8 Core Beliefs of Extraordinary Entrepreneurs

What does it take to be an extraordinary entrepreneur? You know, an entrepreneur who has a vision for a business, rallies support to build it and then grows it into one of the most innovative companies in the world….what does it take to be an entrepreneur like that?

1: Make a decision and go!

This was one of the first lessons I learned when starting my first business and it was extremely hard to get used to making a decision and then taking action on that decision. I was so afraid I was making a mistake. Since then I’ve learned that making a mistake is not a bad thing. You actually learn from those mistakes, which helps you make better decisions down the road.
You will struggle with hiring and firing people, project budgets, office space and advertising creative. When you first start off in business you will take days and even weeks to answer these questions.
This core belief actually came back to me when I lost a million dollar client. They were happy with the service I was providing, but they wanted to know what else I was going to do to take their business to the next level. I had a few ideas, but I didn’t make a decision on which idea I was going to act on. Long story short, I took too long to make a decision and I lost a $1.2 million client.

2: Show passion, not perfection

It’s a lot easier to work on a project for closed doors for years until you get it perfect and then ship, but that just won’t work these days.
Often when I talk to young entrepreneurs who are “working” on a project behind closed doors I realize they are afraid to ship because they don’t want to be ridiculed. But I always encourage them that what people don’t want a perfect product…what they want is a passionate person behind the project.
If you can show people you are passionate about creating a perfect product by releasing it, then getting feedback and iterating…then people will jump on board…especially if the product solves a real-world problem.
Don’t try to perfect anything because if you perfect something that no one wants to use, you will just end up wasting money.

3: Avoid the ugly baby syndrome

One thing that entrepreneurs are in the habit of doing is falling in love with their ideas… even if it is a bad idea. This is like parents who fall in love with their new baby, even though everyone knows newborns are ugly.
You need to be objective in your business, with your plan and your product. Everything on the table needs to be up for debate if you truly want to succeed.
Seek out mentors to help you, and get advice from them on a regular basis. Listen closely to what they are saying. Listen closely to what your partner is saying and more importantly your customers.
This doesn’t mean you have to surrender every idea, but sometimes you may have to make drastic changes.
The CEO of Starbucks, Howard Schultz, tells a story about how they were going down the wrong path and brought in the founder of Costco, Jim Sinegal for advice. Jim said, “You know, I don’t want to be rude but this is exactly the wrong thing to do.”
Schultz listened, realized Sinegal was right, and shifted their strategy.
One way to protect yourself from falling in love with your idea is to train yourself to fall in love with solving people’s problems. It doesn’t matter what you create to solve their problems, but as long as you do it in a simple, easy, and ideally an affordable way, you will be fine.

4: Find the sweet spot, then scale it

Once you have reached product market fit, there will come a time when you need to figure out how to scale your product.
If you scale your product before people fall in love with it, you’ll tarnish your brand. What I mean by this is that people won’t be happy with your product so they will say negative things about it. This will cause churn, a decrease in sales, and a bad brand that will be hard to fix. Once people think negatively about your product or brand, it’s hard to change their perception… even after you fix your product.
Scale the business once you have fixed the major product problems.

5: Don’t think about taking a leap, just take it

Speaking of perfection, there is never a perfect time to become an entrepreneur. Though being young and without a family is certainly a better time than when you are older and have a family.
Once you take the leap though…you are committed. You need to quit your job and become your new business. That’s a huge risk for sure, but if you don’t take the risk what’s to encourage a partner or investor to take the risk on you?
This commitment needs to infuse everything you do…and never think of minimum amounts. Never think that you need to secure just 4 clients a month to succeed or you just need to make 200 calls before the money pours in.
That never happens. Your projections will more than likely fail. This means you need to have a mantra that says there is no failure…just wild success! So stop wasting time and take the leap.
One of the most common emails I get is from people asking if I would invest in their business idea. When I ask them how far they have gotten, most people tell me that they are still at the idea stage and don’t have the time to go further as they have a full time job. If you can’t take the leap into entrepreneurship, investors won’t fund you because it shows that you don’t believe in what you are doing if you aren’t willing to quit your job.

6: Entrepreneurship isn’t a war, it’s about solving problems and turning a profit

Some entrepreneurs treat business like it’s a war that you need to defeat and destroy your competition. But even if you can actually do that and become number one in your market, you will still fail if you aren’t turning a profit.
The truth is that if you can find a way to differentiate yourself from your competition in a meaningful way, your revenues will go up. Plus if you are in a new market that is big enough, it doesn’t matter what your competition is doing, as there is enough room for both of you.

