Top 10 Success Factors for Entrepreneurs
Editor's note: The following is a guest post by Naveen Jain, CEO of Intelius
I've been an entrepreneur most of my adult life and, recently, I've begun thinking about what it takes to become successful as an entrepreneur--and how I would even define "success." I've given a lot of talks over the years on the subject of entrepreneurship. The first thing I find I have to do is to dispel the persistent myth that entrepreneurial success is all about innovative thinking and breakthrough ideas. I've discovered that entrepreneurial success usually comes through great execution, simply by doing a superior job of doing the blocking and tackling. But what else does it take to succeed as an entrepreneur and how should an entrepreneur define success? Here's what I came up with:
1. Be passionate. You must be passionate about what you're trying to achieve. That means you're willing to sacrifice a large part of your waking hours to the idea you've come up with. Your passion will ignite the same intensity in the others who join you as you build a team. And with passion, both your team and your customers are more likely to truly believe in what you are trying to do.
2. Maintain focus. Great entrepreneurs focus intensely on an opportunity where others see nothing. This focus and intensity helps to eliminate wasted effort and distractions. Most companies die from indigestion rather than starvation. Companies suffer from doing too many things at the same time rather than doing too few things very well. Stay focused on the mission.
3. Work hard. Success only comes from hard work. There is no such thing as overnight success; behind every "overnight success" lies years of hard work and sweat. People with luck will tell you there's no easy way to achieve success-and that luck comes to those who work hard. Focus on things you can control; stay focused on your efforts and let the results be what they will be.
4. Enjoy the journey. The road to success is going to be long, so remember to enjoy the journey. Everyone will teach you to focus on goals, but successful people focus on the journey and celebrate the milestones along the way. Is it worth spending a large part of your life trying to reach the destination if you didn't enjoy the journey? Won't your team also enjoy the journey more as well? Wouldn't it be better for all of you to have the time of your lives during the journey, even if the destination is never reached?
5. Trust your gut instinct. There are too many variables in the real world that you simply can't put into a spreadsheet. Spreadsheets spit out results from your inexact assumptions and give you a false sense of security. In most cases, your heart and gut is still your best guide. We've all had experiences in business where our heart told us something was wrong while our brain was still trying to use logic to figure it all out. Sometimes a faint voice based on instinct is far more reliable than overpowering logic.
6. Be flexible but persistent. Every entrepreneur has to be agile, continually learning and adapting as new information becomes available. At the same time, you have to remain devoted to the cause and mission of your enterprise. That's where that faint voice becomes so important, especially when it is giving you early warning signals that things are off-track. Successful entrepreneurs find the balance between listening to that voice and staying persistent in driving for success-because sometimes success is waiting right across from the transitional bump that's disguised as failure.
7. Rely on your team. It's a simple fact: no individual can be good at everything. Everyone needs people around them who have complementary skill sets. It takes a lot of soul searching to find your own core skills and strengths. After that, find the smartest people you can who complement your strengths. It's tempting to gravitate toward people who are like you; the trick is to find people who are not like you but who are good at what they do-and what you can't do.
8. Focus on execution. Unless you are the smartest person on earth, it's likely that many others have thought about doing the same thing you're trying to do. Success doesn't necessarily come from breakthrough innovation, but from flawless execution. A great strategy alone won't win a game or a battle; the win comes from basic blocking and tackling. No matter how much time you spend perfecting your business plan, you still have to adapt according to the ground realities. You're going to learn a lot more useful information from taking action rather than hypothesizing.
9. Have integrity. I can't imagine anyone ever achieving long-term success without having honesty and integrity. These two qualities need to be at the core of everything we do. Everybody has a conscience-but too many people stop listening to it. There is always that faint voice that warns you when you are not being completely honest or even slightly off track from the path of integrity. Be sure to listen to that voice.
10. Give back. Success is much more rewarding if you give back. By the time become successful, lots of people will have helped you along the way. You'll learn, as I have, that you rarely get a chance to help the people who helped you because in most cases, you don't even know who they were. The only way to pay back the debts we owe is to help people we can help-and hope they will go on to help more people. It's our responsibility to do "good" with the resources we have available.
You might do all of the above and will wonder "but am I successful?" Success, of course, is very personal; there is no universal way of measuring success. What do successful people like Bill Gates and Mother Teresa have in common? On the surface it's hard to find anything they share-and yet both are successful. I personally believe the real metric of success isn't the size of your bank account. It's the number of people in whose lives you are able make a positive difference. This is the measure of success we need to apply while we are on our journey to success.
Naveen Jain is a philanthropist, entrepreneur and a technology pioneer. He is a founder and CEO of Intelius, chairman of education & global development at XPrize foundation and on the board of trustees at Singularity University. Previously, he was the founder and CEO of InfoSpace, and a senior executive at Microsoft Corporation. Among his achievements are: Ernst & Young Entrepreneur of the Year; Albert Einstein Technology Medal for pioneers in technology; "Top 20 Entrepreneurs" by Red Herring; "Six People Who Will Change the Internet" by Information Week.
Further reading:
How to Build a $3 Million Virtual Company
Are You a Leader or a Manager?
7 Lessons From Inc. 500 Companies