Entrepreneurial Success Factor
Have you considered what is the fundamental business competency essential for success of an entrepreneur? There are many business owners and leaders that overwhelm themselves to a point of exhaustion compromising the success they could be realizing. The problem is that they do not function as an entrepreneur. The solution comes with understanding how an entrepreneur needs to function.
There are specific competencies that are required to succeed in a given role. What is this competency required to be a successful entrepreneur? In order to answer this question, we must first examine the filters that influence and shape our perspective. The emotional triggers, interests, attachments, likes and dislikes, and experiences that form the filters we use in understanding our environment and making decisions about what to do next. It is in our nature as human beings to see the world from our own perspectives.
There are three distinct filters or lenses that you could be experiencing in workplace: an employee, managerial, or leadership perspectives.
Let’s examine and understand the three different perspectives and how each of them sees the business reality and makes the decisions that are required for success.
Employees are task focused and examine the company events by considering how the events will affect them, and don’t have the companywide view, nor would consider the domino effects of the decisions in the future. They experience and consider change from their personal view and examine what is the effect on their pay, benefits, workload and hours. Employees ask questions like: How do I? When should I? or How Big?
Managers are company focused, however, use an analytical lens focusing on the past experiences and results to create success in the now. Managers are intensely and intently aware that the business is tracking to expected results, and how they need to shift to ensure that they can deliver the expected results. This perspective looks at the data and past results to decide what is best for the business now. Managers ask questions like: How much? Why did it? How did it?
Successful leadership is driven by strategic thinking. The leadership lens includes all three perspectives – employees’, managers’ and leaderships’ asking questions such as How can I? or What if? Leaders must be able to anticipate the future as they lead the organization in the now. Leaders are required to have the presence of mind to be able to examine structure, processes, culture of the organization; and have the ability to commendably pinpoint the root cause of challenges, communicate effectively, and bring about common will amongst all the members of the organization, so together they can improve and/or create the structure, processes, and culture that deliver results and success for all.
Leaders are intentional about what they invest their time in. They focus on the business rather than being overwhelmed by being in it. The leadership lens is objective, strategic, and focused on the big picture which allows for moving the organization forward and grow the business.
An entrepreneur that is overwhelmed by the day to day activities and functions as a manager or technician most of the time, meaning is so in the business that has no time to work on the business, reduces the chances to succeed. Being able to spend enough time being strategic about your business is crucial to success.
According the SBA, statistics show that 40% of businesses fail in the first year, 50% fail in the first 5 years, and 90% fail within 10 years. This failure rate is astonishing, and entrepreneurs must consider how they can increase the rate of success by making sure they understand the reasons why they may fail and how they can prevent that. Working with a mentor, business coach as a trusted advisor would enable you to have the opportunity to avoid making the common mistakes and have a chance at beating the odds and experience a thriving successful business.
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