How to Become a Great Entrepreneur

Posted on October 2, 2022 by anentrepreneurswords

I am part of a group of investors that formed a funding platform for early-stage companies. Some might call us angel investors. We look at a lot of start-up companies and evaluate their founders and product or service ideas. Over the years we’ve identified several founder attributes that are needed for entrepreneurial success in the start-up world. So, what traits and tendencies does the ideal founder possess?

A clear vision is at the top of the list. I’ve said before that vision is what it looks like when we get there. A great entrepreneur can articulate with clarity what the future looks like for his or her company and the products/services that it provides. For example, here’s an example of a clear vision statement – “To become the world’s most loved, most flown, and most profitable airline.” It’s clear what it looks like when Southwest Airlines “gets there.” Of course, the appropriate metrics can be layered onto this vision to quantify it.

Not only must a great entrepreneur be able to explain the vision for the company, but he or she should be able to constantly communicate clearly and effectively across a wide range of topics. We’ve funded some promising companies that have high potential for success. Unfortunately, the founders are tone deaf when it comes to staying in touch with their investors. We must always think about what others need to know. You’ll go a long way to building confidence with us if you communicate proactively and we don’t have to chase you for status updates.

We are reluctant to fund solo founders. There’s simply too much risk when betting on a single individual to grow a business and make all the right decisions. Instead, we are looking for a founding team that offers strong domain expertise and business acumen. A great entrepreneur can assemble such a team and retain them to build a great company.

The entrepreneurial world is a rough and tumble business. Setbacks are experienced every single day and can really take a toll on morale over time. We’re looking for founders that can get off the ground, brush themselves off and get back on the horse. An almost stubborn resilience is highly valued and is requisite for another quality – perseverance. Patience does not come easy for entrepreneurs – we want things to happen yesterday. As an angel investor, we need to know that not only will a founder be able to bounce back from adversity but will also stick to his/her plan over the long haul.

Great entrepreneurs have high levels of energy. Their energy is palpable and contagious. Moreover, they are indefatigable and can outwork everyone. Entrepreneurship requires a great deal of stamina, and you’ll never hear a top-flight founder say that there aren’t enough hours in the day. He or she simply figures out a way to manufacture more hours!

There’s no question that passion is a quality that is a mandatory element of success. When we’re listening to a founder’s pitch, it’s obvious if there’s passion. He or she exudes confidence and is inspirational when explaining the product or service. This enthusiasm is powerful in persuading customers, investors, and other stakeholders to say yes.

Finally, we’re looking for entrepreneurs that know their stuff. They have mastered the facts and avoid the B.S. I remember one pitch session where a founder was asked about his projections and how he justified capturing such a large market share. His response was, “We’ve studied the market and don’t see much competition. So, we think we can hit our target.” This was a classic B.S. response unsupported by any factual evidence. Needless to say, he didn’t get funded. Contrast this with a similar response from another founder who answered the same question. She walked us through the various factual assumptions that built to a market share that felt realistic to us. It was quite clear she had done her homework.

Great entrepreneurs – whether they are founders or not – possess traits and tendencies that constitute a winning formula. A clear vision; clear communications; the ability to assemble and retain a team; resilience; perseverance; energy and indefatigable spirit; passion; mastery of the facts, and avoiding B.S., are what we look for when interviewing great entrepreneurs.

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

The Affirmation-Focused Entrepreneur

Posted on August 22, 2021 by anentrepreneurswords

Words, words, words. Research by Louann Brizendine of the University of California indicates that on average, women speak 20,000 words per day and men speak 7,000. I share this to point out how many opportunities we have as men and women to create positive or negative energy with what we say. Our words can be uplifting or demoralizing; they can be helpful or hurtful, and they can be passive or aggressive. In my opinion one of the most important things to remember is that what we speak is an affirmation.

As entrepreneurs and for everyone in general, we want our affirmations to be positive. Affirmations have power. They pattern our conscious and subconscious minds. The seemingly innocent things we say are cumulative and can have a profound impact on our lives. Let us look at some of the “benign” statements that are made every day.

“I didn’t have time . . .” I have been working hard to eliminate from my vocabulary any reference to not having enough time. I realize that I make a choice about how I spend my time and I am not somehow under its spell. Sure, there are things that do not get finished, but I chose which tasks those were. Understanding this has helped me become much more adept at prioritizing what I do each day.

