One of the best things that you can do on your entrepreneurship journey is to find inspiration and motivation from successful entrepreneurs.
They have already been there and done that, which makes their experiences priceless. It gives you a chance to learn from their mistakes and pick up habits that were crucial to their success.
Think and Grow Rick
by Napoleon Hill
⏱ 13 minutes reading time
🎧 Audio version available
An Idea Just Isn’t Enough
The saying ‘all good things start with an idea’ has been an inspirational motto that drives people to succeed and motivates them to start their journey, no matter what their idea is. It’s true that many of the great things that we have today started with a simple idea– there’s no denying that.
For example, Facebook founder and CEO started the social media platform because he had the idea of creating a ‘face book’ that would encompass the entire student body at his university– and look where that idea got him. Zuckerberg is now one of the top 10 richest people on the planet with a net worth of $118.9 billion, as of 2021.
What people might not realize that there are many factors alongside his great idea that catapulted him into success. An idea isn’t enough, no matter how great or unique it is, when other factors don’t align with that idea. It’s important to understand that timing is as important as the idea itself, as well as the execution of the idea, and the planning.
In many aspects of life, we’ve been told to stick to what we know and to not venture out as that’s synonymous with setting ourselves up for failure. So, it might come as a surprise that entrepreneurs actually encourage the complete opposite. Successful entrepreneurs stand behind the idea that in order to be more successful, you have to be curious.
Believe it or not, when Adam Bryant interviewed over 500 of the world’s most successful CEOs for a series that he was creating, the majority of them credited curiosity for their success. Curiosity pushes a person towards knowledge and discovery. It’s the birthplace of characteristics like creativity, innovation, and empathy– all of which are characteristics that successful entrepreneurs possess.
When you approach things with curiosity, you don’t have a set plan or steps that you will follow– you can never expect the outcome. This opens the door to new experiences that you weren’t expecting, which is exactly how groundbreaking discoveries are made.
Failure Isn’t The Reason A Business Fails, Inaction Is
Greek-American author and co-founder of the Huffington Post, Arianna Huffington, shone a light on how a lot of people view failures and how those failures should actually be viewed. She stated that failure is not the opposite of success, it’s a part of success.
So, as opposed to seeing failure as an obstacle or a bump in the road, it should be viewed as a tool to success. It’s okay to fail– and as a matter of fact, failing is a must when it comes to business. It shows you where you should and shouldn’t be, and gives you a chance to redirect and reevaluate your plans.
It doesn’t matter if you fail, even if it’s hundreds of times. What truly matters is your reaction to that failure and how you bounce back from it.
When we see successful people, we rarely think about the fact that the majority started with nothing. American talk show host, Oprah Winfrey, was fired from her first television job in the early stages of her career while Uber CEO, Travis Kalanick, filed for bankruptcy before he founded his company. It’s important to view failure as a foundation for success, and always remember, failure isn’t the opposite of success, inaction is.
Your Health Comes First
When you first set foot into the world of entrepreneurship, it seems like being stressed becomes a part of your daily routine. You want to give your business everything and push your own limits to the point of breaking . You stand strongly behind the belief that success comes from hustling. You’re willing to go to extremes to achieve that success, so you sacrifice everything– even your own health.
Unfortunately, this mindset is adopted by many young entrepreneurs in the early stages of their businesses. And, the thing is, they will continue working late hours and live a stressful lifestyle until they can’t hustle anymore and experience burnout– and some of them aren’t able to bounce back from that burnout.
Your health shouldn’t be the price you pay for success. Taking time for yourself is necessary for your physical and mental health. You might be able to run on little to no sleep for a short time, but you’re not doing yourself any favors by doing so– you’re actually impacting your business in a negative way.
You Have to Take Risks
It’s safe to say that if you’re an entrepreneur who isn’t willing to take risks, you might want to reconsider being an entreprenur. Entrepreneurship is all about taking risks, the two come in the same package. In fact, for many people, their entrepreneurship journey starts with the biggest risk of all: quitting their stable 9 to 5 job to dedicate their time and energy to their new business.
It’s true that many of the risks you’ll take in your journey won’t pay off. However, they should be viewed as opportunities to learn, grow, and move forward. And, when a risk pays off– this will make you stand out and push you one step closer to success.
Make Calculated Decisions
We’ve previously mentioned the importance of taking risks in business. However, not every decision you make should be a risk; they should be carefully calculated.
A lot of people avoid making decisions like the plague; they don’t want to make a decision that might backfire, so they don’t make it at all. Luckily, the ability to make good decisions can be cultivated through time and experience.
And, always remember, if it wasn’t for Bill Gates making the calculated decisions he made throughout his career, we wouldn’t have Microsoft today.
Learn to Work With Others
When asked about the most critical skill to achieving success, English business magnate and founder of the Virgin Group stated that working with others is among the top skill sets that he developed in his career and that it’s something that every entrepreneur should learn.
When it comes to entrepreneurship, it’s a common misconception that you are on this journey alone. We’re not saying that entrepreneurship isn’t a lonely journey because, for a lot of people, it is. It can feel like you can only trust and rely on yourself, and whether it’s setbacks or breakthroughs, you’re going through all of it by yourself.
Given the fact that stress and loneliness go hand in hand, what a lot of young entrepreneurs might not realize is that these two things have been dubbed the silent killers for a very good reason; they can, and do, kill. According to countless studies, they can increase the risk of heart disease, stroke, and cancer, and are comparable to being diabetic in old age.
Interestingly enough, the solution to avoid all of that is to learn to work with others. Instead of acting on your instinct of doing everything alone, find yourself a partner– or even better, a co-founder. This way, you will have another person with the same passion as you and at the same time, will share the same concerns.
If having a co-founder isn’t your cup of tea and you decide to be the sole business owner, you can still find a way to avoid being on this journey entirely alone. For example, rather than working at home all the time, find a coworking space where you’re surrounded by like-minded people who can curb your loneliness.
Believe in Yourself
As cliche as this might sound, believing in yourself plays a major role in the success of any business. You’ll find that entrepreneurs who don’t believe in their own abilities can’t go far with their business; whenever an obstacle is thrown their way, they stop in their tracks and struggle to bounce back.
On the flip side, when an entrepreneur believes in themselves, they won’t focus on setbacks. Instead, they will learn from them and move on because they know that they’re capable of moving towards success.
Follow Your Passion
We’ve all heard the popular Marc Anthony quote, ‘If you do what you love, you’ll never work a day in your life’. Successful people like Steve Jobs, Warren Buffett, and Mark Zuckerberg, all had one thing in common; they followed their passion.
They all believed in the power of passion and that it makes all the difference. It’s what will make you resilient in the face of obstacles and will help you persevere through it all. When people only do it for the money, they have a more difficult time when problems arise. However, when passion drives you, your chances of success skyrocket.
What Is Snapreads?
With the Snapreads app, you get the key insights from the best nonfiction books in minutes, not hours or days. Our experts transform these books into quick, memorable, easy-to-understand insights you can read when you have the time or listen to them on the go.