By Haddon Libby
What differentiates a successful entrepreneur from the rest?
Amy Morin, a noted psychotherapist who is published widely on mental health issues says that the key differentiating factor is mental toughness. Mental toughness is more than tenacity and hard work. It definitely does not include acting rude, treating others with disrespect or behaving like a bully. As much as it is about what a successful entrepreneur does, Morin found that it was also due in large part to what they DO NOT do.
First, they do not feel that the world owes them anything. They do not feel entitled to anything. What a successful entrepreneur does is identify a business opportunity and then works at benefiting from it. This part of a common theme that you hear from most successful serial entrepreneurs – they do not fear change but they embrace it. Being flexible and embracing change as opportunity opens up more options than the businessperson who behaves in a defensive manner. One example might be a businessman who tries to use legislation to limit competition.
Successful entrepreneurs do not focus on things that they cannot control. They also do not dwell on the past. While we all wish that something we have done in our past would have turned out differently, the key to success is to learn from the past in order to make better decisions in the future. This also means that they do not live in the past retelling stories of former glories or fantasizing about the ‘what could have beens’. Instead, they use these past experiences to prepare for the future.
Something that many people have trouble with is accepting responsibility for their own past mistakes and errors in judgement. Many prefer to blame others for their failures. The successful entrepreneur learns from those experiences and goes into future situations better prepared with alternate approaches.
Another habit of those who succeed is something lacking among many in business: they do not resent the success of others. How many people do you know that seem to relish or gossip about another person’s failure or discount the accomplishments of someone having success? That type of behavior is not that of the truly successful.
The successful typically work harder than most and as such appreciate the hard work and sacrifices that others make in the pursuit of success. Along this line, successful entrepreneurs do not give up after their first failure…or second…or third. The retired Vice Chairman of Bank of America, Mike Rossi, once said to me that he views success as being correct slightly more than being wrong. He had no place in his management team for people who were afraid of failure. He recognized that successful people fail but try and try again until they get it right. This means that they know that immediate results are not always forthcoming and that it takes time to achieve greatness.
Successful entrepreneurs do not try and please everyone. Saying ‘no’ and speaking up when necessary is critical to success. As an example, Neville Chamberlain who was the Prime Minister of the United Kingdom when Adolf Hitler began his aggressions that led to World War II thought appeasement of Hitler could please all.
Those who create success do not fear taking calculated risks. A calculated risk is different than reckless decision-making in that it is the result of a thoughtful assessment of a situation, potential downsides and challenges and things that will mitigate those concerns wherever possible.
Whether you are an entrepreneur or not, these behaviors can be used in whatever you do life as these traits will help you to be happier, more content and ultimately more successful at whatever you do.
