Friday, December 6, 2013

What The Best Entrepreneurs Have In Common–In 12 Words-By Paul B. Brown

What The Best Entrepreneurs Have In Common–In 12 Words-By Paul B. Brown

Here is an interesting article I found on Forbes recently. It is about the similarities between successful entrepreneurs!

What The Best Entrepreneurs Have In Common--In 12 Words 

Here is what is going happen at some point between now and the end of the year at the Brown-Davis house, as my wife stages our annual holiday party. 

One of our guests–and my wife seems to try to set a record each year for the number of people she can invite–is going to turn to me and say, “so, Paul, what books are you working on?” 

I’ll run through the entrepreneurship books as quickly as I can; the person I am talking to will listen politely, and then they’ll say something like this. 

“You have been writing about entrepreneurs for a long time. Is there a commonality among the best ones? 

(They’ll be trying to change the subject. No one wants to hear an author describe what he is working on, no matter how quickly he does it or even if they asked the question in the first place.) 

Invariably when people have wondered in the past about what the best entrepreneurs have in common, I have always responded by saying something like this (which is also how I have responded here.) 

“If you just observed the actions entrepreneurs take, you would conclude there isn’t that much to be gained from studying them. Each entrepreneur’s behavior is as idiosyncratic as they are. You would have to be Larry Page and Sergey Brin to start Google GOOG +1.16%; Oprah Winfrey to found Harpo Productions. 

But—and it is a huge but—if you look at how they reason, you see remarkable similarities. The process just about all of them follows in creating their companies looks like this. They: 

1. Figure out what they really want to do; what it is that gets them excited. In other words, they get a firm handle on what they want to create. 

2. Take a small step toward that goal. 

3. Pause after taking that small step to see what they have learned. 

4. Build off that learning and take another small step. 

5. Pause after taking that step. 

6. They build off what they learned from taking that second step and take another small step… 

If we were to reduce it to a formula, it would be Act. Learn. Build. Repeat. 

In other words, they don’t spend a lot of time planning or playing “what if” games. You never truly know how the universe is going to react until you give it something to react to.” 

This explanation is right. But it is usually more than the person asking the question wants to know, especially if they understand the only thing between them and my wife’s famous chocolate-pecan pie is me going on about the Act. Learn. Build. Repeat model. 

So, this year, I am going to reduce my answer to the following 12 words, when someone asks me for the secret to entrepreneurial success. Here it is: 

Entrepreneurs have a passion for discovering opportunities. Once they do, they act. 

Part of that is self-evident, of course. Entrepreneurs do. They act. (If you just sit around and think of ideas for a new product or service, but don’t do anything with those thoughts, you are not an entrepreneur. You are just someone with a lot of unrealized ideas.) 

And if the person is still curious about how they act, I will walk them through the Act. Learn. Build. Repeat model. 

But the 12 words, I think, capture the two key entrepreneurial traits. Entrepreneurs are always searching for a market need they can fill and once they find it they are driven to discover if they can come up with a solution. And the drive gets them to take a series of small steps to discover if they are right. 

If nothing else, my answer will allow us to get to the pecan pie a bit faster. 


Paul B. Brown is co-author of Just Start published by Harvard Business Review Press.

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GJ Reynolds also known as “G” is a Passionate, Playful & Powerful Warrior Entrepreneur, Author, and Life Transformer. He is also a Visalus Founding Promoter, Ambassador, Co-Founder of the Body By Vi 90 Day Challenge, business developer, coach, mentor, trainer, public speaker and radio host. He teaches others how to have fun reclaiming their Life, Health & Prosperity! G is driven to assist others to reach their full potential and having their magnificence to shine. He loves to teach and work with like-minded entrepreneurs and professionals who choose to reclaim their personal power and transform their life, health and prosperity. He lives a life of purpose, on purpose and for purpose. He enjoys the process of his personal, spiritual, and professional journey, while assisting others to do the same. G is at his best when he is learning, teaching, inspiring, creating, organizing, and leading the way! He also enjoys communicating with others that are of like mind and is on a mission to assist millions of people to transform their lives! Need a little help?

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