The Superhero Entrepreneur

Superheroes are known for their superpowers. Superman could fly and possessed incredible strength. Captain Marvel could levitate. Wonder Woman had x-ray vision. Hercules could self-heal. Iron Man could become invisible, and Stretch Armstrong was a shape shifter. Cartoon characters are bestowed with amazing superpowers and always seem to find themselves in situations that call for the use of those powers specifically unique to them.

Successful entrepreneurs also have their own unique superpowers. Discovering and utilizing such powers can lead to some amazing results. As we progress through our careers, we become more and more aware of our superpowers. The earlier in life we can discern our special abilities, the sooner we’ll be able to focus them and realize our full potential. Just like most of the superheroes, we entrepreneurs can’t lay claim to all the superpowers which is why we need to understand what ours is and how to use it. Here are a few ideas on the subject.

Creativity and Imagination are foundational superpowers for many entrepreneurs. Probably one of the most creative individuals ever to walk the planet was Steve Jobs of Apple fame. Jobs had a vision that was unmatched, and he transformed society by imagining things that had never been done before. He envisioned the iPhone to have on-screen features rather than the old buttons that were used on other cell phones.   

Tesla’s Elon Musk exemplifies the superpowers of Perseverance and Resilience. Another of his enterprises is a company called SpaceX which is attempting to commercialize space travel. Even though there have been countless setbacks including rockets that failed to function properly or exploded in 2006, 2007, 2008, 2015 and 2016, Musk continued to stay the course to reach his goal of making space travel affordable and colonizing Mars. And SpaceX has had numerous successful launches since the earlier failures.

McDonald’s would not be the company it is today had it not been for its founder, Ray Kroc and his superpowers of Optimism and Ambition. Very early in his career he met Earl Prince, the inventor of a five-spindle milk shake machine called the Multimixer. He spent 15 years selling the machine to a variety of customers including two brothers in San Bernardino, California. Dick and Mac McDonald entered an arrangement with Kroc to expand McDonald’s beyond a single restaurant and the rest is history. Because of his Ambition, Kroc was able to effectively push the expansion plan. And his Optimism was contagious and enabled others – franchisees, suppliers, bankers, and investors, to believe in him and his plan.

When we think of Amazon, we understandably think of its founder Jeff Bezos. Here is a man who is not afraid of failure because his superpower is seeing the world as a laboratory in which to Experiment. Is there any doubt that he’s done exactly that? He started selling books online, and today sells EVERYTHING through the Amazon website. In addition, Amazon Web Services, is a subsidiary that provides a cloud-based computing platform to the business community. Bezos convinced investors to back his approach of experimentation from Amazon’s launch in 1995 to 2021 when it achieved annual sales of $469 billion. He advises entrepreneurs to focus on process not failure, and further to “deconstruct products, processes and ideas.”

Building and serving Relationships are Reid Hoffman’s superpowers. Hoffman was the COO of PayPal and co-founder of LinkedIn. He likes to build deep, long-term relationship that give insider knowledge. Says he, “If you reverse engineer the relationships of many successful entrepreneurs as I have, you will realize that many people work with the same people over and over in their careers.”

What is your superpower? Once you find it, focus on it, refine it, and exploit it. It may not enable you to leap over tall buildings in a single bound, but it may be just what you need to build a successful and sustainable organization.  

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 Insecure Entrepreneur

Let’s go exploring. Let’s explore the mind of an entrepreneur. What types of thoughts are entrepreneurs thinking? The answer may surprise you. Many people see entrepreneurs as self-confident, assertive individuals who always have it “all together.” Look at the roster of famous entrepreneurs – Sir Richard Branson, Mark Cuban, Steve Jobs, Bill Gates, Jeff Bezos, and Mark Zuckerberg. Certainly, no shrinking violets in this bunch!

So, we’re all like this star-studded list of entrepreneurs – right? Well . . . maybe not so much. All that moxie and nerves of steel gives way to self-doubts and uncertainty. Am I a fake? Am I not good enough? What if I fail and lose all my money? No one likes me or my idea. These thoughts are insidious and destructive. And yet we think them anyway.

