rollercoaster of entrepreneurship is more thrilling when you know how to navigate the twists and turns. Cheers to your entrepreneurial adventure! 🚀✨
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