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How can I become a successful entrepreneur? originally published on Quora: the place to gain and share knowledge, to empower people to learn from others and to understand the world better.
reply by Alexandre Robicquet, CEO of Crossing Minds, on Quora::
Let’s break this down into a few different steps.
- Determine how you define success as an entrepreneur. Is it the money you make, the innovation you create, the scale you operate in, the fame you achieve? Many successful entrepreneurs are local small business owners – perhaps flower shop owners. They are known in their community, have a positive balance sheet and have expanded their business to several locations. Do you think of that as your success? Every good entrepreneur has a clear idea of what he is aiming for and then sets the steps in motion to get there.
- Think about why you want to become an entrepreneur. To be an entrepreneur, by definition, means to endure extreme risk of default. Are you ready to spend an awful lot of hours doing something with no guarantee that it will pay off? Many authors have pointed out the importance of finding your “why” (Simon Sinek). The real truth behind this advice is that this “why” is the only fuel, or even the only life jacket, you will have during these tough times. I am saying that without a why you will not be successful. I say this without a why, you will surely fail. I also believe that a “why” is seldom at its core, necessarily “chivalrous”. It doesn’t have to be “I want to save the world”, let’s face it, deep down that is rarely the case. The only critical thing about a “why” is that it has to be yours and you have to work on it on your own until you own it completely. Ninety percent of entrepreneurs started a business because they had a solution and then figured out the problem. There is no “why” here. You have to find one and own it.
- Surround yourself with people who are smarter than you and ask them MANY questions. A growth philosophy is a critical component to success. By surrounding yourself with intelligent people who feel empowered to challenge you, you will: Demonstrate that you are confident and not territorial about your positions. Remove the risk of groupthink and / or yes people. Showcase A growth philosophy that contributes to constant learning and increases your chances of success.
- After all, you know your “X-Factor” as well as your kryptonite. Two of the most important and valuable things that you should understand, no matter what type of entrepreneur you want to be, are your superpower and your ultimate flaw. The first defines how to get it working, the second to understand who to hire.
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