Wayne Wilson on Companies in Transition

GRIT makes the difference

“There is an unfortunate myth that success is mainly determined by something called ‘ability.’ But research indicates that our best measures of these qualities are unreliable predictors of performance in academics or employment. Psychologist Angela Lee Duckworth says that what really matters is a quality she calls ‘grit’ — an abiding commitment to work hard toward long-range goals and to persevere through the setbacks that come along the way. [emphasis added] One aspect of grit that I think is particularly important is the willingness to take a stand when circumstances demand it. Such circumstances may not be all that frequent, but in every life, there will be crucial moments when having the courage to stand up for what you believe will be immensely important.”

- Janet L. Yellen, Federal Reserve chairwoman, at New York University Commencement

Defining entrepreneurs

According to a new book [1] by John Byrne, successful entrepreneurs have three defining characteristics:

• First – Entrepreneurs see opportunities where others see problems. Great examples include Reed Hastings at Netflix and Jeff Bezos at Amazon.com. Their experience suggests that your reality (and therefore your opportunity for success) is a function of how you view the world, not just some objective reality uninfluenced by the people in it.

• Second – Entrepreneurs understand and live with risk and failure. Success often comes only after multiple risk taking and failures. But all risks are not created equal: successful entrepreneurs have an uncanny ability to size up the risks they are taking in a way that affords them a greater than normal opportunity for reward. They take on calculated risks with outsized opportunities for success. Yes, they often fail, but when they win, they win BIG.

• Third – Entrepreneurs want to control their own destiny. They do not particularly like working in teams, and they rarely like taking orders from others. They are independent, rebels. They see the world differently, and they readily take on high stakes efforts to literally change the world. Think Steve Jobs, Larry Ellison, Bill Gates.

In many ways, true entrepreneurs self-select. They are born with certain characteristics and pre-dispositions that drive them to strike out on their own when confronted with difficulty and adversity. But all entrepreneurs are not created equal, and there are varying degrees of entrepreneurial drive.

Owner/CEOs have a wonderful opportunity to mentor the next generation of entrepreneurs, as well as grow their own businesses, by vigilantly seeking out young entrepreneurial associates and giving them room to grow and show what they can do.

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[1] World Changers: 25 Entrepreneurs Who Changed Business As We Knew It. By John Byrne. Portfolio; at  Amazon.com.

Do you love what you do?

Do you wake up in the morning excited to go to work? Do you look forward with eager anticipation to the day’s challenges and tasks? Do you become so engrossed in your work that you lose track of the time? Do you have a passion for what you do?

Passion and commitment have long been associated with the lives of successful people. It’s not always about the fame or the money or the power. It’s about commitment to something larger than your self. It’s about what you can accomplish that might make a difference in the world.

Jonathan Fields has written a great new book, Career Renegade: How to Make a Great Living Doing What You Love. [1] While not cutting edge new material, the book does compile a range of useful information about ways to make money from your passion – a sort of primer for those seeking to gain personal traction on the issue.

The book includes exercises to help you find your passion, tips for conducting research and launching a new business and stories about the success of others to inspire you.

If you are not currently pursuing your passion, Career Renegade might be a useful read.

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[1] Jonathan Fields, Career Renegade: How to Make A Great Living Doing What You Love, Broadway Books, 2009, 288 pages.