Weathering ups and downs of new business ventures

Two key factors of the entrepreneur: attitude and mindset.

When I choose to reflect on the faces of the many entrepreneurs and those whom I view behave entrepreneurially over the past months of 2013, my thoughts invariably arrive at two key factors.

One is their entrepreneurial spirit attitude and the other is how their behaviour translates into a mindset of an entrepreneur.

An entrepreneur is faced with internal and external issues when launching a new venture.

The external involves the environment, the marketplace and other relevant components outside of the entrepreneur and their business.

These external factors are parts of a venture that no one has control of, that present the greatest risk since all you can do is adapt.

External factors include the proverbial opportunities and threats.

Opportunities are those external factors that can cause your venture to prosper provided you are able to  respond to them correctly and promptly.

Threats are those which can cause your downfall if you do not learn how to adapt.

As for internal factors of an entrepreneurial venture, this is what, to me, creates the success in most ventures in the business environment.

It includes the strengths and weaknesses of the entrepreneur and their venture.

An entrepreneur’s personal development touches victory more often than people may think.

It affects business victories because this often determines how well an entrepreneur can respond to their venture’s external factors as earlier mentioned.

There are those that believe that if you develop yourself professionally, then you can easily let go of your personal life when you are deeply engrossed in your venture life.

But really,  there’s more to just being labelled an entrepreneur.

Many studies conducted by experts in this field centre on identifying the traits possessed by victorious entrepreneurs.

But, there is one crucial item that should never be disregarded if one wishes to become a victorious/successful entrepreneur—mindset.

That is the touchstone that plays a very important role in success based on attitude and behaviour.

Much has been written in leadership and entrepreneurship gospels highlighting the importance and impact of attitude on life. Attitude is more important than facts, than the past, than education, money, circumstances, failures or successes.

It will make or break a venture for certain. The truly remarkable thing is that we have a choice every day of our lives regarding our attitude and corresponding behaviour to embrace for that specific day.

We cannot change our past. We cannot also alter the inevitable. The only thing we can do is play on the one string we have—our attitude.

I am convinced at this stage, that life is 10 per cent what happens to me and 90 per cent how I react. And so it is with each of us in everything we do including our victories—we are in charge of our attitude

It is said by many that the true character of the entrepreneur is not measured by if he or she resists falling, but by how often he or she keeps getting up.

You see, the best kind of entrepreneurial character development for new venture creation is how to take you hit and not let it defeat you.

As an entrepreneur, you will face  defeats in life. Bruises will form over your venture reputation. Competition will leave you wanting to quit.

But despite all of this, you need to stand up and raise your arms to the sky in search of victory.

Financially speaking, you need to lay it all on the line for your dream machine. Given time, you will realize that all the risks you took were worth the outcome. Hold onto your dream whenever anything threatens to break you apart. In times of turmoil, let the development of your character shine through.

Arnold Palmer, the famous golfer,  has a framed plaque on his office wall, that tells us why he has been victorious both on and of the golf course and it reads:

“If you think you are beaten, you are,

If you think you dare not, you don’t,

If you’d like to win but think you can’t,

It’s almost certain you won’t,

Life’s battles don’t always go

To the stronger or faster man,

But sooner or later, the man who wins,

Is the man who thinks he can.”

So please learn how to priorize what’s important on your journey. Juggling glass balls may find you afraid to drop even one but trying to keep them all in the air can wear you out. Remember that some of those balls are actually made of rubber and will bounce back if you occasionally drop them.

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