5 Dominant Traits Of Success of A World Class Entrepreneur
World Class Entrepreneur – 5 Dominant Traits Of Success
The 5 Traits of Successful Entrepreneurs
The internet has sparked the interest of millions of people wanting to build an online business or to expand a brick-and-mortar business into ecommerce. If this sounds like you, be prepared to keep your motivational “engine” firing on all points. Having the desire to “be your own boss” isn’t enough. In this report you’ll discover motivational forces which define the difference between “hobby” entrepreneurs and wealth generating entrepreneurs. The following describe five key factors shared by successful entrepreneurs which are:
- Driving Force
- Energy Management
#1 Driving Force
Human motivation is a very complex thing and the driving forces behind what motivates you may be obvious, but often are difficult to discern for many aspiring entrepreneurs. Did you know that there is a hierarchy of motivation? Once you understand the link between the levels in this hierarchy and the need to satisfy them, then you can understand the main driving factors behind human motivation.
Abraham Maslow was an American psychologist who created the theory of the hierarchy of needs. The theory states that there are certain levels of human needs which must be fulfilled before achieving self- actualization. Maslow’s Hierarchy of Needs looks like this:
Maslow’s Hierarchy of Needs
At the very bottom layer are the basic human needs to live: food, water, sleep and sex. If you can’t feed yourself or your family, you won’t be able to achieve the higher layers in the pyramid. Once people have food and shelter, then they feel secure in their environment. There is a sense of order and stability. At this stage they have a feeling of belonging and are capable of developing a loving relationship. The highest layers, that of self- esteem and self actualization, are the levels that many people struggle to achieve.
At the top of the pyramid, the need for self-actualization occurs when a person feels accomplishment and believes they are achieving their full potential. Once a person has reached the self-actualization level, they focus on themselves and try to build their own self-confidence by setting and accomplishing goals.
Maslow referred to the first four levels are as the Deficit needs or D-needs. This means that if you do not have enough of one of these four needs, you will have the feeling that you need to get more. But when you do get them, then you feel nothing at all! Hence, they cease to be motivating. This is an important realization when it comes to establishing goals.
Since money is the medium we use to pay for food, shelter and security, establishing a monetary goal isn’t enough as a strong internal driving force for an entrepreneur. That’s why motivational coaches encourage people to have a purpose beyond one that is purely monetary. Having a purpose is an absolute must in order to keep the entrepreneurial engine revved up.
Uncertainty and Fear
Uncertainty and fear are factors causing entrepreneurs to give up or miss fulfilling objectives.
Blame the brain. It all starts there. A stress stimulus causes a release of chemicals which start your heart to racing, which increases you rate of breathing and your muscles are engaged – ready to run. That emotion is often referred to as the fight-or-flight-response. The stressor can be real, like the first time you parachute out of a plane, or imagined, like the boogie-creature living under your bed when you were a child.
The point is to realize that fear is a physical reaction and that there are two directions involved in the fear response. One path is the “take no chances” path. Usually, this is a quick response. The phrase to “shoot first and ask questions later” sums up the “take no chances” path.
The other path is more “thoughtful” and delivers a clearer interpretation of events. It’s when you have a moment of terror, but then after a few seconds, you calm down. Both processes are happening simultaneously. The difference between responding with a “take no chances” or “thoughtful” reaction is conditioning developed from lack of or extensive experiences.
Successful online business owners learn how to eliminate paralyzing uncertainty by understanding what has to be accomplished to achieve their goals. Entrepreneurs find success in both the mundane activities as well as new opportunities. They are driven and are ready and willing to try something new. Developing an entrepreneurial mind can bring great rewards and plenty of new fears. But you’ll get over them.
#2 Energy Management
If you’ve seen the trailers or the full movie, “Fast And Furious,” you know what NOS is. This is a street racing term used to refer to Honda Preludes converted into street rockets. Well, there probably are some Toyotas, Mazdas and Acuras in the mix, too.
A NOS system produces a chemical known as nitrous oxide (N2O), often used in the performance optimization of car and motorcycle engines. The N2O pumps extra oxygen into the fuel system which converts into extra horsepower. Drivers only have to push a button and the car shoots down the street at amazing speeds. Well, that’s the movie version.
