6 Stern Truths You Need to Know Before Becoming an Entrepreneur

Expressing your desire for entrepreneurship 15 years ago would have created laughter and an assumption that you’re crazy. The tables have turned. Entrepreneurship has become one of the most respected and intelligent paths to take. It’s saved our economy and moves our culture forward.

Dream ‘jobs’ are disappearing fast. Creating your ideal opportunity is the new normal. A lot of people are getting into entrepreneurship but with a blurred perspective. They think all they need is passion and work ethic. Those people are in for a rough ride, unless they understand these five powerful truths.

You can either play it safe or become successful, but you can’t do both.

Stern Truth No. 1: Failure is the only thing guaranteed.

Michael Jordan, the epitome of success, has said “I have failed over and over again, but that’s why I succeed.” How you respond to failure determines your success. Successful entrepreneurs are paid for their high tolerance for stress and pain.

Successful people see failure different than the majority. Stay loyal to yourself through failure. Instead of taking failure personally, use it to sharpen your perspective and strengthen your commitment. Most new entrepreneurs beat themselves up but, to gain the competitive advantage, you must leverage failure for even greater success.

Failure adds to your hunger and real hunger comes from tough times. Good luck finding hunger in the kids who have had everything given to them.

 

Stern Truth No. 2: Habits trump inspiration.

Inspiration is needed to create consistent action but your habits are ultimately going to define your success or failure.

It’s been said after seminars and conferences only 5 percent actually use what they’ve learned. Why? It’s because inspiration is short term, feels good in the moment, but doesn’t last past the activity producing it.

The biggest inspiration of all is seeing progress and results, which comes from new habits. When you begin the formation of a new habit, stick to it and see the lasting change in your new-found life. Great entrepreneurs focus on behaviour and habits more than thought. Thinking is important, but doing is crucial.

 

Stern Truth No. 3: Resourcefulness is the ultimate resource.

The majority of people will say they don’t have the resources. This resource belief structure keeps most people from building the world-class businesses they are capable of.

The great entrepreneurs find a way to maximize whatever resources they have, as little as that may be. They don’t believe in limited resources because they understand the ultimate resources are the feelings and emotions that make them resourceful. Tony Robbins, the well-known life coach and motivational speaker, says is perfectly. “Resourcefulness is the ultimate resource.”

If you don’t have the money, but you are creative enough can you find the money? YES!  With enough determination and commitment can you make it work with little resources. The ultimate key is internal emotions.

 

Stern Truth No. 4: Your circle of influence will make or break you.

Leaving your mind open to the negative influence of other people is the most common weakness of new entrepreneurs. Poor choices of influence head the top of the list of reasons most entrepreneurs quit prematurely.

To grow, learn and become the person who achieves big success requires an exceptional supporting network. Successful entrepreneurs surround themselves with a powerful circle of influence who guide, challenge and help them think bigger.

Success rises and falls on who you associate with. Stay aware of your surroundings. You can systematize a lot of things but time isn’t one of them, so make sure you’re spending it with the right people.

 

Stern Truth No. 5: It’s not easy but it’s worth it.

The bigger the goals, the bigger the challenges. The bigger the rewards, the tougher the journey.

If becoming an entrepreneur was easy, everybody would be doing it and it wouldn’t be worth much. The moment you pursue entrepreneurship, obstacles will show up. They test your character and faith but let you see if you’re really serious about becoming an entrepreneur.

You must focus on the rewards on the other side of struggle. Visualize how good it will feel being your own boss, controlling your schedule, inspiring others and creating financial freedom. Chaos is guaranteed when you strive for entrepreneurial greatness. It’s important you accept that instead of fighting it. You’ll never know how strong you are until being strong is the only option that you have.

 

Stern Truth No. 6: There will be bad breaks before good breaks.

You will go through stages of great luck and then there will be down-and-out bad luck.  Instead of bemoaning the bad be prepared to hunker down and capitalize on both. Expect obstacles in your journey, the trick is to turn every obstacle into an asset.

Entrepreneurs indirectly influence how many opportunities spring up and swiftly pounce on these. So called ‘lucky’ people have specific behaviour and mind-sets which allow them to see far more opportunities and advantages than others on average. Luck is the act of turning challenges into opportunities.

Still want to be an entrepreneur? Good, I promise it’s worth it.

Culled from: Entrepreneur Magazine posted on 6th August 2014 by Entrepreneur Media SA