Imagine entrepreneurial success as a core that you find when you peel two layers.
The first layer on top is the intellectual layer.
You don’t need huge intellectual depth to create a successful business.
It helps but it is not a big variable in success, except when the intellectual depth is extraordinary. In such cases, you use intellect and ride a trend, to create a widely popular application or business.
Amazon, WhatsApp and Paytm became the success they are because first, the founders used their intellect to create a product. Then they rode a trend like internet, messaging or acceptance of risk to do online transactions to reach a large part of the population.
But we are not discussing the billion-dollar Unicorns or Decacorns here. We are talking about building $1-10 million, or $50 million revenue businesses which can be life-changing by the way.
For creating such businesses you don’t need extraordinary intellectual depth. Most entrepreneurs peel this layer when they start their business and find their first set of customers who are not friends or family.
But not everyone sticks through peeling the harder and thicker next layer – the emotional layer.
You see emotions are where most entrepreneurs fail.
Emotions you go through when:
- Going is tough.
- Sales are low.
- You have to fire an employee.
- You have to pay yourself nothing or a low sum for a whole year.
- You see your MNC-employed friends having a good life because they get a regular paycheck.
- You feel unsure about how to go to the next stage because you have no one to guide you.
- Your favorite employee who the business relies on big time tells you that he is leaving.
- Your new hires do not work the way you expected them to.
You can avoid some of these struggles with planning, increased speed, by focusing on your health and sleep, and by getting an advisor or a coach on board.
But with this you can’t save yourself from ‘all’ the struggles.
Because some of these struggles are the small tests that separate those who are successful from those who are not.
The effect of these struggles on our minds changes depending on how we look at them. These struggles do not look severe when we see them as training for life.
If you hone these skills before you start as an entrepreneur then you find success faster than those who build them as they build their business.
These skills are:
- Financial prudence
- Understanding human nature and psychology (which plays a big part in sales success)
- Ability to finish tasks on hand with high efficiency without losing focus
- Getting other people to do the work
- Physical fitness
- Mental fitness
- And above all emotional fitness and resilience
So, if you want to become a successful entrepreneur focus on getting better at all the above.
If you are not an entrepreneur yet but plan to become one then hone these skills first and you’ll find success fast.