We’ve all heard the “fake it till you make it” mantra. This implies that an entrepreneur is continuing to perfect his or her product/service while still pulling out the stops to sell it. Products and services are iterative and there will always be newer and better models. Our entrepreneurial insecurities emerge when we worry that there may be flaws in the current version that cause such a strong level of customer dissatisfaction that our whole enterprise bombs. This is where the “fake it” part of the equation can spill over into our psyche and cause us to question whether we really know what we’re doing.

“What if I’m not good enough?” Often, we’ll see other entrepreneurs who seem to be riding the wave. Everything is going right for them, and we surmise that they are on top of the world. Perhaps we’ve just suffered a setback of some sort. We look at the competitive landscape and begin to wonder if we’re losing the race. This feeling intensifies as this cycle persists – others seem to be winning and we aren’t.

It’s 3:00 AM and we wake up in a cold sweat. Our hearts are pounding and we’re a bit disoriented. We’ve just launched a major project that by our assessment, involves more risk than we’re used to taking. Then the mind games begin. We see the endeavor cratering which will cost us a lot of money . . . not to mention reputation. This is followed by the thought that we’re losing our mojo and our business will eventually fail. Ultimately, we declare bankruptcy, lose our house, are divorced by our spouse, and end up living under a bridge!

Finally, some of us may be feeling rejected. Again, we may have been told “no” so many times that we begin to wonder what is wrong with us. Is there something about our personality, the way we look, the things we say or the way we act? Maybe it has something to do with where we live, the car we drive, the people who are our friends or even where we went to school. Our natural reaction is to feel hurt and maybe even victimized.

Entrepreneurial insecurities are understandable but unproductive. It’s important that we recognize them; resolve them as quickly as possible and move on. Allowing them to fester can be a slippery slope to some serious career or life-threatening behaviors. Drug and alcohol abuse, deteriorating health, extramarital affairs, gambling, physical and psychological abuse of loved ones and even suicidal tendencies are some of the more prevalent examples.

We entrepreneurs thrive when we have a healthy self-image. Developing great resilience is critical to our success in this arena. Smoothing out the ups and downs of our fast-paced lives is also a step in the right direction. Earlier in my career I would experience the euphoria of winning to the fullest. But similarly, I would experience the depression of losing to the fullest as well. These wild emotional swings would result in my feeling on “edge” much of the time. The feeling of victory was fantastic, but I always wondered when the other shoe was going to drop.

I’ve learned to moderate my emotions. When I am part of a winning experience, I know I’ve been there before. And it’s the same with the losses. I know what it takes to achieve victory and I know what to do to avoid defeat. Some of this is simply age and experience. But I believe most of it is the mindset I have chosen for myself. The key word in the previous sentence is “choice.”

We can avoid the pitfalls and traps that are set when we have entrepreneurial insecurities. This is accomplished by celebrating our success not by spiking the ball in the end zone, but through understanding exactly how we won and replicating it over and over. Steadfastly focusing on our vision for the future is paramount to warding off negativity and self-doubt. Above all, we build our resilience by maintaining our optimism and positive attitude, no matter what.

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 Hustling Entrepreneur

The legendary Sir Richard Branson was 16 when he launched his first business venture in 1967 – a magazine called Student. He followed this with a business selling records through the mail. Thus, was born Virgin Records and ultimately a multitude of companies under the Virgin brand.

Mark Cuban was 25-years old when he started software company, MicroSolutions. Seven years later he sold it at a price that put $6 million in his pocket. He reinvested his winnings into another of his start-ups, Broadcast.com which netted $5.7 billion when sold.

John Paul DeJoria bounced around in the foster system as a boy. He was involved with crime and spent time in the military before he borrowed $700 to start John Paul Mitchell Systems. His humble beginnings included door-to-door sales and a lot of blood, sweat and tears. Later he founded Patron tequila, another killer brand. Today he’s worth more than $3 billion.

