It’s a common dream for entrepreneurs — becoming rich and successful with their own business.
But only a few can beat the odds. Why? Luck is just one factor; research shows that other important factors include your mindset and skillset, as well as your ability to make use of your network.
The most important thing when it comes to success is your mindset.
The way you think about success is the most crucial thing in your journey to achieving it. Success is frequently associated with money. However, as Neil Patel explains building your business without money, materialism and thinking about success are more important than money itself. He defines success by three factors: mindset, skills, and network.
When you are venturing into a new business, you need to be prepared for a lot of challenges and obstacles. Building an entrepreneurial mindset starts with this focus on process, and the idea of results-oriented thinking. Therefore, be ok with all the hard work of having a business, which might apply to having many uncertainties (managing a business, employees, fundraising etc). It’s probably a cliché, but if you are failing at something, it’s good to know that you’re probably having bad days and, if you can find some positive aspect, self-reflect, and improve, you will eventually succeed. This is very common in sports as well. James Clear writes in his book Atomic Habits about the British cycling team who were so underperforming, that one of the European bike manufactures refused to sell bikes to the team, because they were afraid that it would hurt sales if other professionals saw them using their gear. In 2003, Mike Brailsford was hired to the British team as performance director. By 2017 the team had won 178 world championships and 66 Olympic and Paralympic gold medals.
You might be asking yourself how they managed to dominate sport on a global level? The answer lies in the Power of tiny gains — lots of small changes add up:
“The whole principle came from the idea that if you broke down everything you could think of that goes into riding a bike, and then improve it by 1 percent, you will get a significant increase when you put them all together”
— Sir Dave Brailsford
Entrepreneurship is a roller-coaster ride, where you must learn, create, and apply leadership skills. A lot of what you need to succeed comes down to how you think about things and the habits you form to build your entrepreneurship acumen. Developing can-do attitude helps being decent at starting and getting thing done. Thinking and planning strategically is important, as it shows what are you doing for your company and how it relates to the bigger picture. Finally, be passionate about what you are doing and show it -people will feel it and your work will be authentic. Alexey Brodovitch, legendary art director and photographer, never compromised for anything less than world class. He gave the best piece of advice to the young Richard Avedon, who went on to become one of the best photographers in the world — “Astonish me!”.
When building relationships with other people, remember the importance of values, trust, and loyalty.
These are crucial to successful social interaction and main pillars to every healthy relationship. Sharing the same common values with someone else will likely result in connecting easier. Trust is built when we are open and transparent. Display loyalty and kindness, as those are true treasures, that will help you earn good reputation.
At Kavedon Kapital, we share a set of common values and rely on the trustworthiness of each team member. We stand together in building healthy, long-lasting relationships with Investors and Founders. Similarly, we will stand behind every Founder no matter how much your company struggles.