Business Magazine

10 Winning Entrepreneur Insights That May Surprise You

Posted on the 11 October 2017 by Martin Zwilling @StartupPro

jeff-bezos-entrepreneurEvery aspiring entrepreneur would love to be the next Mark Zuckerberg or Jeff Bezos, but most have no idea what really sets these guys apart from all the rest. Conventional wisdom has them looking for a painful problem, a very large opportunity, and minimal competitive barriers to entry. In reality, most great entrepreneurs find these necessary, but not sufficient for the big win.

They think outside the box, with a sometimes surprising set of strategies, as outlined in a new book, “Think Bigger,” by Michael Sonnenfeldt. He has collected in-the-trenches intelligence and lessons from his TIGER 21 group of over 500 entrepreneurs and executives around the world. Each has amassed $10 million or more in personal assets, and is willing to share their insights with others.

Sonnenfeldt presents a rich array of strategies in his forty lessons from the trenches, including the following paraphrased insights that I find often overlooked or even rejected, based on my years of experience mentoring entrepreneurs:

  1. Experience at a first-rate company is really valuable. Good big companies provide the training, mentoring, and experience managing teams that entrepreneurs need, but can’t afford. In addition, you can learn much about business principles, and your own capabilities, from being surrounded by many intense, ambitious, and super-smart peers.

  2. Entrepreneurship is rarely about just making money. The best entrepreneurs are committed to fixing a problem, or advancing a purpose, and making money is only used as a validation of their insight. Any money made is typically poured back into the cause, rather than relished for a high-class lifestyle or extravagances by the entrepreneur.

  3. Self-control beats passion for long term satisfaction. Passion often leads to a need for instant gratification. Most successful entrepreneurs either learn or are born with the capacity to delay gratification for critical periods in their lives. Even after success, they use self-control to continue to live modestly, and plow their profits back into business.

  4. Think twice before investing with friends and family. Some are so self-centered that they see family and friends as an easy source of capital. Smarter entrepreneurs know that nothing can bring more embarrassment, resentment, and peril to relationships with people you love and respect than losing their money. Don’t jeopardize key relationships.

  5. You are never to smart or too old for a mentor. In case you think mentors are only for “wimps,” you should know that Bill Gates always revered the guidance he received from Warren Buffet on many corporate matters. Most successful business people, whether retired or still active, love to share the wisdom they gained from their own experience.

  6. Entrepreneurial skills can limit investing success. Entrepreneurs and investors are different kinds of people, inside and out. Smart investors diversify their exposure across multiple assets; if any one of these fails, they are still in the game. A true entrepreneur makes one big bet on a new and untested asset, normally against conventional wisdom.

  7. Apply business skills to solve social problems. Social entrepreneurship is on the rise, with the advent of Millennials and a total world view. Companies that pursue socially relevant goals as part of their mission have the potential to generate double-bottom-line results - a financial return as well as a social benefit. One plus one can now equal three.

  8. Skip conservative - be optimistic, even delusional.  The best entrepreneurs just believe they can make it happen – even though conventional logic would peg the risk as being off the charts. Professional investors dismiss founders who give “conservative” financial projections, and usually make less. Shoot for the moon – you may hit it.

  9. Surround yourself with people who are smarter than you. Too many entrepreneurs have a tendency to overrate their personal skills and wisdom, and seek out people who won’t challenge them. The smartest ones acknowledge their weaknesses, and find people who complement their skills, from whom they can learn and delegate authority.

  10. Resilience and determination generally beat IQ. We all know of successful businesses started by entrepreneurs who dropped out of school, while MBAs get no premium with investors. According to most experts, “street smarts” (experience) trump “book smarts” (intelligence) every time, especially if accompanied with a large dose of grit.

Whether you are already a seasoned entrepreneur, or just starting out, I recommend that you regularly strive to think bigger and outside the box, starting with the lessons from others who have been there and done that, and emerged successfully. We need you then to contribute to the next set of winning strategies for the next generation of entrepreneurs.


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • A Week with Foodie Explorers 15th July 2018

    Week with Foodie Explorers 15th July 2018

    24 total views, 24 views today A relatively quiet week for us Glasgow foodies.  Monday was spent chillin out enjoying the weather.  Tuesday we wandered along... Read more

    The 17 July 2018 by   Emma
    DESTINATIONS, DINING OUT, FOOD & DRINK
  • Virginia to Vegas at the 2018 Calgary Stampede

    Virginia to Vegas... to Calgary. The Toronto-based indie/pop star came to the Coca-Cola Stage at the 2018 Calgary Stampede to open for Lights on a Friday... Read more

    The 17 July 2018 by   Phjoshua
    LIFESTYLE, SELF EXPRESSION
  • Jivana Heyman Interviewed by Shelly Prosko

    Jivana Heyman Interviewed Shelly Prosko

    Have you noticed that even though our blog is based in the San Francisco Bay Area, in California, many of our contributors live in different places throughout... Read more

    The 17 July 2018 by   Ninazolotow
    FITNESS, HEALTH, HEALTHY LIVING
  • Guest Blogger: Katherine Ramsland, Ph.D.: Killer Pen Pals

    Guest Blogger: Katherine Ramsland, Ph.D.: Killer Pals

    Killer Pen Pals Whenever I give talks about my work, people sometimes ask how they can be pen pals with a serial killer. They've gotten hooked on true crime... Read more

    The 17 July 2018 by   Dplylemd
    BOOKS, CULTURE, HEALTH, MEDICINE
  • Cessna 525B CitationJet CJ3

    Cessna 525B CitationJet

    @ General William J. Fox Airfield, Lancaster, CA March 2018 Captured during the rehearsal for the Los Angeles County Airshow, this CitiationJet taxis in after... Read more

    The 17 July 2018 by   Htam
    PHOTOGRAPHY, SOCIETY
  • Prehistoric Environmentalists Kept the Mammoth Alive

    A few thousand years ago, the world was a very different place. An ice age was raging, and with it came all sorts of weird and wonderful animals; like the... Read more

    The 17 July 2018 by   Reprieve
    BIOLOGY, SCIENCE
  • Then and Now: Sailing Baja Nine Years Later

    Then Now: Sailing Baja Nine Years Later

    What’s your favorite place? We’ve heard this question a lot lately. Jamie’s current answer to the “best place” question is that he has 100 top ten favorites. Read more

    The 17 July 2018 by   Behan Gifford
    FAMILY, OUTDOORS, SEA, TRAVEL

Magazines