From Coach Michael's Blog:
Are You an Entrepreneur?
My wife and I took our grandson to see "School Of Rock" on Broadway recently and there was one line in the show that struck a chord with me: "Not everyone is cut out to be a rock star, but if you are, then you've got to go for it."
What struck me about that line is how it directly relates to business and my coaching practice: "Not everyone is cut out to be an entrepreneur, but if you are, then you've got to go for it."
In my mind, there are two types of entrepreneurs:
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How Successful Entrepreneurs Solve Problems
The Wall Street Journal has had several articles about entrepreneurs, particularly how they often underestimate the problems they end up facing. "Even the most realistic entrepreneur underestimates the difficulties in building a business," one article said.
So true. And it’s a good thing that the WSJ is pointing it out. Were it not for our inability (or not knowing what we don't know) to fully assess the difficulty of establishing a new business, we might never try to launch one at all. The same thing might be said about starting a family.
Here's how a few successful entrepreneurs overcame the problems they initially failed to recognize:
According to the WSJ, a design group in St. Louis is building its customer base by sticking to its "gold standard" of providing only in-depth, high-end, intensively researched design work, despite the demand for cheaper services. They’re still going strong today, even having weathered the 2008 recession.
Many businesses grow organically until they are so far down the road that problems become insurmountable.
- Plan your business as soon as possible
There is only one situation in which successful entrepreneurs will abandon a strategy: when customers won't buy it. You've got to resist the temptation to be everything for everyone…but when the thing you are doing isn't desired by anyone, change plans.
- Being and remaining flexible
In making plans, successful businesspeople are honest with themselves and conservative in their expectations.
"Bad behavior has a way of catching up with a business," one article stated.
Accomplished entrepreneurs have impressive “Rolodexes” and turn to them in times of need.
- Maintaining a realistic view
Services such as Hootsuite, Buffer, Constant Contact, and MailChimp make it easy to keep your customers apprised of new products and services. In fact, they are so user-friendly that even those who are technophobes can take advantage of them.
- Maintaining a constant internet presence.
Technology changes daily. To keep up with it, research how others in your industry are using it.
- Being able to deal with technology
If you don’t truly love what you do, it will show. Passion is contagious.
- Having a passion for the job
And that's worth thinking about.
If you would like to discuss this topic, or any other business related question, please call me at 516-801-6452.http://actioncoachmichaelbreitman.com/2017/01/27/are-you-an-entrepreneur/