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Posts Tagged ‘entrepreneurial’

So “Millennial” – You want to start a business? So does everyone else.

Wednesday, December 20th, 2017

Well maybe not everyone, but in 2017 Forbes reported that over 62% of millennials contemplated entrepreneurship. While they concluded that for the time being, that number isn’t representative of how many businesses are actually being started, it still indicates a strong interest in self-employment.

Entrepreneurship may be for you, but before your quit your job and buy that Passion Planner, only to realize the harsh reality of starting from scratch, consider ways you can work with an “entrepreneurial spirit” that doesn’t involve starting a business.

Looking for Voids to Fill:

Anyone interested in starting a business has heard many times that one of the quickest routes to success is to find a need in the market, and look for ways to fill that need. But contrary to popular belief, this concept doesn’t only apply to entrepreneurship. In any work environment or organization, you can look for voids where you can add value. The best way to find a void, is to get to know the space so well that you can’t help but fall into the hole, and then be forced to create a (potentially better) way out.

Learning to Delegate:

One of the common draws of entrepreneurship for many is the notion of being your own boss. But in reality, entrepreneurs must be pros at working with others and delegating tasks. An entrepreneur without the ability to trust and delegate only limits their own success.

 Making the Commitment:

Millennials have been coined as the ones who keep a job for a month and then quit because they’re “so entitled.” But to those who see entrepreneurship as the perfect way out of a day job, think again. If you’re unable to commit to a regular job, then what makes you think you can handle having your own business? Part of working with an entrepreneurial spirit is being able to make a solid commitment, put in the time (and a lot of it) and do things that you really don’t want to do.

So whether you take the entrepreneur plunge or not, it’s important to know that there are other ways to get a “visionary fix” without starting a business of your own. Working with an entrepreneurial mindset may be just as fulfilling as the title itself.

Born or Built Entrepreneur

Tuesday, July 7th, 2015

Eye color, height, and even taste can be accredited to your genetic makeup, but what about entrepreneurial prospects? Physical attributes are one thing, but can your genes really predetermine leadership abilities, career or success? It is the age-old question, nature versus nurture.

Researchers suggest that entrepreneurs are born, not made, based on instinctive qualities and personality traits tied to your genetic disposition. Generally, entrepreneurial characteristics such as passion and perseverance are demonstrated from a very early age rather than attributes learned later in life. “You can teach someone to play the piano, but that doesn’t necessarily mean they’re going to be a concert pianist,” says Greg Davies, head of behavioral and quantitative finance at Barclays Bank.

Despite the genetic theory, researchers have yet to identify an actual entrepreneurial gene. Therefore, learned behavior and education may have more to do with one’s success as an entrepreneur. “I’ve been teaching for 20 years, and in my experience people can definitely discover their passion for entrepreneurship in the classroom,” says Julian E. Lange, Professor of Entrepreneurship at Harvard University. Individuals with the desire to become an entrepreneur may not inheritably possess traditional traits associated with an entrepreneur, but that doesn’t mean that these traits can’t be learned through hard work and practice.

Odds are your ability to become a successful entrepreneur is a combination of both nature and nurture. You can have the genetic makeup of an entrepreneur, but without dedication and the right work ethic, you may not be able to build and retain a successful business. In the words of professional baseball player, Roger Clemens, “Anything is possible if you have the mindset, the will and desire to do it and put the time in.”

 

Ann Keeling says:

In my experience, most entrepreneurs are born to lead, to create successful businesses. There are innate qualities that entrepreneurs possess that, in my opinion, can’t be learned – like common sense, strategic use of intuition, a natural sense about people and good decision-making. Those who have been most successful in business have a “fire in the belly” about whatever it is they do, and that can’t be learned or taught.

“Yes, I Said No.”

Wednesday, August 6th, 2014

It’s time to put on the tough layer of skin and lay down the law. The key to your business success can be as easy as one word – “No.”

Wharton professor and author, Adam Grant, tells professionals: “Limiting your commitments is the only route to excellence.” Typically, we would cue a sigh of relief…but professionals at every level are not taking the advice to heart.

Success has been built on a habit of saying, “yes” to any opportunity that arises.  However, saying yes to too many opportunities, too many projects, and too many people is a recipe for disaster. The challenge is knowing when and how to say no – and Grant is just one of thousands of business consultants who hammer this advice to professionals over and over again.

Saying no is not very easy for most people and is associated with negative characteristics such as lack of commitment, negativity, and selfishness. It’s not surprising that we have built a reflexive habit of saying “yes.” Even when we do build up the strength to say “no,” it more often than not, turns into a yes. A customer argues, a friend begs; a no – turns to a maybe – then to yes. Don’t let being nice cause challenges in the workplace. You can say no, without damaging relationships or acting like a jerk.

When individuals are able to separate the personal from the professional, “no” becomes much easier to say in the name of business. Concentrate on the business component of the request. There might be clear barriers or unrealistic expectations that can be clearly and quickly explained. That said, short and to the point is a must. Don’t try to distort the message by making your rejection a monologue with a winding explanation. More often than not, your colleague won’t know what you said and you’ll have to explain again. Providing a realistic answer can help curb the typical sentiment of a no answer (anger and unhappiness), and make you feel better. Practice ahead of time, because you don’t want to have to say no twice – or end up saying yes, agreeing to something you wish you hadn’t.

There are certain scenarios where no is the ONLY option. They may seem obvious, but people still manage to get themselves into trouble by thinking they will be able to sort out the situations. Once you have mastered the realities of when you have to say no, you’ll be much more comfortable saying no in the future. Learning when to say no is a necessary skill to build your personal and corporate success, and a balanced life.