What did all three of these entrepreneurs have in common? They were all “hustlers.” I know that when many of us hear that term, it doesn’t have positive connotations. We have images of a smarmy, greasy, fast-talking character who is constantly trying to run a con. But this isn’t the kind of hustle to which I refer. Instead, this kind of hustle is all about a desire to win.

Entrepreneurs who have hustle are resilient. They are creative and they are fearless. The easiest way to describe an entrepreneurial hustler is to look at the parallel of a hard-fought basketball game. We’ve all seen players scrambling after loose balls, flying into the stands, and throwing themselves onto the floor. They are willing to sacrifice their bodies with reckless abandon in their quest to achieve victory.

When we hustle we have a warrior’s mindset. Our initial focus is on survival. How many successful entrepreneurs started from deep and dark places? Remember how J. K. Rowling faced tremendous adversity in the early days before her celebrity as the author of the Harry Potter books? Her mother passed away; she gave birth to a child and went through a divorce; was clinically depressed and lived on welfare for a time. But her only choice was to write to survive. When we are ready to curl up and hide from the world, we should remember how others were able to make it through the tough times and come out the other side stronger and ready to whip the world. Resilience is a major key to survival.

Perhaps our business isn’t growing like we planned. Maybe we’ve even seen it slide backward. Now is the time to get into “hustle mode.” This can take many forms but the most important is a mindset of renewed determination. We examine our strategy and tactics so that we can make the necessary adjustments . . . with renewed determination. We push to new levels of innovation . . . with renewed determination. And we may even do things we’ve never done before . . . with renewed determination, so that we can survive.

Eventually we begin to achieve momentum. We begin to win. And we continue to hustle. Our mindset shifts away from simple survival, and the focus is now on how to thrive. We are relentless in discovering ways to become even more creative. We absolutely, positively know that we are going to succeed. Our “hustle” now involves an even greater sense of urgency along with commitment and dedication to setting our goals even higher. We ignore our critics and all the naysayers. We work hard and we endure the pain. There is no question we’ll make many sacrifices along the way. I can remember in the early years of my career when we were building our business. We had passed the point of survival and were beginning to thrive. I would sometimes arrive at work very early – 3:00 AM. And I would meet another colleague who was leaving to go home for a few hours of sleep. We were hustling and we were winning.

The entrepreneurial hustle often begins with survival and eventually results in a breakthrough where we thrive. Resilience, hard work, creativity, a fanatically positive mindset, and laser like focus are some of the more important factors to this equation.

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 Failed and Defeated Entrepreneur

What two words in the English language couldn’t be further apart in their meaning, but are often intertwined for entrepreneurs? The first word by itself is part of the everyday life of an entrepreneur – and every other person in the world as well. This word is relatively innocuous. But when connected with the second word it’s like adding the primer to dynamite. The resulting explosion can have all sorts of detrimental effects on our lives.

That first word is “failure.” Many entrepreneurs (and others) fear failure. But successful entrepreneurs have almost always experienced failure in different ways and multiple times. They use their failure to recalibrate or pivot and find a new way to make something work. David H. McConnell was a door-to-door book salesman who offered a little gift of perfume to female customers. Selling the books didn’t work out so well, but there was great demand for the perfume. So, McConnell ditched the books and turned the perfume concept into what is now known as Avon. Ever heard of Traf-O-Data? It was a partnership between Bill Gates and Paul Allen for the purpose of developing reports from traffic counters for traffic engineers. The business was not a success. But Gates went on to launch another venture called . . . Microsoft. And then there’s the famous story about a man named Fred Smith who wrote a paper for his Yale University economics class involving overnight parcel deliveries. The professor wasn’t impressed and gave him what Smith recalls was a C. Undaunted, Smith pursued the idea which today is known as Federal Express.

