Successful entrepreneurs possess a different mindset than that of an employee.
The employee mindset is that you work for 40 hours for someone who hires you, then you get paid for the 40 hours you worked. Simple, right?
Entrepreneurs, on the other hand,
may forego the immediate satisfaction of making money at first, in order to make money exponentially in the future. There is no right or wrong, it’s just a matter of knowing which is the best fit for you.
Many times the pain of working for someone else who tells you when you can and can’t take a break, what time you must begin and end your work day, and many days has you working overtime because they need you to, comes to a breaking point and you begin to dream of working for yourself.
To be an entrepreneur, you must develop the mindset of often-times working in the beginning of a new venture… for nothing. But, this is not the Number One trait.
The #1 Trait That All Successful Entrepreneurs Possess is the ability to accept failure. There is just no such a person as a successful person who does not know failure! They simply do not let it stop them. Huge lessons are learned through failing forward. Successful people use those lessons to create their success.
Remember, each failure can be a step closer to success.
Thomas Edison was an amazing example of failure leading to success:
The thousands of experiments with different materials relates to Edison’s later work on storage batteries. Eventually Edison’s battery experiments involved over 10,000 experiments with different chemicals and materials to develop his alkaline storage battery. He never tried anywhere near that many materials in his inventive work on the light bulb. The authorized biography by Frank Dyer and T. C. Martin, Edison: His Life and Inventions (the first edition of the book is 1910), quotes Edison’s friend and associate Walter S. Mallory about these experiments:
“This [the research] had been going on more than five months, seven days a week, when I was called down to the laboratory to see him [Edison]. I found him at a bench about three feet wide and twelve feet long, on which there were hundreds of little test cells that had been made up by his corps of chemists and experimenters. I then learned that he had thus made over nine thousand experiments in trying to devise this new type of storage battery, but had not produced a single thing that promised to solve the question. In view of this immense amount of thought and labor, my sympathy got the better of my judgment, and I said: ‘Isn’t it a shame that with the tremendous amount of work you have done you haven’t been able to get any results?’ Edison turned on me like a flash, and with a smile replied: ‘Results! Why, man, I have gotten lots of results! I know several thousand things that won’t work!'”
Never, ever ever…give up.
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