The Entrepreneur Roller Coaster

What makes the difference between an entrepreneur who gives up and one who rides the roller coaster of ups and downs to lasting success? It's all about passion, focus, and determination.

1. Passion Fuels Perseverance

Starting a business isn't just about financial gain; it's about pursuing something you deeply care about. People driven by passion are better equipped to endure the tedious and repetitive aspects of running a business. Passion becomes the powerful motivator that keeps you going when the excitement fades.

For instance, even Bono, lead singer of U2, spends only 5% of his time performing and enjoying his art. The remaining 95% is spent on less glamorous tasks like rehearsals and logistics. Yet his passion for music carries him through those mundane responsibilities. Entrepreneurs, too, must embrace this balance.

Passion also thrives on having a cause, something worth fighting for. Many revolutionary ideas stem from dissatisfaction with the status quo. Mahatma Gandhi, Martin Luther King Jr., and others achieved extraordinary feats because they were fueled by a desire to challenge injustices. Discover what lights that fire within you to stay resilient through challenges.

Examples

• Bono channels his love for music to manage the less exciting parts of his career.
• Warren Buffett avoided trendy internet stocks in the 1990s, staying true to his informed passion for tangible investments.
• Social activists like Nelson Mandela persisted against injustice by nurturing their deep convictions.

2. Block Out the Naysayers

When you follow your dreams, not everyone will cheer you on. Negative comments often come from insecurities or jealousy, and as you rise in success, disapproval may grow. Overcoming this involves redefining how you perceive criticism and trusting your vision despite opposition.

Barack Obama serves as an example. Despite nearly half of American voters opposing his re-election, he stayed focused on his goals, proving that not everyone’s approval is necessary to succeed. Others might ridicule your ideas at first, but persistence and belief turn mockery into admiration.

Even celebrities like Arnold Schwarzenegger faced doubt in their early days. When he declared his intention to become the world's top movie star, people laughed. Yet he transitioned from his career in bodybuilding to film and later into politics, standing firm against skepticism.

Examples

• Barack Obama ignored critics and carried forward his vision as president.
• Arnold Schwarzenegger transformed others’ laughter into applause by achieving his ambitious goals.
• Entrepreneurs frequently deal with mockery before proving skeptics wrong.

3. Make Selling Your Priority

Sales drive success. No matter how revolutionary or high-quality your product is, without selling, it can’t survive. Marketing often outweighs quality when determining a product's popularity, and focusing on sales ensures your business thrives.

Consider McDonald’s. Their food quality isn’t what makes them a worldwide giant; it’s the company's marketing genius and ability to sell effectively. This focus on sales rather than perfection carries companies to success.

A helpful perspective is to replace the word “sell” with “help.” Emphasizing what your product or service can do for your customers creates connections and trust. Empathy, as shown by real estate tycoon John Lennon, who tailored his sales pitches to individual buyers' needs, is key to making a sale.

Examples

• McDonald’s global prominence is due to its sales-driven strategy, not its food quality.
• John Lennon personalized pitches, addressing buyers’ unique preferences.
• Viewing selling as helping creates customer-centered approaches to business.

4. Build a Team Better Than Yourself

Great businesses rely on great people. Hiring the right individuals determines your company’s future far more than the quality of its offerings. Aim to find skilled workers who excel beyond your abilities in their specific areas.

United Airlines, British Airways, and Air Canada may use similar planes, but their reputations differ greatly because of the people behind the service. Exceptional employees can elevate a brand, while weak hiring decisions put businesses at risk.

One CEO advises aspiring leaders to strive to be the “dumbest” person in the room, meaning you’ve hired experts whose skills outclass your own. When your team includes top talent, your company can overcome challenges and continue to evolve.

Examples

• Airlines differentiate themselves through customer service teams, not airplanes.
• A telecommunications CEO stresses hiring smarter individuals for success.
• CEOs who rely on top-level CFOs and marketing executives thrive by delegating expertise.