This brings us to the second word. The word is toxic to entrepreneurs for it can easily become a mindset. The word . . . “defeat.” Failure is part of a process of experimentation and discovery. Defeat is the end. Once defeat is admitted, there’s nothing more to be done. I knew a man who worked for someone else for several decades. Then he decided to spread his entrepreneurial wings and bought a business. He labored mightily but eventually had to close his doors. But rather than lean into the experience and use it as a steppingstone to success, he withdrew. His confidence was shaken, and he began making unhealthy choices. He tried working for someone else again but eventually ended up driving a taxi. Now there’s nothing wrong with driving a taxi if it’s for the right reason. But in this case, it was his way of curling up in the fetal position and saying, “I can’t.”

I think that it boils down to whether we have a “die trying” mentality. It boils down to whether we have a positive image of ourselves. It boils down to moving as fast as we can to kill our own bad ideas so we can make room for the good ones! When we are afraid to fail, we are setting ourselves up for defeat. One of the most important things about failure is making certain that it’s not so monumental that we can’t right our ship. A mindset of defeat occurs when we are convinced, we’ve lost it all – forever.

Here’s what I’ve learned. I don’t set out to fail at anything but accept the fact that I will, and I must, if only to find the good ideas that work. I always make sure there’s enough of a margin of safety that my failures aren’t going to “kill” me. This leaves room for a pivot or a more significant shift. Regardless of my failures I will always remain positive and optimistic. Sometimes this can be very hard but it’s fundamental to avoiding defeat. When I do fail, I look for what can be salvaged from the experience to bolt onto the next iteration of whatever I’m doing. And finally, I know that I’m a step closer to success by eliminating a step in the process that didn’t work.

Failure and defeat are not connected in any way, shape, or form. Great opportunity and great success can rise from failure. Nothing good comes from defeat.

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 Gritty Entrepreneur

What do sandpaper, tiny bits of stone and gravel, a 1969 John Wayne movie, and successful people – especially entrepreneurs – have in common? The one-word answer is . . . grit. I’ve written before about perseverance, but grit takes this idea a step beyond. It’s one thing to keep on keeping on, but grit adds a special dimension to the notion of resolve. But before we dive in, let’s go back to the opening sentence for some context. Sandpaper has a very rough surface that is referred to as grit. This grit can be very coarse or very fine depending upon the project at hand. Chickens eat tiny bits of stone and gravel to help them digest their food. These small particles are also called grit. And who can forget the classic John Wayne movie called True Grit, in which a young teenage girl works in tandem with a drunken U.S. marshal to track down her father’s killer.

Many of us call it quits too early when something isn’t going the way we had envisioned. As entrepreneurs we are told that we must persevere and eventually things will turn out the way we want. So, we slog on and keep fighting the good fight. However, this isn’t grit. Remember the earlier mention of sandpaper. Everyone knows that if we rub sandpaper on our skin, we can draw blood. Grit does this metaphorically. We invest more of ourselves in whatever we are pursuing than just time and stick-to-it-ness. In the process we may get a little bloodied. We may get a black eye or a broken nose. But in the end, we win.

So just how does grit manifest in more concrete terms? Let’s look at some people who have demonstrated “true grit” in exemplary fashion. Singer/songwriter Dolly Parton grew up dirt poor as she describes it, in the Great Smoky Mountains of Tennessee. Even so, she maintained a cheerful and positive mindset throughout her childhood that has served her well during her long and illustrious career. Today, at age 75, she has amassed a fortune worth more than $650 million. She claims she had more “guts than talent.” But I think it was her optimism and sunny disposition that helped her overcome the obstacles she faced along the way.

Next, there’s the amazing success of Jeff Bezos, founder of Amazon. Bezos graduated from Princeton in 1986 and went to work on Wall Street. He enjoyed a lucrative career in the investment world, but he had a dream. He saw that the Internet was going to dominate the future and gave up his hedge fund job to start Amazon in 1994. The catalyst for him was his passion for that which was scientific and technological.