One misconception is that NOS can be installed on any car. Another is that NOS is nitrous oxide. NOS is an acronym for brand ‘Nitrous Oxide Systems’. Nitrous oxide can only be installed on some engines, and does not necessarily mean a huge gain in speed. What does this have to do with being a motivated entrepreneur?
Are you a high energy producer? Take a quick mental inventory of some successful entrepreneurs you follow. Are they always delivering new products? Are they full of energy in their presentations or videos? If so, they have a not-so-secret fuel burning in their entrepreneurial engines. It’s not NOS, it’s a power mixture of VISION + GOALS.
There’s that four letter word again – goal. If you are trying to build a business without goals you are going to run out of gas. A race car driver has a goal: cross the finish line first. The driver knows how much fuel he needs to finish first. And if he misjudges it, then he knows that more fuel is required for the next race.
Yet so many online businesses start and later fizzle because of a lack of challenging goals. Once you have goals established then create the intermediary steps or tasks to get to the finish line. Having this in place will keep fuel in your entrepreneurial engine.
There are other physiological things you need to manage, too. Remember Maslow’s Hierarchy? Watch your diet, implement an exercise program and get plenty of sleep. Some entrepreneurs benefit from adding yoga and meditation into their physical management practices. Establish a routine and make it a habit.
#3 The Focus Habit
Remember the four letter word “goal?” Having measurable goals help you keep on track. Losing focus is often caused by a lack of belief in a goal or simply bad habits.
Pursuing a goal without first breaking it down into manageable steps can cause your mind to meander. Before you know it, you’re checking out unrelated videos on YouTube or shopping for some new gadget.
The simplest way to handle this is to break down the goal into tasks and assign due dates to these tasks. Next, and this is a critical point, you decide to meet these tasks. It’s a personal choice whether or not you will complete goals. Sure, you’ll run into problems, but that is all part of the game. Once you’ve set your mind to accomplishing the tasks, the document due dates on your calendar or better yet in a planner.
As a solopreneur, you are in charge of yourself. That’s what you wanted – right? Now you have a schedule of tasks to accomplish whether you feel like doing them or not. Here are some tips to keep you on track.
Stop multi-tasking. Do you try to complete two or more tasks at the same time like trying to fold laundry and write an outline for your next Kindle book. You aren’t focused on either task and will do a poor job of both. Instead, block out a segment of the day to focus on the task. If you struggle with focusing for more than 20 minutes, then use 20 minute blocks of time.
Schedule in “action breaks.” Take short breaks every two hours and try walking or exercising. If you do better with a longer break then take 30 minutes out for a mini-workout or walk. If you walk, this is a great time to pack along your MP3 player and listen to some motivational audio books.
Consistently accomplishing small tasks, on time, will strengthen your self-belief and fire up your entrepreneurial engine.
Reward. Don’t forget to reward yourself for sticking with your daily routines and tasks.
Along with focus, you must be productive. The knack for getting things done is directly linked to your ability to define goals, tasks, due dates and scheduling, as well as committing to the work. Hey! This is sounding almost like a job! The difference here is that your internal drive is motivating you to get the task completed and not your boss or even the paycheck at the end of the week. This habit is part of your daily routine. You may have to glance at your planner to remind yourself of the weekly deliverables, but then you sit down and get things done.
Do you struggle with getting things done or follow-through? Procrastination is a bad habit spawned by lack of focus and fear. One suggestion is to start with small wins in order to feel the satisfaction of completing tasks on time. Once you get a few small wins under your belt, you’ll have to push for larger accomplishments. If you don’t, you’ll become complacent about the overall objective and due dates will pass by without competing tasks.
Once you get in the productivity groove, keep revisiting your objectives and add in new ones – new challenges.
Here is a quote attributed to President Calvin Coolidge …
“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘press on’ has solved and will always solve the problem of the human race.”
The point Coolidge makes is when faced with challenges, setbacks and failures, persistence wins. Innovations don’t just happen overnight and often require persistence in testing and development. Scientists and inventors understand this and move forward through each iteration of testing driven by the belief that they must prove out (or disprove) the idea.
As an entrepreneur, it comes down to having a strong conviction about your vision, creating a plan and working that plan to fruition. New discoveries, products and innovations are not won in a lottery pool and rarely possible to make a quick buck as an entrepreneur.