The One Thing All Successful Entrepreneurs Have in Common
By Gabrielle Karol
The Conference Room
Published April 01, 2014FOXBusiness
Author Greg S. Reid says all successful entrepreneurs have one thing in common: they don’t give up.
“I asked them the question: I don’t care why you’re rich, but why didn’t you quit along the way, even when everyone thought you were crazy?” says Reid. “’Stickability’ is how they persevered.”
In his new book “Stickability: The Power of Perseverance,” Reid shares lessons about sticking to a goal from business legends like Apple co-founder Steve Wozniak and Martin Cooper, the inventor of the first mobile phone.
Here are the top five tips for entrepreneurs:
No. 1: Embrace challenges.
Since challenges will always arise, Reid says it’s important to welcome them – rather than cringe.
“What a lot of people look at as obstacles that are horrible, other people say, ‘How do I make the most of it?’” says Reid.
At Apple, Reid says Wozniak’s early perspective could be summed up as: “We embraced what we did not have.” Since Wozniak and Jobs could only afford one microprocessor chip, they viewed it as an opportunity to push themselves toward greater efficiency in their programming.
No. 2: Balance stickability with flexibility.
According to Reid, Cooper stressed that flexibility was a key component of his success.
“Stickability has to be parallel with flexibility: If you’re not willing to adapt and adjust, you’re going to get stuck in the challenge,” says Reid.
No. 3: Stay calm – even under fire.
Reid says great CEOs demonstrate “relaxed intensity” while on the job.
“A great leader has to have complete composure, even at times of adversity,” says Reid. “If there’s a hole in the ship and the captain starts running around, everyone else will do that, too.”
No. 4: Don’t dwell on failures.
While it’s important to learn from mistakes, Reid says top entrepreneurs don’t agonize over errors.
Instead, they look forward to the future.
To illustrate this point, Reid references a quote from inspirational author Napoleon Hill, whose non-profit foundation helped produce “Stickability.”
“More than five hundred of the most successful men this country has ever known told the author their greatest success came just one step beyond the point at which defeat had overtaken them,” said Hill.
No. 5: Find a mentor.
Though many entrepreneurs are innovating and creating new products, services and technologies that never before existed, Reid says a strong mentor can still make all the difference.
“Surround yourself with people who are getting the results you want,” says Reid. “If you want to climb Mt. Kilimanjaro, [find] a Sherpa who has climbed it millions of times before, and put your footprint in theirs,” says Reid.