Finally, most of us know the story of J. K. Rowling. Divorced, on welfare and struggling to provide for her baby, she was nearly out of options in 1994. Despite these challenges, she wrote the first Harry Potter book, Harry Potter and the Philosopher’s Stone. The manuscript was rejected by 12 different publishers before finding one that would print it. And in several cases, the rejections weren’t very kind. But Rowling had no choice but to bounce back and keep trying – it was either that or she would never be able to climb out of the deep hole she was in. Her resilience made all the difference – and of course the rest is history with 500 million copies of the Potter books being sold.

There are many other elements that can be included when defining grit – courage, bravery, pluck, mettle, backbone, spirit, strength of character, strength of will, moral fiber, steel, nerve, fortitude, toughness, hardiness, determination, tenacity, guts, and spunk, to name a few. I’m partial to a combination of optimism, passion and resilience that accompany persistence and endurance.

Call it what you will, grit is essential for moving beyond perseverance to the successful outcomes we desire. And yes, there will be blood, sweat and tears along the way. But they are merely proof that we have invested our heart and soul in the arduous and exhilarating process of fulfilling our vision.

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 Never Say Never Entrepreneur

“If you think life is magical or life is hard, either way you are right. Your thoughts are the source of reality.” I love this quote by Dr. Debasish Mridha, an American physician and philosopher. And here is a phrase that is toxic to the entrepreneurial mindset – “It’s too hard.” Why? Because it is an affirmation – and a powerful one at that. There is nothing wrong with acknowledging that the mountain in front of us may be huge. But we can easily tip over into defeatist territory if we say something is “too hard.” Often that is a signal that it is time to give up. Au contraire!

Conquering something difficult and maybe even insurmountable is a true entrepreneur’s dream, much in the same vein as climbing Mount Everest or something less daring like public speaking. I want to “run to hard” and embrace it. I do so because I know that many others have run away from it. “Too hard” is an opportunity to blend innovation and creativity into a solution. It is an opportunity to witness the power of a positive attitude. It is an opportunity to learn how tough we are and how able we are to persevere.

There are examples all around us of how “too hard” really wasn’t. Think how hard it must have been to put a man on the moon in 1969 before the technological advancements we have today. The first heart transplant must have been amazingly hard – yet someone did it. And how hard was it for swimmer Michael Phelps to win 28 Olympic medals over the course of his career? There is no doubt that someone uttered the “too hard” phrase with each of these accomplishments. And that someone was obviously dead wrong.

Here is what I have learned. A leader must be the eternal optimist. He or she must absolutely and totally believe in the goal or objective. This belief must be authentic and genuine – not playacting for the team. There’s confidence on steroids at work here. But more than sheer willpower is necessary to generate the desired result. The effort must be strategic and smart.

Hoover, Electrolux, and Oreck seemed to have a corner on the vacuum market for years. Then along came James Dyson with a revolutionary idea in the late 1970s.  He created 5,127 prototypes over five years and the G-Force Dual Cyclone was born. Dyson has since become a worldwide market leader with 2019 sales of more than $7.3 billion. Here is another example. Blockbuster had 2004 revenue of $6 billion while Netflix brought in $500 million. Today, Netflix has more than nearly 208 million streaming subscribers and Blockbuster is out of business. What happened to “too hard” with Dyson and Netflix?

Dyson revolutionized vacuum cleaner design and eliminated the need for a bag. It was clearly a disruptor in its industry. Its swivel ball technology also made it easier to use a vacuum cleaner in tight spaces – something the incumbent makers had failed to do. Netflix was all about convenience for its customers. I remember having to drive to the Blockbuster store to rent a movie. Meanwhile Netflix was sending them through the mail. Ultimately, the company figured out that streaming was the future and rode the wave in handsome fashion. “Too hard” was transformed into stunning success through innovation, creativity, perseverance, resilience and above all a “can’t lose” mindset.

How do these stories apply to us? If nothing else, it is imperative that we learn how to convert too hard into let’s do it.” We must first convince ourselves that we can do whatever we set out to do. Then we must persuade our team to believe the same way. I know that this sounds like a lot of rah-rah. But the formula is a simple one. Yes, there will be risks – but we figure out how to manage them. Yes, there will be failure – but we use it to learn what works and what doesn’t. And yes, there will be periods where progress seems painfully slow – but we keep moving forward until we break through.

