By Gale Mote / Guest Column
According to a 2016 study by Multi-Health Systems (MHS) Inc., there are 530,000 new business owners every month in the United States. Over half of those businesses will not survive.
I launched my training and organizational development consulting practice in November 1990. While the journey has certainly been filled with a number of “how fascinating” moments, the benefits have far exceeded the costs.
There are a number of reality checks that entrepreneurs face every day: working capital, market growth, employee engagement, day-to-day operations and technology. However, many owners do not take enough time to focus on themselves, their personal impact on the business and their careers.
Self-awareness of one’s behaviors, preferences and perspectives helps entrepreneurs to leverage strengths, improve blind spots and identify those areas where coaching or assistance may be required to take their performance to the next level.
MHS has identified four key factors – mind-set, self-management, dealing with others and business orientation – along with 17 competencies that have proven to have the greatest impact on the success of an entrepreneur. Let’s look at four of these behaviors in more detail.
Being independent minded is the degree to which one seeks to act on her own hunches and push boundaries. Self-assuredness in one’s ability to analyze a situation or opportunity and be decisive is essential. Decisions may not always be popular or seem like the smart thing to do. Entrepreneurs need to assess the risks and balance the costs, looking at probabilities and con-sequences. They see mistakes as a necessary part of growing the business. Learn from them, don’t repeat them and keep moving forward.
In the book “For Your Improvement,” authors Michael Lombardo and Robert Eichinger write, “making good decisions involves being patient enough to collect the available information, being humble enough to ask for other people’s opinions and thoughts, and then coldly making the decision. No one is ever right all the time; it’s the percent correct over time that matters.”
Another key competency is being stress-motivated, not stress-managed. According to Kelly McGonigal, author of “The Upside of Stress,” one of the benefits of embracing stress is that we find the strength to pursue goals and endure experiences that are difficult but meaningful. Growth and change pull us out of our comfort zones.
Entrepreneurs view new challenges as exciting. They develop resilience to bounce back when setbacks occur, always looking for the bright side and lessons learned. Taking the long view helps them to not fret and fixate on the bumps in the road. They monitor the pluses and minuses, always stay focused and never lose sight of the overall purpose or “why.”
The business of business is relationships, and entrepreneurs are exceptional network builders. At ease striking up a conversation with a potential customer, supplier or new hire, they are seen as open and relaxed. Most importantly, they listen and ask more questions than make statements.
Entrepreneurs must be able to communicate their vision and ideas clearly while gaining commitment from stakeholders. No one can do it alone. It’s easier to steer the ship when everyone is aligned and rowing in the same direction.
Lastly, the entrepreneur’s edge comes from being energized by the unknown and “what’s next?” Making connections between what is and what could be is in the entrepreneur’s blood. They welcome creative thinking and new ideas. Innovation is taking those ideas and driving them to implementation. Their motto is “if you don’t like change, you’ll like irrelevance a lot less.”
Those entrepreneurs who are independent-minded, stress-motivated, networkers and opportunistic will succeed in keeping their organizations thriving. Every person who has run his own business knows this to be true. With discipline and accountability, entrepreneurs can develop an edge for their business.
Gale Mote is a trainer, organizational development catalyst and coach in Cedar Rapids. Contact her at [email protected].
