What makes them Entrepreneurial? #12
Aditya October 12th
Their Drive to Beat the Odds!
Recently I read an article on Inc.500 by Keith McFarland about what are the special breeds of leaders who run the successful companies through astounding growth. Here is my learning out of that study.
Practically by definition, every entrepreneur faces tough odds during the course of their venture establishment. Not all entrepreneurs’ ideas are truly innovations. Many times they enter into fully established markets where they face strong competition of existing products or services. Entering into an already over crowded market is the first obstacle they face.
When we say entrepreneurial venture, the first question that pops up in our mind is how did they raise the initial capital? Most of the entrepreneurs lack the advantages of good financial background: 95% are from middle class, lower class, or poor backgrounds. Still majority of startups raise the initial funds from personal accounts, family and friends.
But even with such non favorable background, what drives them to be an entrepreneur is their self-confidence in beating those odds. In addition to their exceptionally high levels of self-confidence, they exhibit an extremely high drive to control the situations. Their persistence in working against these numerous odds, their approach of simply not giving up and their willingness to make whatever necessary sacrifices enables them to achieve their dreams. The greater the odds against them, the more effort they expend to come out of it with a success.
That article states a very inspiring story:
Their ability to perform under tremendous pressure and their irrepressible drive to beat the odds is really what makes them successful. With the odds stacked against them, entrepreneurs truly knows how to figure a way out. For more articles in this series, please visit: What makes them Entrepreneurial?
Recently I read an article on Inc.500 by Keith McFarland about what are the special breeds of leaders who run the successful companies through astounding growth. Here is my learning out of that study.
Practically by definition, every entrepreneur faces tough odds during the course of their venture establishment. Not all entrepreneurs’ ideas are truly innovations. Many times they enter into fully established markets where they face strong competition of existing products or services. Entering into an already over crowded market is the first obstacle they face.
When we say entrepreneurial venture, the first question that pops up in our mind is how did they raise the initial capital? Most of the entrepreneurs lack the advantages of good financial background: 95% are from middle class, lower class, or poor backgrounds. Still majority of startups raise the initial funds from personal accounts, family and friends.
But even with such non favorable background, what drives them to be an entrepreneur is their self-confidence in beating those odds. In addition to their exceptionally high levels of self-confidence, they exhibit an extremely high drive to control the situations. Their persistence in working against these numerous odds, their approach of simply not giving up and their willingness to make whatever necessary sacrifices enables them to achieve their dreams. The greater the odds against them, the more effort they expend to come out of it with a success.
That article states a very inspiring story:
When Jim Steiner started his toner cartridge remanufacturing business (Quality Imaging Products) in 1995, his initial investment was $400. He spent $200 on a consultant to teach him the business and $200 on materials to rebuild his first printer cartridges. He made sales calls from 8 a.m. to noon, and made deliveries to their customers from noon until 5 p.m. After a quick dinner, he moved to the garage, where he filled copier cartridges until midnight. And this was not something he did for a couple of months until he got the business off the ground — this was his life for eighteen months. His company is amongst the top 500 incorporations in the world for many years.
Their ability to perform under tremendous pressure and their irrepressible drive to beat the odds is really what makes them successful. With the odds stacked against them, entrepreneurs truly knows how to figure a way out. For more articles in this series, please visit: What makes them Entrepreneurial?
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