Before we start I would like to address something that I feel is worth a mention because I often hear it when I work with entrepreneurs. Many owners of small and medium sized businesses do not consider themselves entrepreneurs. This is because they equate the term ‘entrepreneur’ with the image of a millionaire tycoon (nothing wrong with that of course!)
So let us define the term 'entrepreneur', which is anyone who is passionate enough about serving others using their own talent and potential, taking on financial and calculated risks for profit. So yes! This includes [although it is not limited to] coaches, therapists, bread makers, copywriters, authors, IT parts inventors, etc.!)
So what do all entrepreneurs have in common?
And more importantly, what do they need?
The Three Pillars of Entrepreneurial Invincibility
First Pillar – Know WHY you are in business
Aside from the obvious, which is to make an income and create the lifestyle of your dreams—you are in business to experience particular emotions, and so is your customer, even though this is often on a subconscious level.
As an entrepreneur for example, you may feel a sense of contribution while your client feels a sense of relief at having their problem(s) solved. An intricate part of business is the emotional aspect experienced by both client and entrepreneur.
You can pause right this minute to assess or reassess WHY YOU are in business. This is a powerful self-inquiry as it can guide you to re-ignite the original passion you felt when you started up.
Reconnecting with positive feelings such as passion, contribution, enthusiasm, and gratitude can increase your mental motivation, and therefore the emotional resilience and the physical energy you need to create your intended success. These feelings can also help you to navigate the inevitable entrepreneurial challenges that show up along the way.
Reconnecting with these feelings can also make it much easier to attract potential clients, especially in a world where so many others offer equally good services. At the end of the day, your own particular energy signature, excellent service and enthusiasm can win the day and tip the balance in your favour. This is also known as ‘energy marketing’.
Lastly, remaining passionately driven also means that you feel PULLED towards your vision, which will produce many more positive results rather than PUSHING yourself toward it. This is the difference between swimming with the current and trying to make your way upstream against the current!
Second pillar – The ability to withstand high levels of uncertainty
While this may sound obvious, it is powerful to understand one’s own strengths and limitations. Research shows that as many as 8 out of 10 start-ups fail within the first 18 months to 3 years.
Entrepreneurship is risky; there is no doubt about it! You are relying solely on your own power to earn a living while creating the lifestyle you desire. The number of hours you have to put in the first few years can be overwhelming. I remember doing 120 hours per week for 2 years solid, while learning the necessary IT to take my business to its next level… I can safely say that without passion, I wouldn’t have had the energy required to succeed!
Some people have ‘a safety net’ which can be living and sharing expenses with a spouse or family, so they do not have to solely rely on their own enterprise for survival and thriving. Interestingly, having a safety net can be a limiting factor as it offers a zone of comfort, thereby removing the momentum and the hunger to succeed in your business. I believe this is something to be aware of, particularly if you have been in business several years and are experiencing a ‘plateau’ in your revenue stream.
Third pillar - Developing entrepreneurial staying power
While it could be reasonable to assume that all one needs is a good product or service to be successful in business, it turns out that this is the smaller part of the success equation.
While your value proposition, your ability to communicate with your customer and delivering excellence is of course of the utmost importance, your ‘internal wiring’ is paramount in your ability to thrive as an entrepreneur. Your internal wiring is made up of your mindset, your emotional resilience and your ability to take strategic, inspired and timely physical steps.
I believe that this internal wiring accounts for almost 80% of your success, while the skills that pertain to your industry only contribute to 20% of your success.
When we think of Wallace D. Wattles, Henry Ford, Oprah Winfrey, Tony Robbins or Richard Branson, to name but a few very successful entrepreneurs, the common denominator is always solid ‘internal wiring’. All of these entrepreneurs prize investing in self-knowledge with their own success.
BUSTING 2 SUCCESS MYTHS
Myth #1 – There is a one-size-fits-all recipe for success
Even if you have the best success map in the world and the finest tools and processes at your disposal, these two wonderful assets are only useful in so far as:
1. Your ability to define what stage your business is at: Are you starting off; are you thriving and wanting to reach next level of success; or are you plateauing? You can only close the gap between where you are and where you want to be once you can clearly define your present position on your business map.
2. Once you clearly know where you are, you can examine the tweaks you need to make in terms of mindset, emotional resilience, decisions and actionable steps to create your intended goals. We are each privy to different strengths and weaknesses, depending on our own beliefs and values, and of course, our past experiences. Some of us have had many failures, and some are starting out as entrepreneurs having always been in paid employment with the security that goes with it, so different strengths will come into play at different times.
Myth #2 – I have strong will-power and I will therefore succeed!
While a select few have created extraordinary success purely based on will-power alone, many more haven’t. The reason why is simple. While the conscious mind (will-power) is a wonderful intellectual tool, and can also observe what is going on by being present and aware, it remains subservient to the subconscious mind by more than 95%*.
This means that more than 95% of what we think, see (or can recognise in terms of opportunities), feel and do is in response to the programming imprint that lies within our subconscious mind. This is why it can be very hard to break new ground if what you want to achieve is a completely new concept for you or indeed in your family lineage.
If the programming you carry (your beliefs and values) contribute to your success, all is well and good. If, however, it includes a lack of self-worth, self-confidence, a fear of not succeeding, of not being good enough in some ways, entrepreneurship is going to be a very tough road without support to change and develop your own internal wiring which is as I said above is paramount in your ability to thrive as an entrepreneur.
From my own personal experience, I came from a non-entrepreneurial background loaded with negative beliefs about money, success and self-worth, and I can squarely say that unless I had developed my own internal wiring, sought help from coaches and mentors, I would not be where I am today!
This is why Jim Rohn (Tony Robbins’ Mentor) coined the famous quote:
“Each of us needs of all of us and all of us needs each of us”
Dr. Mahayana I. Dugast is the author of Resilience with NeuroBiology Reprogramming™ - for Personal & Professional Success – Available from Amazon in all formats.
Book a FREE exploration call here
* Source - The User Illusion: Cutting Consciousness Down to Size (1991) by Tor Nørretranders & The Biology of Beliefs – Dr. Bruce Lipton