It's true! Before you roll your eyes, let me explain.
I was watching a program in which a renowned serial entrepreneur, billionaire stated that entrepreneurs don't take risks. He said that they in fact, they hate hearing that they stand out for taking risks. And then he went on to discuss the projects he is working on. Left me hanging for him to explain himself.
So I thought about this for a bit and realized HE WAS RIGHT!
Risk to an entrepreneur is not the same risk to the rest of us. Risk to us is taking a HUGE mortgage out to try and make a hobby into a business. Quitting our secure job. Maxing out credit cards. And the list goes on and on.
That's the risk of we think of as RISK.
So, wait Dan, don't entrepreneurs make those same risks? No they don't.
Entrepreneurs have a total different way of thinking. What may seem risky to you and I, is not risky to the true entrepreneur. The difference is their thought process. They don't look at what they can develop to become a billionaire. Their motivation is not money. They think of BLANK key areas:
1. Failure. They believe beyond a shadow of a doubt that there is no losing. They cannot fail. It isn't an option.
2. Belief. They believe beyond a shadow of a doubt that they have a solution to a problem. If they solve a $1M problem, they know they have a $10M solution.
3. Speed. They don't wait until all their ducks are lined up in a row. They react. They make decisions, fast and don't miss out on an opportunity. Look at Howard Hughes, he was involved in making on the spot decisions and making any changes needed to succeed, ON THE SPOT.
4. Time. Entrepreneurs realize they have 24hrs in a day. Time is of the essence. If they have 24hrs to succeed, they find a way to use those 24hrs the best way. If that means, not watching tv and reading instead to educate themselves better, they will.
5. They act as if. You have heard this before. First time entrepreneurs "act as if" they have already made it. Or perhaps you have heard the "fake it til you make it" concept. If you believe in you then you have to sell you as just that. They also take this to another area. They act as if, they never succeeded. If a billionaire has a successful company, then why would they find ways to do it the cheapest way instead of just writing a check? Or why do they get angel investors instead of just writing a full check to cover all costs? It's part of keeping them sharp and in the game. For entrepreneurs, the chase and the build is exciting. They could take the easy way, but never do.
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Dan Marx is a leading expert in both supply chain & business development. Inspiring future leaders & entrepreneurs through life stories & experiences with workshops, events, thought leadership guests spots and more.