A student for life
The foremost thing entrepreneurship offers is an opportunity to step into the real world. Out there, the competition is fierce. With the fluctuating nature of the business world, the road to success can seem long and hard. To survive and thrive, entrepreneurs keep themselves informed and aware. They absorb knowledge from wherever they can. They believe in being a student for life, even after reaching the pinnacle of success.
Bill Gates reads around 50 books a year. Warren Buffet, Oprah Winfrey, Mark Cuban spend hours reading newspapers, magazines, books every day to continue learning. Entrepreneurs like them cultivate the habit of reading at the very onset of their journey, which helps them learn and grow simultaneously.
‘Adaptation’ of the fittest
If time has taught anything to entrepreneurs, it is the importance of adapting to change. After all, change is the only constant in the business world, and many leaders have learnt it the hard way. When Apple launched its smart-screen technology, no one knew it will become the standard or dethrone BlackBerry. But it did. Such instances have enabled entrepreneurs to reshape their attitude, inspiring them to live by one rule—prepare for every curveball. It means, welcome new ideas, be open to realigning the strategies and never shy away from exploring new opportunities.
After all, adaptation and survival are two sides of the same coin. Entrepreneurs who have just started their journey use this adage as a slogan to find success. Instead of sticking to their guns, entrepreneurs try new ways to accomplish their goals. If one strategy doesn’t work, they adapt to a new, sometimes completely different approach. They work on every assumption and continue to adjust as per the audience’s feedback. This is how entrepreneurs build a product, or rather a company for that matter.
The hidden meaning of failure
For many, failure is the end of the road. For entrepreneurs, however, failure is just another opportunity to grow. Every time they stumble, they learn something new—what works and what doesn’t. The more they fail, the more they learn about their venture. But come what may, entrepreneurs refuse to give up!
Thomas A Edison, the inventor of the first practical incandescent light bulb had the same attitude towards failure. He said: “I have not failed. I’ve just found 10,000 ways that won’t work.” Like Edison, determined entrepreneurs use failure to their advantage. For instance, using it as an indication that their plan is missing a valuable piece; as a sign to take a step back and reanalyse the strategy; or as a wake-up call to work harder than before.
The spirit of taking risks
“He who is not courageous enough to take risks will accomplish nothing in life,” said famed boxer Muhammad Ali. Although Ali may have said this about boxing or life in general, it stands true in the world of entrepreneurs. Because entrepreneurship in itself is a risky venture. By leaving a secure job behind to pursue a dream with a dubious future, every entrepreneur takes a gamble with their career. But it’s the same spirit of taking risks that makes them fearless in their journey to achieve the unachievable.
By taking risks, it doesn’t mean you should chase every idea or opportunity blindly. Entrepreneurs take calculated risks to minimise the collateral damage and maximise the chances of success. But whatever be the outcome, they become more informed and optimistic at each step. That’s how entrepreneurs evolve. But why should you take risks instead of taking the safer route? Because—in words of the Facebook founder, Zuckerberg: “The biggest risk is not taking any risk.”
The seed of patience and the fruit of belief
The Greek philosopher Aristotle said: “Patience is bitter, but its fruit is sweet.” It was true hundreds of years ago and it is true even today. Especially for entrepreneurs who, in most cases, don’t taste the fruit of success in the first few years. They continue to hustle, day and night, in a hope that one day their hard work will pay off. But sometimes, patience can run thin when failure meets you at every turn. This is where belief comes into the picture.
In 2009, Brain Acton, the co-founder of WhatsApp tweeted: Facebook turned me down. It was a great opportunity to connect with some fantastic people. Looking forward to life’s next adventure. Fast forward to 2014, the same company that rejected Acton, paid US $19 billion to buy his start-up. What made Acton—and other successful entrepreneurs like him—pursue his dream, despite the rejections and denials? Belief, the biggest strength of every entrepreneur. With belief and patience as their virtue, entrepreneurs have proven that in life anything is possible.
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