Having These 3 Qualities Is Mandatory To Succeed as an Entrepreneur
These are the 3Ps of entrepreneurship.
Having a 9-to-5 job is clearly not a dream anymore. If a majority of people continue to hold this type of job, it is often not by choice, but rather by obligation.
These people would like to do something else, but they don't have the possibility. There are many reasons for this: not the right time for their personal situation, lack of ideas to start, or simply lack the courage to change their life from one day to the next.
Leaving your 9-to-5 job to become an entrepreneur requires courage.
Becoming an entrepreneur is a complete paradigm shift for your life
It is a major paradigm shift in your life. You will go from a mode of operation where you depend on a boss to a mode where you are your own boss. You are going to be the one who has to bring in the money every month. This is rewarding, but also terribly scary.
Many wonder if they can handle the pressure.
If you think about it, most people end up staying in the comfort of the 9-to-5 job world. It's a comfort, but it's also something that will prevent you from truly living your life on your own terms.
For that, you will need to have control over your time. This control over your time is obtained by having more money. There's no need to go on an endless quest for more money though. You simply need the right amount of money to be able to lead the life of your choice.
The prerequisite is obviously to define your life goals.
If you've weighed the pros and cons, and decide to go for it anyway, things will really get interesting for you. You will be able to change your life completely, but for that, you will have to rely on 3 mandatory qualities to succeed as an entrepreneur.
Personally, I call these the 3Ps of entrepreneurship. Here they are.
1. Patience - Overnight success is a myth
The general public loves stories about people who have achieved huge success seemingly overnight. In fact, the media feeds them with these types of stories. This can give you the impression that some people achieve great things instantly, while your efforts over many months do not bring you anything as great.
You need to get rid of the myth of overnight success. Overnight success only exists for those who build it over many years of upstream efforts.
This illustration should open your eyes to the reality of success:
Patience is therefore the key to being a successful entrepreneur. Whatever you do, you must accept that achieving great success will take time.
Once you have integrated this fundamental truth, you will be able to continue to advance at your own pace without comparing yourself to others. You are entering a marathon where your only opponent is yourself. Your only goal should be to do better than the day before each day.
2. Persistence - You will make mistakes, but you have to keep going and keep looking for ways to improve
The educational system teaches us from an early age that making mistakes or failing is something we should almost be ashamed of. I still remember my high school teachers handing in test papers starting with the lowest grades and working their way up to the highest grades.
The goal was probably to humiliate the students with the low grades to better highlight those who had succeeded in their eyes.
You must understand that life has nothing to do with this. In real life, there are no good or bad grades. In life, there are only outcomes that are positive or negative at a given moment. However, in any case, you will have to find the courage to continue to move forward based on these outcomes.
So persistence is the key. Whatever you achieve, you must keep moving forward, learning from your experiences to do better the next time. No entrepreneur has ever been successful without having experienced many failures before.
Failures and mistakes are part of the process of anyone who really wants to innovate, as Jeff Bezos often reminds us.
After the $170M failure of the Fire Phone in 2015, Jeff Bezos said simply this to program director Ian Freed:
“You can’t, for one minute, feel bad about the Fire Phone. Promise me you won’t lose a minute of sleep.”
A $170 million failure is enough to torment you for a while. For Jeff Bezos, it was out of the question. As someone who is always looking for innovation, Jeff Bezos sees failure as part of the road to great success.
Jeff Bezos was then able to use the lessons learned from that failure to build a phenomenal success with the Echo line of connected speakers. Persistence is the key.
3. Passion - You need to be in a field you love
Many believe that you should follow your passion to choose the field in which you will become an entrepreneur. This is not an absolute truth in my opinion. Not all of your passions will make you successful as an entrepreneur.
However, you need to find the balance between things you love and things you are good at. Getting into something you hate will not allow you to be persistent in your efforts along the path to success. So you have to find the right balance.
You'll also notice that making money in a field you are good at and that you initially disliked will change your opinion of that field. Little by little, you will love it more and more. We are all like that. We all end up liking the things we can succeed at.
So there's no need to torture yourself by searching for months for the things you're passionate about.
It's better to get started quickly in an area that interests you and that you're good at. You'll learn important lessons and make faster progress toward your goals.
Final Thoughts
Becoming an entrepreneur is something that changes a life forever. Some people don't have what it takes to succeed by being in charge of their own success. It's not a shame to admit it. In fact, it's quite the opposite. Knowing your limits will help you avoid wasting time and money in life.
For those who are going to start their own business, I think it is essential to rely on the 3Ps of entrepreneurship that I have just detailed. Patience, Persistence, and Passion will help you maximize your chances of success.
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