Top 7 Secrets of Great Entrepreneurs

Success doesn’t accrue overnight and it doesn’t come on a platter of gold either. Behind every successful man/woman is an innovative mind, hard work, and a trailer load of secrets. We all have 24hours at our disposal, but success depends on how one manages time, and time is a strong factor in entrepreneurship. Starting, owning or running your own company can bring personal and financial freedom as well as a weighty sense of achievement. Apple CEO Steve Jobs, one of the greatest entrepreneurs of all time, said that following your passion might sound like a soft skill, but it is responsible for success. He went on further to say, “Entrepreneurship is hard and takes perseverance, you will not have the energy to jump the inevitable hurdles unless you find that something that you are truly obsessed with.” Below are some secrets of great entrepreneurs

1 Great entrepreneurs build and sell dreams

Entrepreneurs build and sell dreams, they don’t pursue figures. Building wealth is the key to financial freedom. Keep your focus more on building wealth than on making money. Steve Jobs said his passion has been to build an enduring company where people were motivated to make great products. “Everything else was secondary, the products, not the profits were my motivation. Building a great company is very important and on the other hand creating value and numbers.” He once said that people who buy Apple products are not “consumers” but are people with hopes, dreams and ambitions. Helping them unleash their inner genius will help the entrepreneur win over their hearts and minds.

2 Great entrepreneurs take risks and understand the perspective of failure.

Great entrepreneurs consider failure as inevitable and enlightening. Failure is a medium to learn and grow. It gives you a direction, showing you areas of correction. See failure as a part of life, not as a part of you.  Failure creates room for upgrade and betterment. Walt Disney said, “I dream, I test my dreams against my beliefs, I dare to take risks, and I execute my vision to make those dreams come true.” It’s never safe to play it too safe. When you take risk out of life, you take opportunity out of life. Successful entrepreneurs have strong faith, which allows them to find opportunities and take risks.

 3 Great entrepreneurs are focused: Focus leads to high level of concentration on a particular act or thing. Athletes understand this requirement. Let’s use Bolt as a case study, he is concerned with the finish line and not other athletes in the race. Steve Jobs said, “I’m as proud of what we don’t do as I am of what we do.” He said innovation means eliminating the unnecessary so that the necessary may speak, building products with simple, uncluttered design.

4 Great entrepreneurs know the importance of praise and correction: A great and successful company is the collection of diverse and beautiful minds. Errors and mistakes are bound to be made, how employees are corrected is very important. It’s a domino effect to two extremes.  Great entrepreneurs know how to utilise praise and correction. There is an old saying that a spoonful of sugar helps the medicine go down. Praise is like sugar which is sweet, correction is like medicine which is bitter. Employee gets pleasure from being praised. The act of praising people is a key secret of success. Great entrepreneurs praise before they correct, and then praise when there is change/growth.

5 Great entrepreneurs understand the need for speed: The need for speed in a critical business world is very important. Great entrepreneurs understand this. Most times they go ahead of the game and ahead of time, because as a business expands the company also gets bigger and more complex, and complexity slows the change of flow. They know how to make things easier and faster. According to Walter Robb, co-CEO of Wholefoods, “It’s a constant battle, to make sure that you’re checking yourself at the door, watching for where things can get bureaucratized or calcified, because it’s the kiss of death.”

6 Great entrepreneurs understand the power of association: Birds of a feather flock together. You can never help the poor if you are one of them. There is a strong power in association; it changes your perspective, mind set, and your vision in a positive or negative way. It’s like a ripple effect; it starts slowly. By learning to invest your time with intelligent people who are living a life of success and importance, you learn to do the same.

7 Great entrepreneurs know a little about a lot: Be vast minded. It’s a very dynamic world, things change by the minute; it is always good to be on the safer side not just the safe side. Being stereotyped in this information technology age is not considered a smart thing. Employees know a lot about a little. It you want to remain on the same spot for the rest of your life do the same thing, don’t bother learning new things. In reverse, if you want to become a great entrepreneur, then you must develop an interest in shifting ground and learning new things, new ways, and how they can be fused together. It is to your advantage to learn a little about a lot.

Great entrepreneurs also understand the act of building a strong connection, fellowship and trust in their team. They take responsibility for their employees’ happiness and their personal lives. Remember everyone needs to be loved, so they know that the singular act of showing concern can trigger a level of bonding which increases trust and productivity.