“I can’t do . . .” This one is dangerous. The more we say this, the easier it becomes to admit defeat – and “I can’t” is clearly the flag of surrender. As cliché as it may seem, I try to replace “I can’t” with my childhood memory of the 1930 story by Watty Piper, The Little Engine That Could. I have decided that I would rather “think I can,” try and fail, than “think I can’t” and not try at all.

“I’m sick.” I refuse to acknowledge this. It is true that I may get a sniffle from time-to-time, but I am not about to affirm that I have succumbed to ill health. If I do feel a bit under the weather, I will affirm that I am healthy and whole. That, along with lifestyle changes I have made, powers me past whatever may be trying to ail me.

“I hate . . .” I am guilty on this one and realize that I need to change. I say things like “I hate red lights, idiot drivers and incompetent bureaucrats.” Unfortunately, there is a touch of anger – albeit fleeting – that is present when I say, “I hate.” And anger – even a short and subtle burst – can have a physiological effect on our bodies. A combination of brain chemistry and muscular response can weaken our immune systems.

“Why did this happen to me?” There are a multitude of variations of victim-speak. “He/she screwed me,” or “I didn’t win the contract because my competitor is unscrupulous.” I have been working for years to recognize the fact that I am in control of my own destiny, and I am not about to give my power to others, especially through verbal (and negative) affirmations. If I lose it is going to be of my own doing and not because of someone else.

That which we affirm has a higher probability of manifesting than that which we do not. Why then would we want to affirm anything but positive results for ourselves?

The Exhilarated Entrepreneur

Posted on February 9, 2020 by anentrepreneurswords

Here’s a simple test. Do you wake up in the morning and can’t wait to tackle the day ahead? Does your brain function in overdrive with an idea a minute? Are you ever bored? Are you able to stay in “the zone” from a productivity standpoint for long periods of time? Do you experience endorphin rushes at times other than when you are exercising? Are you almost always in an upbeat mood no matter what? If you answered “yes” to all these questions except for being bored (and answered it “no”) then you are experiencing the “E” Factor.

The E Factor is a major ingredient in the recipe for the success of an entrepreneur (and everyone else for that matter). The E Factor is . . . Exhilaration! Exhilaration is the energizing excitement that puts an exclamation point on our lives. There’s no drudgery in Exhilaration. There’s no exhaustion in Exhilaration. There’s no negativity in Exhilaration. There’s nothing boring about Exhilaration. Exhilaration is all about positivity, optimism, the glass is overflowing (as opposed to half full), fireworks-on-the-4^th-of-July, the sun is always shining and everything WOW!

From personal experience I can tell you that my life is so much richer and fuller as a result of reaching and staying in a state of Exhilaration. The little setbacks along the way that might throw others for a loop are mere speed bumps for me. My existence goes far beyond my vocation and has become totally holistic in nature. I know this may sound corny, but I truly am in love with life and life is in love with me.

How do we reach and stay in a state of Exhilaration? There are three steps that have worked for me. First, we must make serious choices about how we think. If you read my blogs regularly, you know that I constantly talk about how much of a difference our mindset can make. We all know this for the most part, but it’s not always easy to remember. Maintaining a positive state of mind is absolutely and totally critical to the E Factor. We must recognize when we are starting to veer into negative thinking; stop and release the negative thought and replace it with a positive thought. I have found that a positive affirmation said over and over is a perfect replacement for a negative thought.

Second, we deserve to live our passion. I realize that sometimes there needs to be a ramp-up process to reach this passion. My passion isn’t just what I do for a living. My passion is the way I live. It’s filled with many things for which I have a passion including my relationships, my philanthropy, my health, my creativity, my faith and many more elements. I’ve said numerous times that passion is what allows us to see in color. Just because we may not be totally passionate about our careers at the moment doesn’t mean that there aren’t many other aspects to our lives for which we can have passion. And with respect to our careers – we should have a step-by-step plan that provides the light at the end of the tunnel for when our career does become our passion.

