Secrets of Successful Entrepreneurs

The Entrepreneurial Spirit Thrives in Difficult Times

Oct 22, 2009

Successful entrepreneurs understand that there are highs and lows when running their own company.

According to a survey put out by SUCCESS magazine, 33% of Americans say that their top goal in life is to run their own company. While that number may seem high, the truth is that America was built by those pioneering, entrepreneurial souls who refused to take no for an answer. Whether it was being told that the world was flat, that they couldn’t find a new route to India, or that they couldn’t survive the trip to America or out west, these people built this country with their blood, sweat and tears.

The same philosophy holds true today. Independent thinkers who aren't afraid to strike out on their own and create their own destiny continue to drive and shape this great nation. It is the explorers and pioneers of yesterday leading the charge of entrepreneurialism today.

Why be an Entrepreneur

Generations past held fast to the belief that life would be better with a job that provided a corporate sponsored pension. Of course that was back in the day when health insurance was covered by employers.

The rising costs of health care leading to double-digit premium increases that are covered by employees and the portability of 401(k)s means that employees are looking to their job to offer more than benefits and a paycheck. They want personal satisfaction, meaning and purpose. They're seeking an environment where they can make a difference. Add in an uncertain economy rife with layoffs and job cuts, there are plenty of reasons why people would want to open their own businesses.

The Entrepreneurial Mind

Bill Gates is an entrepreneurial icon in the realm of technology. His genius in developing a marketable product, uniting a team to bring it to life, and staying in the game despite several disastrous product launches has made him one of the wealthiest men in the world. During one interview he said, “It's fine to celebrate success but it is more important to heed the lessons of failure.”

Gates runs on adrenaline, passionately driving Microsoft to become the giant that it is. His entrepreneurial mind is continuously working. Gates is known for saying, "In this business, by the time you realize you're in trouble, it's too late to save yourself. Unless you're running scared all the time, you're gone." Gates may not run scared, but he definitely drives his company to create with passion.

What is Entrepreneurial Success?

It's been said that the average entrepreneur is "successful" on his tenth venture. But what is entrepreneurial success? For some it's being able to support themselves and their families without a corporate job. For others, it's five houses, 30 cars and a multi-billion dollar organization. Interestingly, it's the same passion that drives both to pursue their dream.

Success is different for each person. A successful entrepreneur is one that achieves their goals and lives with passion. Veteran entrepreneur Damian Kutzner said that, "The problem is that many mistakenly think success i a destination. Success is a personal journey. One that can take many detours. The key to enjoying the journey is to set goals along the way."

According to the SUCCESS magazine survey, nearly one in five Americans answered “No” when asked if they had life goals. This is surprising considering the number of self-help materials found in stores everywhere.

Kutzner pursues his own definition of success by setting goals along the way. He's a serial entrepreneur that has founded several several companies in his career. He credits his success to his work on goal-setting.

"I hit the markers I set for myself," said Kutzner. "If I miss it for some reason, I reevaluate and set new goals."

The Success Quotient

Entrepreneurial legend Guy Kawasaki greatly impacted the technology revolution. His thoughts shaped the way of thinking of an entire generation of entrepreneurs. One of his most famous quotes is,“Simple and to the point is always the best way to get your point across.” His statements are fraught with meaning for struggling entrepreneurs as they pursue venture capital funding and seek motivation from someone who knows.

In one interview Guy Kawasaki said, "A good idea is about ten percent and implementation and hard work, and luck is 90 percent." Following Kawasaki's advice, entrepreneurs must be willing to take calculated chances and work long enough to let luck happen.

As Apple's former Chief Evangelist, Kawasaki belives that "Evangelism is selling a dream." He coaches entrepreneurs along the venture capital road, encouraging them to package their dream so others can help them to achieve it.

Creating the Perfect Product

Apple founder and CEO Steve Jobs said, "You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new."

Jobs is a forward-thinker who devises hardware and software that answers the needs of tomorrow's people, today. His brilliance is what caused the board to bring him back to the help of his company after what could be called a very ugly takeover years prior. The reason is that Jobs understands what it takes to be a leader. His innovative style is inspirational and necessary in the area of technology.

Jobs believes that, "Design is not just what it looks like and feels like. Design is how it works."

With that philosophy he has made Apple one of the most successful technology companies.

Successful entrepreneurs everywhere pursue their dreams with passion. Over time, most develop a philosophical perspective that enables them to deal with the highs and lows that invariably come from running their own company.

The copyright of the article Secrets of Successful Entrepreneurs in Entrepreneurs is owned by Anthony Vultaggio. Permission to republish Secrets of Successful Entrepreneurs in print or online must be granted by the author in writing.