Friday, April 11, 2014

Habits of Entrepreneurs

What are habits of entrepreneurs that some people don't have any?

I found some on Quora

  1. Most people spend their money to get the most utility - fun, food, whatever. Entrepreneurs spend their money to make the most money. This one habit pretty much accounts for everything, and it's a big reason why the rich get richer, and the poor stay poor. 

  2. Time and attention conscious. Time and our attention are the only truly finite constraints - incalculably precious and easily squandered. Successful entrepreneurs are absurdly conscious of the fact, and tend to become highly organised, intolerant of inefficiency and laser focused. Many famous figures famously wear the same outfit every day (Zuckerberg, Jobs) claiming that anything else is an unnecessary waste of their attention.
  3. Develop skills that compound. Entrepreneurs even think of their own skills as an investment; whatever time they put in should have the greatest possible return. For example: creating software, leading others, spotting future trends. They are typically self-taught, and diligently so. They work to make themselves the type of person who would be wealthy.
  4. Constructive attitude. True entrepreneurs look for ways to make ideas work, while regular people focus on why they won't work. If entrepreneurs hit an obstacle, they mobilize and seek ways to overcome it. Regular people see it as an excuse to give up.
  5. Focus on Value.  Entrepreneurs understand the idea of value. Whatever they do, they make sure the value created is larger than the cost of resources used. Regular people tend to focus on expenses. Remember those driving around parking lots for 30 minutes just to save 5 minutes of walking?
  6. Sense of Urgency. Successful entrepreneurs are usually out of time. Presented with a task, they seek the most efficient, fastest path to complete it and move on, keeping an eye on a big picture. Regular people tend to dwell on minor details and get stuck in the woods.
  7. Crossing the tightrope without a net. This is not to say successful entrepreneurs don't perceive risk, or that they take inordinate amounts of risk.  Or that they don't worry all the time they won't make payroll, or will fail, or not make it.  Not at all.  They see all of this.  In fact, in my experience at least, they are highly risk averse where they see risk they cannot overcome.

  8. They get shit done. They don't just come up with ideas and tell their friends and then slowly forget about them. They execute. 
  9. They don't have a problem with uncertainty. What kind of health insurance will I have? What if the competition just copies my idea? How will I raise money? What if somebody already has a patent for this? These kinds of unanswered questions would cause most people not to create Facebook even if they were given a time machine and flown back to 2003. They don't bother successful entrepreneurs. They have confidence they'll be able to figure things out and they are at peace with the fact that what they are doing is inherently risky.

No comments:

Post a Comment