The ‘M’ Factor: Essential Ingredients for Entrepreneurs
When the big idea struck you, and you knew that your breakthrough thought would lead to a business solution, that was the moment that turned you into an entrepreneur. That moment may stay with you for life but how can you turn that breakthrough into a successful business?
Having partnered with entrepreneurs across the world I have met passionate people with splendid ideas, many of whom turned their ideas into reality. I have also met people who gave up, turned cynical, and lost interest. There is little difference in the levels of passion for those who succeeded and those who gave up; the one big difference is ‘The M Factor’ — MOTIVATION.
The Wall Street Journal reports that about three-quarters of venture-backed firms in the U.S. alone don’t return investors’ capital. The success and failure of ventures boils down to who stays motivated, who adapts to change effectively and who leverages the highs quickly enough to see the idea through to a money making venture.
According to the Harvard Business School, there is performance persistence in entrepreneurship. In my experience, any venture needs a minimum of five years to grow to its capacity. Often it can take up to ten years to experience the success you originally envisioned. Use these tips to give you the motivation to stay on this journey until your idea becomes a visible reality.
The Danger Zone: The Comfort Zone
Get comfortable with being uncomfortable. Much of your journey will be making things happen with what you have available. Paul M. Brown of Forbes.com encourages entrepreneurs to identify two things: “Something that you want and something that you can do about it with your means at hand….”
When I started my venture SUCCESS INDIA in 2008, I had little money to spare. Instead of hiring a professional to do the paperwork, I went to each registration office myself. As a Mental Strength Coach for elite Indian Olympic athletes, I met with clients in coffee shops to save time and avoid the 2-3 hours in Mumbai traffic. I have chalked out business plans while in a taxi and raised money on the phone from top shelf Investors while in a restaurant. Accept that comfortable and entrepreneurship are polar opposites and if you desire to do it comfortably, chances are you will give up when it gets tough.
Become An Expert at Change
An entrepreneur will be crippled if he or she cannot adapt to a changed circumstance or a new way of looking at things. You cannot afford to be a conventional rule follower; instead you must make new rules as you go along. Adapting to change is a personal process. Start noticing your reaction to change and how easy or difficult it is for you to adapt. Once you are emotionally comfortable with change, the road will become smoother
Manage the Lows and Leverage the Highs
Getting comfortable with discomfort and change will help you manage the lows but what about the highs? Of course you must celebrate success, but then move quickly to maximize this changed circumstance in your business. Success will give you breathing space to think of ways you can expand and innovate. Always attempt to turn the highs into multiplied opportunity.
Stay motivated through the lows and the highs in your journey. Never miss an opportunity to leverage successes and refuse to give up until your idea is a reality, making the money that you think it could, and providing you with even more opportunities.