7: Hire slow, fire fast

The single most critical part of running a successful business is to hire the right people…and fire the wrong ones fast.
A lot of people spend a lot of time and energy trying to select the right person based upon past performance, but I’ve often found that what you learn in an interview with somebody doesn’t equal good performance down the road.
I like to see people get their hands dirty and how they adapt to stressful situations. When I interview people, I rarely talk about what they have done or even look at their resume, instead I ask them questions related to what they would do for my company and how they’ll get that work done in a timely fashion.
And if you happen to hire a few bad people, keeping them hurts your business as it will probably do more damage then good. Mark Zuckerburg famously fired people who were loyal to him but couldn’t handle the growth. And Zappos even paid people to leave the company if things weren’t working out to make the transition easy.

8. Learn from your first, earn from your second, give back with your third

If you are a serial entrepreneur…or you’re on your first business but think you have two or three more in you…then you will likely get a lot of experience, business wisdom and wealth out of those ventures. It will take years before you get there, but if you keep at it, sooner or later you will do well.
Your first business is going to be full of mistakes and lessons learned…that’s a good thing!
You can apply those lessons learned to your second where you should get it right and become successful. Then on your third business you can give back.
You can give back money to other startups but you can also give back experience and help out other entrepreneurs or volunteer for charities. Don’t ever expect anything in return, but instead just give back like your mentors did with you.

Conclusion
Now, do you have to have all of these core beliefs in place on day one as an entrepreneur, you are going to become extraordinary, right? The answer is no. The thing about starting and growing a business is that you will grow as a person yourself…and that is one of the best educations an entrepreneur can get!
So take a minute to re-read the core beliefs I shared above, then print them out…and start working on becoming the next Steve Jobs or Larry Page.

Creating the Different!

There’s a sad story about failed marketing campaigns that maybe you’re familiar with.
Perhaps this has happened to you.
The story goes something like this:
Upon launching your product, or presenting a new offer, you do all the right things.

… You create useful and valuable pre-launch content that builds all sorts of interest and attention.
… You carefully craft your messaging based on tested and scientific copywriting methods.
… You have your audience keenly dialed in and channel their interest and desires through all of your marketing.
… You couldn’t be more convinced that your product or service is what they want.

Then you open the doors for a grand opening, AND…
Sales are dismal. You make a few here and there, but it’s certainly not the flood youexpected.
So where did you go wrong?
You followed the rules and listened to the experts. Why aren’t things working?

Therein lies your problem

You played it safe.
You thought you could get away with merely doing what works, what’s tested, proven, safe.
The reality is: what’s proven has already been done. As priceless as those lessons are, the standard way of executing them is yesterday’s news.
The more audiences become exposed to online marketing, the more blind they become to the latest tactics and techniques. What used to be captivating and novel soon becomes
old hat. Just as people get ad-blindness over time, they also get a sort of “marketing tactic blindness” as those campaigns become more and more routine.

Here are some examples of tactics that used to be effective, but are now merely mundane:

- The three-video hype-machine launch. They used to be rare, exciting, and useful. Now they’re just noise.
- Transparency. It used to be unexpected and disarming. Now it’s merely a baseline for not seeming like a complete douche bag.
- Webinars. They used to be novel and scarce. Now they’re common place.

It’s not that launch videos, transparency, or webinars are bad. But they’re not enough. They won’t make you remarkable. You need to add something more.
The problem is this: what was once an innovation quickly becomes a template that other people follow. And as soon as something starts to become adopted by the masses, it
immediately begins to lose its effectiveness. If you’re doing what’s been proven to work and you’re not experiencing the results you want, something needs to change>

Doing what no one wants to do

There are good reasons why there are only a few at the top of any industry or niche. Sure, those folks work harder than anyone else, but that’s only part of the reason they’re so successful.
The true reason they’re number one is because they aren’t afraid to be first. They aren’t afraid to venture out and do what no one else has done.
Want some examples of this kind of trailblazing marketing?

- Nintendo Wii. Instead of trying to compete for the male-dominated gaming market, they targeted families and made video games fun and accessible for all ages.
- Cirque du Soleil. They could have followed the template of predictable musical entertainment, but instead they combined music, acrobatics, and circus performance into a high-class, memorable experience.
- Curves. Rather than the same boring gym, they created a fitness center specifically.