5. Leaders Set the Standard

As a business owner, every action you take sets an example for your team. Employees look to you to gauge acceptable behavior and work ethic, so taking responsibility for your company’s performance is essential. Lead by example in discipline and dedication.

For example, employees mimic their CEO’s habits. If a leader is always punctual, employees are more likely to value promptness. Conversely, tardiness at the top can cascade through the organization.

Sometimes leadership means making tough calls. Howard Schultz, Starbucks’ CEO, faced backlash when he shut down 600 stores to save the company. The move wasn’t popular at the time but ultimately stabilized the business, preserving thousands of jobs.

Examples

• CEOs set punctuality and dress code expectations by modeling these behaviors.
• Howard Schultz made difficult decisions to protect Starbucks' future.
• Great leaders prioritize leading by example over blaming subordinates.

6. Focus and Say No

Hustling endlessly won’t guarantee success. Entrepreneurs must clarify their priorities and focus their time, energy, and resources on the most important tasks. Saying “no” to distractions and extraneous work is essential for maximum output.

Warren Buffet personifies this principle. When asked the secret to his success, he credited his ability to say "no" to nearly all good opportunities, leaving room only for the truly game-changing ones.

Making a focused list of just three priorities simplifies decision-making. Anything that doesn’t contribute to your list should either be ignored or assigned to someone else. This concentrated approach saves time and maximizes impact.

Examples

• Warren Buffet emphasizes “no” to make strategic investments.
• Writing a three-item task list boosts productivity and clarity.
• Delegating extras ensures energy goes toward priorities.

7. Conquer Fear to Succeed

Fear and uncertainty are everyday challenges for entrepreneurs. Overcoming them is key to making bold decisions and achieving results that others won’t dare attempt. Often, the anticipation of fear is worse than the challenge itself.

For instance, the human brain, conditioned by ancient survival instincts, treats stressful situations like modern presentations or unfamiliar calls as threatening. Recognizing that fear isn’t as dangerous as it seems helps diffuse its power.

Athletes like Michael Jordan know how to focus on the action rather than the result. Jordan approached high-pressure moments by concentrating solely on executing his shot, disregarding external noise.

Examples

• Entrepreneurs face presentation fears like ancient humans faced predators.
• Michael Jordan thrived by focusing on actions rather than pressures.
• Fear shrinks when broken into manageable steps.

8. You Can’t Live Someone Else’s Dream

Chasing success based on others’ expectations leads to dissatisfaction and burnout. Authenticity and personal motivation are essential to long-term happiness and fulfillment.

Tennis legend Andre Agassi discovered this when he spiraled into unhappiness despite being the world’s top player – a goal imposed by others. Only by finding his own passion did he rediscover his ambition and rise again.

Jeff Bezos, too, carved his own path by pursuing his vision for Amazon despite warnings against leaving his stable Wall Street job. Authenticity enables an entrepreneur to persevere and innovate.

Examples

• Andre Agassi rebounded by redefining his purpose in tennis.
• Jeff Bezos trusted his instinct and left Wall Street to create Amazon.
• Living others' dreams leads to dissatisfaction, while personal goals bring fulfillment.

9. Fearlessly Trust Your Judgment

Great entrepreneurs trust themselves and their ideas, even in the face of doubt or challenges. Building confidence means listening to your instincts and refining your decisions with knowledge and experience.

For example, Bezos ignored naysayers about creating an online bookstore because he believed in his concept. The fear of regretting missed opportunities later in life drives many innovators to take risks now.

Learning to lean on inner judgment builds resilience and creates a clear vision. The risks taken today often lead to long-term success.

Examples

• Bezos built Amazon by choosing his own path over societal norms.
• Entrepreneurs balance instinct with calculated research to trust their choices.
• Regret of not acting often overshadows any fear of failure.

Takeaways

1. Start each day by selecting one top priority and commit to completing it before moving on to anything else.
2. Regularly evaluate potential fears by breaking them down, starting small, and focusing only on manageable actions.
3. Hire workers who bring expertise you lack, allowing your team to thrive while staying in your leadership lane.