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 O-Fer Entrepreneur

In baseball the stat line for a hitter who strikes out, flies out or grounds out in all his at-bats during a game is shown as 0 – 4 or 0 – 5. The stat sheet for a basketball player who continually shoots and misses without scoring a point might show 0 – 7 or 0 – 10. In athletic terms this is an O-fer . . . O for 4 or O for 5 . . . O-fer. Going O-fer is an ignominious experience and generally brings on scorn from the fans. In 1922, Babe Ruth faced St. Louis Browns’ pitcher Hub Pruett. The first 14 at-bats for the Babe resulted in 10 strikeouts and two walks. During the 1922 World Series, Babe Ruth hit one single and one double in 17 trips to the plate. Arguably one of the greatest players to ever step on the diamond, Babe Ruth struck out 1,330 times. That was fewer than other baseball luminaries such as Barry Bonds (1,539), Mark McGwire (1,596), Mickey Mantle (1,710), Alex Rodriquez (2,287) and Reggie Jackson (2,597). Any student of the game will tell you that all of these players were some of the best in the history of baseball.

There is another side to the story. Ruth had 2,214 Runs Batted In (RBI); Bonds had 1,996; McGwire had 1,414; Mantle had 1,509; Rodriguez had 2,086, and Jackson had 1,702. And each smacked a lot of home runs during their respective careers – Ruth (714); Bonds (762); McGwire (583); Mantle (536); Rodriguez (696) and Jackson (563). I know this is a lot of statistics and if you are not a baseball fan you may not fully understand the astounding nature of these feats. But there is a point to all of this. In life we do strikeout. Baseball players strikeout. Entrepreneurs strike out. Salespeople strike out. Going O-fer is just part of the game.     

What matters is how we deal with going O-fer. When we flameout do we play the victim and blame someone else? Or do we examine our technique as well as the surrounding circumstances and look for ways to tweak our “form?” How easy would it have been for these great baseball players to have let their propensity to strikeout destroy their careers? Instead, they did something else. They figured out how to take the strikeout experience and find a way to hit the ball out of the park in a future plate appearance. Babe Ruth was number 118 in lifetime strikeouts, but he was number two in RBIs. I find this fascinating. Here is a man who drove in far more runs than he struck out – yet he had a lot of strikeouts over the course of his career.  

I listened to a podcast recently about a venture capital firm that was launching its first fund. The principals were doing the typical road show and calling on prospective investors in multiple markets. They would typically be gone for a week at a time – one week they made 25 meetings in Boston, Chicago, Atlanta, Miami, and New York. During that week they were O-fer through 22 meetings. Imagine how this might feel! Yet, on their final day, they went three-for-three and netted tens of millions of dollars in commitments.

There’s more than just resilience at work here. It is critical to understand that going O-fer is just part of the game. It does not mean the game is over. With each new meeting, pitch, visit or idea, we are starting zero to zero. It is a tie game. I have learned not to look at O-fer beyond zero to zero. If we do not win the last at-bat we simply start over with the next one. We remember the instructive elements from the encounter and discard all emotion as we make the pitch again to the next customer. We only lose if we stop playing the game. We know in our bones that eventually we will hit a home run or an RBI. So, we keep playing the game.

If we understand that O-fer is just part of the game and can maintain our positive energy, we can erase our doubts and feelings of limitation. This sets us up to ultimately connect with the ball and score consistently.

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 Get-Rich-Quick Entrepreneur

If I had a nickel for every book on how to get rich . . . I would get rich quick! I have spoken with countless entrepreneurs who wish they could find a sure-fire way to get rich quick – though none of them have ever succeeded. The notion of getting rich quick has been around for my entire adult life. Thankfully, I never paid much attention to it because I believe that it is unlikely to happen. When I was in high school, some of my classmates were all abuzz about a series of poker games in which they were participating. This was in the late 1960s and early 1970s and conversations went something like this, “Wow! Jack (names have been changed to protect the not-so innocent) won $340 and Sam lost $460!” Oh, and by the way, the guy who won $340 lost it all and more a couple of weeks later.

