Only 15% of Americans are entrepreneurs. However, fewer people actually succeed than those who are self-employed and set their own business. Why is it so hard to find the right path for you?
Are you able to achieve the American dream? Or is it more difficult than others to be a successful entrepreneur.
Your mindset is key to success as an entrepreneur. Most business owners will give up within the first five years. It is important to believe in yourself and have the willpower to achieve success.
Entrepreneurs are dreamers and risk-takers. But the difference between a dreamer or an entrepreneur is the fact that the entrepreneur acts on the basis of their dreams. They persevere through hardships and never lose heart! Many entrepreneurs start with an idea. They believe they can achieve more than just financial success. It’s often about creating something that will be of benefit to the world.
James Dyson was the one who came up with the idea for the bagless vacuum cleaner. Despite numerous setbacks, over 5000 prototypes, and the inability to get any distributors or manufacturers to accept his idea for a bagless vacuum cleaner, Dyson persevered. When his original idea was first presented, it was almost a decade later that his idea came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.
Simon Sinek’s book “Start With Why” suggests that the most successful companies are those who have a “why”. The reasons they started a business. It wasn’t to make money or improve technology or have a whimsical idea.
For example, the Wright Brothers were known as pioneers of first manned flight. But their competition was far more well funded and connected. Samuel Pierpont Langley, a Harvard graduate, had many strong connections including Alexander Graham Bell, Andrew Carnegie, and others. His project was funded by the War Department with a $50k grant. This seemed to be a huge advantage for the Wright Brothers, who were not wealthy or influential. They were driven by their passion to make history with this new technology and achieved the first flight of its kind in 1903.
Material wealth and desire for material goods can only take someone so far. You may lose momentum if you do not have a greater goal or passion than this.
Entrepreneurial mindset taps into your purpose. It’s easy to become disillusioned if you don’t have a purpose-driven goal or an aim. Entrepreneurs can create huge businesses if they have a bigger purpose in mind. No setbacks or obstacles will stop you from reaching your goals if the purpose is greater that the obstacles in the way.
If you do not set out to accomplish something, or something stops you from doing it, your original motivation (or “why?”), may be lost.Your initial reason (or “why”) may not have been strong enough for you to endure the many battles.
The entrepreneurial mindset (or mindframe) must align with your vision, your values, and your purpose. You will face roadblocks that prevent you from reaching your goals if your values don’t align with your vision and purpose.