Finally, we must practice intense gratitude. Being grateful for what we have and what we receive keeps the energy channel open for us to receive greater good in our lives. When I think back over the years about all the wonderful people who have done wonderful things for me, my gratitude needle explodes off the meter. Saying thank you isn’t enough. Doing good things for other people is an expression of our gratitude that recognizes what others have done for us. It’s a bit of a pay-it-forward mentality.

We can live in a state of Exhilaration if we choose to do so. It’s as simple as that. And to achieve the E Factor we must be positive, passionate and grateful. Enjoy the fireworks show!

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

Entrepreneurial Energy

Posted on May 20, 2018 by anentrepreneurswords

What do you think of when you hear the word “elimination?” Does it have a positive or negative connotation? What could “elimination” possibly have to do with entrepreneurship? Is it a sinister plot to get rid of the competition? Happily, “elimination” is a very positive concept for entrepreneurs. Let me explain.

Nature has installed a regular elimination process within our bodies. We eat and drink foods and liquids which provide nourishment. But not all of what we consume is useful and our system eliminates this as waste. If this elimination process did not exist we would eventually become so bloated we would explode – or at least that’s my speculation!

I read a staggering statistic recently. Apparently the National Science Foundation published a paper in 2005 stating that the average person has between 12,000 and 60,000 thoughts per day! The paper went on to say that 80% of our thoughts are negative and 95% of them are repetitive. If true, this is astounding. It’s no wonder that the older we get, the harder it seems to remember things – it’s probably because our minds are so cluttered with the cumulative effect of our thoughts.

So, what does this mean for us as entrepreneurs? Having a fresh mind that is able to think clearly is paramount to our success. And of course mental clutter and negative thoughts impede our creativity. If truly 80% of our thoughts are negative, we are living in a danger zone when it comes to flourishing entrepreneurship. It’s one thing to acknowledge that we need to change our mindset. But that is easier said than done. After years of “practice,” negative thoughts may come naturally to us.

The answer is to embrace a process of elimination. The first step is to realize when negative thoughts have crept into our consciousness. Keeping a “thought journal” for a few days might be helpful in this regard. Every time we have a negative thought, we write it down in our journal. In a short period of time, we will become very mindful of our thought patterns and actually identify the triggers for negative thinking. The second step is to eliminate the negative thoughts. This might be accomplished in a symbolic way by taking the negative thoughts we’ve transferred into our journal, then tearing out the page at the end of the day and burning or destroying it in some manner.

Because nature abhors a vacuum, the elimination of negative thoughts will create a void into which we can pour positive thoughts. A few that come to mind are gratitude, enthusiasm, optimism, exhilaration, confidence and fulfillment. It’s these positive nuggets that will provide us with the “entrepreneurial energy” to reach the pinnacle of success. Just remember that the elimination process is just as important as the positive thoughts we think. Without elimination, the negative thoughts of fear, lack, limitation, envy, jealousy, hurt and unworthiness, continue to hang around and fester. They make it that much harder to usher in the positive energy that allows us to thrive. The bottom line is that we must be very intentional about the process of elimination.

There’s one more thing we can do that will physically reinforce the notion of elimination to make way for more good in our lives. If you are like me, we have all sorts of “stuff” that has accumulated over the years – material things in our garages, attics, basements, storage sheds – you name it and it’s probably there. While cleaning out these areas may not be our idea of a fun Saturday project, it certainly can be therapeutic when we see it working in tandem with eliminating negative mindsets. And it never ceases to amaze me that I save some of the darnedest things. For example, I’ve received a monthly financial publication for decades and have saved every one of them. I guess I figured that I might go back and look at them at some point in the future. Except that I never have – not one single time. And now all of that information and more is easily available on the Internet. So, I found it somewhat liberating to get rid of all of these magazines (and my house is less of a firetrap to boot). The point is that eliminating unneeded physical possessions is an act that supports the elimination of unneeded and unwanted thoughts of mind.

Entrepreneurial energy can be gained when we intentionally practice the process of eliminating negative thinking. Then the creativity and positivity that flows into the void will help propel our success like rocket fuel.

You can also listen to a weekly audio podcast of my blog. What you hear will be different than what you read in this blog. Subscribe on iTunes or wherever you get your podcasts. You can also click on this link – Click here to listen to Audio Episode 97 – Rabbit Trails.