What it takes to be number one

I know what you’re probably thinking: “I can’t afford to take those kinds of risks and not have things work out.”
I get it. Becoming the best is not an easy road.
Being a pioneer can mean a lonely road, and it’s scary to not have data and charts to back up your theories. And when you need things to work, it’s hard to take risks.
That’s why I recommend that you work incredibly hard at building an audience and getting  one offer working — something that you can repeat, that just works for you. Maybe it’s a  group coaching program or a membership site (bonus points if it supplies recurring revenue).
Whatever your offer is, the goal is to get it to a point of stability and a place where it’s fairly predictable.
Once you do that, getting risky gets a lot easier. I’m talking about crazy, wild ideas that  could change everything or fall completely flat. Writing a book or creating a TV pilot.
Something no one has seen yet.

A final word on breaking the rules

It’s easy to get all romantic and starry-eyed talking about breaking the rules and creating  marketing campaigns that have never existed before. You might think that I’m telling you
that you need to ditch all traditional education and throw out your entire library of marketing training.
Of course you could do that, but it would be incredibly dumb.
Any great trailblazer needs to first know the terrain before they start going off the path. You need to have the right training — from the right teachers — before you can become a
wilderness warrior and survive without a compass or a map.
So I’m not saying that you should ditch the classics and time-tested marketing advice. Of course not. By all means, master them. Be able to recite them from memory.
But please, don’t stop there. That’s only the beginning.
After you’ve done that, you’ll be well equipped to go off the path. To venture where no one has gone before, and start creating templates that others will follow.
That is, after all, where the true rewards lie.

Don’t give up!

When you get into a tight place and everything goes against you, till it seems as though you could not hang on a minute longer, never give up then, for that is just the place and time that the tide will turn.Harriet Beecher Stowe

Wrestling with a puzzle, a project or a problem, the likeliest reason to give up is the belief that it can’t be done. What’s
the point of persevering if it’s actually impossible to succeed?
“It can’t be done,” we say, throwing up our hands. Not “I can’t do it,” or “It’s not worth my time,” but “It can’t be done.”
In the year after Roger Bannister broke the 4 minute mile, the record was broken again and again. Once people
realized it could be done, it wasn’t an impossible task any longer. And that’s why there’s a flood of tablets on the
market, many from companies that had what they needed to build the first one, but didn’t until Apple showed them the
way.
Two things you might take away from this: First, there’s solace in finding someone who has done it before, whatever
“it” is you’re trying to do. Knowing that it’s possible and studying how it was done can’t help but increase the chances
you’ll stick it out.
Second: huge value accrues to the few able to actually do a thing for the very first time.

The Entrepreneur Profile

Entrepreneurs are more than just ordinary business people.

Anyone could start a business but only a select few will be entrepreneurs. These individuals aim to

achieve a lot of things and other than earning a fortune, they dream of changing the world and changing  the lives of many. They exist in the business to be of service to people and to extend a helping hand.

1. Self Confidence

Confidence is very important in business because you will be surrounded by different forces that are
bigger and more powerful than you, so you need to have the right confidence to move forward and push against the current. You need to believe in the impossible and most importantly, you need to believe in yourself and your ability to achieve everything you put your heart and mind to.

2. Emotional Stability

The journey that you take is not going to be a simple one. There will be roadblocks and struggles that you  will encounter and if you aren’t careful, these things will keep you from achieving your goals. People will  put you down and they will attack you. If you are weak, you will falter to the point of not knowing how to  move forward. Emotional stability is important because you have to know how to keep your emotions at bay.

3. Love for the Challenge

It is important for you to be some kind of risk taker because entrepreneurs should be ready to go out of  their comfort zones and to take on new challenges. They should not be easily overcome by fear and more  importantly, they should have a great affinity for challenges and risks.

4. Patience

As the journey to the top is not easy and simple, patience is a very good trait to have. You should not be  quick to give up and quick to get frustrated and angry. The journey is not going to be an easy one, so you  have to be prepared for difficulties to arise.

5. Meticulous taste

Being meticulous is just a nice way of saying that you should be a perfectionist. You should not be easily  content. You should demand more and demand for great things. You should set high standards for  yourself and you should not be quick to fold and give up your ideals and principles.

6. Innovation

You should be creative and have a creative mind. Instead of being someone who follows trends, you should be the one that starts trends. Entrepreneurs are regarded for their amazing ideas, and if you want  to be good entrepreneur, you should have your own ideas, as well.

7. Flexibility and Adoptability

Change is inevitable. The world is evolving too fast and you should be prepared to handle change. You
should be prepared not to be overwhelmed and be prepared to cope with all sorts of changes along the
way.
These are just some of the many characteristics that help make you the entrepreneur that you ought to  become. Before you could even dream of becoming successful, you should first seek to develop these qualities.