For some reason interest in getting rich quick seems to be snowballing. Take cryptocurrency for example. I recently heard an entrepreneur talking about “investing” in one of the major cryptocurrencies which has seen extraordinary highs (and periodically falls off the cliff) in the past few months. I shake my head because this is pure speculation, not investing. Generally, speculators are looking for a quick score. Lottery ticket sales are skyrocketing especially as the jackpots reach stratospheric levels. The online poker industry supposedly grew from $58.9 billion in 2019 to $66.7 billion in 2020 according to an article in The Sports Economist publication dated October 10, 2020.  

Yes, there are anomalies – an entrepreneur here and there who invents something or develops a software application – and nearly overnight, this individual is filthy rich. But remember, for every example (the media only reports about these anomalies) of a get rich quick success, there are millions upon millions of us who do not get rich quick. The sensationalized nature of these stories becomes a siren song to entrepreneurs who have been laboring for a long time trying to get ahead. I am here to tell you . . . do not be swayed by the song you may be hearing. Often, those who try and play the get rich quick game end up in a worse position financially and have even developed unhealthy addictions that can ruin lives.

I know that the advice I am about to give is going to sound old-fashioned but trust me when I tell you that it is as sound today as it was in 1975 when I launched my career. There is no free lunch. You can dream about becoming rich all you want, but it will not make you rich. Skip the schemes and concentrate on your passion. You will have to make sacrifices along the way. Some may involve time while others may be financial. When we are younger, we tend to be very impatient. We want to take a helicopter to the mountain top rather than trudging through the thin air, slipping and sliding with every step. I have said it many times before, but when I chased the almighty dollar, it was always just beyond my outstretched fingertips. And it was frustrating beyond belief. After I began concentrating on living my passion for reasons other than making money, I began making real money. By then a couple of decades had passed in a flash and I was working a lot smarter and effectively. There were still setbacks along the way, but I rolled with the punches and persevered.

There is no silver bullet or magic wand. It is still all about hard work (and eventually “smart” work), resilience, maintaining a positive attitude, and keeping the passion front and center. You probably will not get rich quick. But you will have a fulfilling life and may eventually accumulate the wealth you seek.

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 Visionary Entrepreneur

Here is a fundamental question for all entrepreneurs. Are you a visionary? Being a visionary and having a corporate vision are two different things, so take care not to confuse the two. For a company, a non-profit or any other organization to thrive and succeed over a long period of time, visionary leadership is paramount. And unfortunately, many companies stagnate and die when the visionary leader moves on for whatever reason. That is why it is crucial for a company to continuously develop visionaries across generations that will help to sustain the organization in the future.

It is not hard to think about individuals who exemplify the term “visionary.” Steve Jobs comes to my mind before anyone else. He was a rebel and an unconventional thinker who was not afraid to take risks. Similarly, Bill Gates was a visionary who became the richest man in the world because of his ability to understand and shape the future. What comes to mind when you hear these names – Henry Ford, Wilbur and Orville Wright, John D.  Rockefeller, Thomas Edison, Sam Walton, Sergey Brin and Larry Page and Mark Zuckerberg? Each was a phenomenal innovator. Each had an uncanny sense of where the world was going. Each had dreams but was also a doer.

Being a visionary is partially innate and partially learned. So, what can we do to develop our visionary leadership skills? How curious are you? Do you read everything you can get your hands on? Visionaries are expansive readers and are curious about everything. Curiosity stimulates the imagination and helps bring forth new ideas manifesting in a high degree of creativity. How persevering are you? The next time you are ready to throw in the towel remember that visionaries have a stick-to-it attitude. They are highly resilient and believe they can solve any problem. Visionaries love discussion and debate. Some may see this as confrontational, but it really is not. Instead, a visionary listens to differing points of view even when it gets a bit lively.