The E Factor

Posted on December 7, 2014 by anentrepreneurswords

Here’s a simple test. Do you wake up in the morning and can’t wait to tackle the day ahead? Does your brain function in overdrive with an idea a minute? Are you ever bored? Are you able to stay in “the zone” from a productivity standpoint for long periods of time? Do you experience endorphin rushes at times other than when you are exercising? Are you almost always in an upbeat mood no matter what? If you answered “yes” to all of these questions except for being bored (and answered it “no”) then you are experiencing the “E” Factor.

How do we reach and stay in a state of Exhilaration? There are three steps that have worked for me. First we must make serious choices about how we think. If you read my blogs regularly, you know that I constantly talk about how much of a difference our mindset can make. We all know this for the most part, but it’s not always easy to remember. Maintaining a positive state of mind is absolutely and totally critical to the E Factor. We must recognize when we are starting to veer into negative thinking; stop and release the negative thought, and replace it with a positive thought. I have found that a positive affirmation said over and over is a perfect replacement for a negative thought.

Finally, we must practice intense gratitude. Being grateful for what we have and what we receive keeps the energy channel open for us to receive more good in our lives. When I think back over the years about all the wonderful people who have done wonderful things for me, my gratitude needle explodes off the meter. Saying thank you isn’t enough. Doing good things for other people is an expression of our gratitude that recognizes what others have done for us. It’s a bit of a pay-it-forward mentality.

We can live in a state of Exhilaration if we choose to do so. It’s as simple as that. And to achieve the E Factor we must be positive, passionate and grateful. Enjoy the fireworks show!

Disorderly Conduct

Posted on March 31, 2013 by anentrepreneurswords

Question: Sometimes entrepreneurial environments become wild and crazy. How do I keep from getting sucked in and swallowed up by all this confusion?

Answer: Don’t you just love it? The environment you describe is typical of a dynamic, fast-paced organization. Meetings and phone calls – one right after another; multiple deals and projects to be tended; and e-mails flying at a dizzying speeds, all add up to only one thing. Chaos. Personally, I am energized by such situations. But it wouldn’t be hard for everything to tip over and fall into the abyss, metaphorically speaking.

Managing chaos is a test in multi-tasking; thinking three-dimensionally; practicing patience; maintaining composure; having a sense of humor; demonstrating physical and mental stamina; being flexible; staying positive; thinking creatively, and communicating effectively. Whew! Seems like a pretty tall order, doesn’t it? Wouldn’t it be more productive if there was more of an orderly flow within an organization? Maybe, but chaos can produce some amazing results.

When things become chaotic, entrepreneurial leaders find out who in an organization can step up and produce results. They see clearly who wilts and who thrives under the pressure. And out of chaos can actually emerge some of the best ideas. One of the finest examples is the Empire State Building. Imagine this. Construction began in January 1930, just when the Great Depression was settling over the country. More than 3,400 workers swarmed the site and built the tallest building in the world – 1,250 feet and containing 2,248,355 square feet (the size of 47 football fields) – and they completed it in 410 days! Imagine the enormity and complexity of this project. The chaos we experience as entrepreneurs is a fraction of what must of have been present with the Empire State Building. I consider this building to be a literal and figurative monument to creating order out of chaos.

So what’s the trick to making chaos work productively and not letting it consume us? First, it’s important to ignore all of the “noise” that comes with chaotic situations. We must become expert at focusing on only that which matters – keep an eye on the prize so to speak. Block out everything else. Second, it is critical that we identify priorities in the jumble of craziness, tasks and emotions. Failure to prioritize is one of the most lethal and negative aspects of chaos. Finally, consciously look for the positive results that can emanate from chaotic situations and feed off of them. This is obviously a state-of-mind opportunity and a choice we can make. The choice is really pretty simple. We can either allow ourselves to be overwhelmed by the chaos, or we can rise above it and use it as a tool to propel our cause.

Chaos is a highly-charged energy flow. It simply has no order to it. When we are able to harness the positive energy elements of chaos, we can use the momentum to create order and attain our goals at a much higher level than otherwise possible.

An Entrepreneur's Words to Live By

Lifechanging Ideas for Entrepreneurs

Tag Archives: energy