In a mere .40 seconds, Google serves up 79,800,000 results on “how to be a successful entrepreneur”.
That’s a lot of advice.
- Bold headlines: Build Your A-Team … Pitch Like a Pro … Know Your Competitive Advantage
- Name dropping : Zuckerberg … Jobs … Sandberg … Omidyar … Wozniak … Corcoran
- Videos on sleep habits of successful entrepreneurs … from dropout to billionaire … rocking your pitch
- Catchy words: unicorn … killer … crushing it
With almost eighty million results to sift through, it is possible to find advice or information on just about anything and everything. But, in reality, the biggest determining factor in achieving success cannot be found on a website, in a book or in advice personally shared from the best of mentors. The ultimate success or failure of an individual has far more to do with their own mindset than any other factor. While there are many traits that contribute to mindset, here are three that, when adopted, lead to a powerful shift in thinking and outcomes when confronted with difficulties.
Gratitude is not an emotion but a mindset that allows for the possibility of good being derived from the worst of circumstances.
Sir Richard Branson, founder of Virgin Group, published a letter earlier this year with advice on how to be happy, and none of his advice had to do with wealth, success or achievements. Instead, it had to do with mindset. “Happiness shouldn’t be a goal, it should be a habit. Take the focus off doing, and start being every day. Be loving, be grateful, be helpful, and be a spectator to your own thoughts.”
By embracing a mindset of gratitude, we allow ourselves to hope when facing defeat and to feel joy in the midst of difficulties. When we are grateful for the good despite the bad that is happening, we are empowered to move forward, to remain tenacious, to summon the energy to struggle on. Gratitude fuels an entrepreneur to persevere, iterate, pivot or close down one venture with the courage to begin again.
A mindset of generosity helps maintain the emotional resources and the social goodwill to survive the ups and downs of entrepreneurship.
I first met Alex Wirth, the cofounder of Quorum Analytics, Inc., at the Personal Democracy Forum in New York City earlier this year. I had asked a panel of investors and founders for advice on growing visibility for our civic-focused startup, APPCityLife, which is based in the sparsely populated state of New Mexico. Immediately following the session, Alex sought me out and introduced himself as a fellow New Mexican and offered to provide introductions into his own network where it might be of help.
Alex Wirth, Cofounder, Quorum Analytics, Inc.
Alex is one of those inspiring individuals who has found success in his own company by embracing a philosophy of generosity. He opted to extend his own network to another startup founder simply because he could and because he knew it would help. Not once has he asked for anything in return, and he has more than made good on the offer he made to me that day.
A mindset of generosity does not mean we operate in a state of naivety. We can be generous by sharing our network while respecting the privacy of those within our own network by gaining prior permission before sending introductions. We can share insight, give advice, and help others while still protecting our own intellectual property. But when we operate from a protective mindset or a scarcity mentality, where we make sure we get ours by keeping it away from others, we not only fail to help where we could make a difference, but we also fail to surround ourselves with others who embrace a mindset of generosity and who could, in turn, support and help us in a time of need. A wide network built on goodwill that we can access in times of difficulty can mean the difference between survival or failure.
Positive pragmatism is the ability to clearly identify barriers and flaws while maintaining a hopeful environment for exploring creative alternatives.
via Humans of New York: “I work at a tech start-up. We design sailing drones. I was the tech guy but my cofounder quit and moved to Singapore. So I just bought three suits at a Brooks Brothers outlet, and now I’m the CEO.I work at a tech start-up. We design sailing drones. I was the tech guy but my cofounder quit and moved to Singapore. So I just bought three suits at a Brooks Brothers outlet, and now I’m the CEO.”
There is this moment in the experience of every entrepreneur where some devastating setback threatens to derail all progress forward. It is the self-talk, the story that we tell ourselves about that moment which shapes our perceptions, reactions, and ultimately, our decisions. If we’ve learned to frame those moments in a mindset of positive pragmatism, we are far better equipped to endure the extreme lows that are a common occurrence within the startup industry.
A recent post by photographer Brandon Stanton, the creator of the popular blog, Humans of New York, perfectly depicted this attitude of positive pragmatism. A young entrepreneur’s comment about becoming CEO was met with derision by many readers who questioned how the purchase of a suit could turn anyone into a CEO. But the truth is this: when someone leaves a startup, it leaves a hole. Somebody else has to step up and fill the gap – – and it is usually someone who cares a little more, is a little more committed, and who isn’t yet willing to give up no matter how ill-prepared they are to fill that new role. They assess the new challenges created by the loss of that team member and weigh those new challenges against the potential for success with the remaining resources, talent and traction. And little by little, the remaining team often learns new skills and acquires the knowledge to fill the gaps to the startup forward.
While there are a multitude of factors which affect the outcome of a startup such as team, skills, knowledge, and even luck, adopting the right mindset can help an entrepreneur access deeper reservoirs of mental and emotional energy to overcome the difficulties and barriers which, otherwise, might derail the best of teams.