What other ways can we model visionary behavior? Do you embrace change or are you more comfortable living with doing things the same way? Visionaries are change agents. They like to teach and are focused on doing the right thing. Integrity ranks high on their list of values. Do you have high expectations for your team? Sometimes the line between high vs. unreasonable expectations can blur a bit. But do not expect a visionary to set a low bar. Visionaries tend to be eternal optimists and cannot see a glass half empty – it is always half full or even more. And visionaries are some of the most passionate people you will ever meet. Finally, visionaries do not live in the details – they are quintessential delegators.

A visionary has a knack for looking at a collection of data and telling the future. He or she sees things that others do not and is not the least bit concerned if his or her ideas are pooh-poohed. In fact, visionaries will work hard to persuade others to buy into what they believe because they have a supreme degree of self-confidence.

By emulating their behaviors, traits, and tendencies, we too can become visionaries. Our value to our organization increases exponentially when we provide visionary leadership.

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 Doubting Entrepreneur

There’s one thing of which I’m certain . . . I think. Have you ever had this kind of feeling? We entrepreneurs are a pretty confident lot. We are scrappy and tough. There’s nothing we can’t do including leaping over tall buildings in a single bound. Throw us a challenge and we’ll whip it with one hand tied behind our back and blindfolded to boot. Right? Well, maybe. And most of the time.

Entrepreneurs have several “thought enemies,” one of them being gnawing and nagging doubts. Here’s a not-so-fictional example. Let’s say that things have been going pretty well in our business and we’ve had some nice wins along the way. Then we hit a little speed bump – perhaps a contract doesn’t get signed that we thought we had in the bag. Or an important customer stops doing business with us. In other words, we get knocked off our game a bit. That part we can handle with aplomb as we go on to sign another contract or we fix the problem with our important customer. It’s what happens next that can be perplexing.

After we’ve been bucked off the horse so to speak, we begin to have feelings of doubt. For example, we are ready to introduce a new product or service, but we wonder if it might flop. In the past, we would have launched without any trepidation, but now it feels different. Could something else go wrong that that might cause everything to come unraveled? We know that these gnawing and nagging doubts aren’t healthy and could become self-fulfilling prophecies. Yet still they are there and hard to push out of our mind.

Why is our confidence shaken, and doubts have entered the picture? I’ve thought about all of the times this has happened in my life and believe it centers on a rather recent failure in the past. The earlier example that I gave where the contract or customer was lost illustrates this notion. Coming off of a failure makes us wary and more sensitive. As entrepreneurs we have winning in our DNA. Failure is for losers. And yet we do fail, and we do lose. Sure, we’re resilient, but we can’t ignore what it felt like to fail and lose, and we don’t want to experience it again. And so, we’re vulnerable to doubt and uncertainty. Subconsciously we’re thinking, “I’m sure what I’m doing now is going to work, but if it doesn’t, I don’t want to be hurt again.” We find ourselves moving forward but wondering . . . always wondering when the other shoe will drop.

Here’s what I’ve learned about myself when these insidious doubts start creeping into my consciousness. I step back and take inventory of all of the positive successes that I know lay in front of me. I may have just lost a deal, but there are ten more that I believe with all my heart will succeed. Now here’s the key – even if only half of the ten deals actually succeed, I’m still way, way ahead. In other words, I’m not looking at the glass half full, but I’m looking at multiple glasses and every one of them is overflowing. Immediately my mindset changes and all is right with my world again. I’ve accepted the fact that I had a prior setback. I’ve accepted the fact that I’ll have more setbacks in the future. But I know that the pluses will always far outweigh the minuses and the winning score will be in my favor – overwhelmingly!

Gnawing and nagging doubts are usually a product of a recent failure. We get past such feelings by looking at the scoreboard and realizing that we are way ahead in the game. Ultimately this makes us unbeatable.

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.