I recently read a great article on BusinessInsider.com about the 6 skills that all Extraordinary Entrepreneurs Have and I thought that I’d share my thoughts on each….
First, you have to have a healthy appreciation for the fact that successful entrepreneurs think differently than most other people. Their a different breed altogether. Once you realize this, then you can take steps to try to “rewire” yourself to take more actions that are closer to theirs.
One thing that I can definitely tell you about success is that a great way to get there is to copy the actions of other successful people. When you do what successful people do, more times than not, you will get similar results.
So with that in mind, let’s get to this list:
- Find The Gap – I like to call this “zigging when others are zagging”. There is always a “game within the game” in my experience. A great example of this as it relates to real estate is back in 2009 when the market was crashing, we made a “pivot” in our own business that no one saw coming and it changed the industry forever. There was a mass exodus from the real estate investing market because financing had completely dried up. Rather than close shop, we decided to begin searching public records for the people that were still buying and more importably, NOT using banks or financing for their purchases (aka banks). This move saved our business and in fact, led to our meteoric growth. Our competitors closed shop and we just focused on the real players that were left. And we did it with information that was right under their noses the whole time, if they had just buckled down and looked for it. This led to the development of Find Cash Buyers Now and eventually put this idea on concept into the “main stream” of real estate investing, changing the landscape forever.
- Drive For Daylight – In the same way race car drivers keep their eyes fixed on the road ahead while seeking opportunities to pass a competitor, successful entrepreneurs focus on the future, unconcerned about the constraints of their “lane” or the position of their competitors. In my experience, it rarely serves you or your business well to be more concerned about what your competition is doing than you are about providing a good product and service and building for the future. Stay focused on delivering on the promise now and forever.
- Fly the OODA Loop -An acronym for “observe, orient, decide, and act,” this framework for rapid decision-making in fast-changing environments was created by Col. John Boyd, a U.S. Air Force fighter pilot, during the Korean War. For entrepreneurs, Wilkinson says, this means continually updating their assumptions and moving quickly from one decision and iteration to the next. Most successful entrepreneurs that I know are very quick to implement, evaluate, and adapt. As the saying goes “done is better than perfect“. Perfection is the enemy of progress. Take action and then adjust.
- Fail Wisely – Successful entrepreneurs understand the key to avoiding more catastrophic mistakes is to make a series of smaller errors. They test ideas in low-risk environments as an inexpensive way of gathering insights to determine whether a product or idea will take off. Some concepts work and some don’t, but in either case, the results make creators smarter and more resilient.
- Network Minds – This is a cornerstone of successful entrepreneurs. They all work with other entrepreneurs to flesh out ideas and concepts. They all “mastermind” at some level and take this concept very seriously. Masterminding involves solving multi-faceted problems with the help of a very diverse group of strategic thinkers.
- Gift Small Goods – This is pretty straight-forward. It’s a good karma thing. In my experience, successful entrepreneurs believe in good karma and the idea of giving. They give ideas, thoughts, and opportunities to the people around them and in their community, for no other reason except that they believe that it’s the right thing to do. They have an “abundance” mentality versus a “scarcity” mentality.
If you would like to read the article, click here