What I Want In An Entrepreneur
Summary
- I have CEOs rate themselves and notice a trend: those who fail rate themselves higher than I do, while those who succeed rate themselves lower.
- Success in business requires open-mindedness and the ability to hold strong beliefs loosely.
- Being rigid and not letting go of strong beliefs can ruin a business due to the inability to adapt, take feedback, or admit mistakes.
- Nobody wants to work for someone who is unable to adapt and who won't listen to their team. Attracting and retaining talent is crucial.
- Showing that you care about your team and investing in their long-term success helps retain good talent.
- Be aware of both strengths and weaknesses; overconfidence in one’s strengths without acknowledging weaknesses can be detrimental.
- Managing personal aspects like weight, marriage, emotions, and team interactions is essential for stability in business.
- An inability to manage oneself often leads to an unstable business, reflecting personal chaos in professional performance.
Video
How To Take Action
I would suggest implementing a few key strategies to help your small business or personal growth journey:
Self-Assessment: Regularly rate yourself on various aspects of your business or personal growth. Be honest and open-minded. Compare your self-assessment with feedback from others to see if there are discrepancies. This helps in staying humble and identifying blind spots.
Flexibility: Adopt the mindset of "strong beliefs, loosely held." Be confident in your ideas but remain flexible to adapt and change when presented with new information or feedback. This helps in staying innovative and responsive.
Team Engagement: Show genuine care for your team. Invest time in understanding their aspirations and support their growth. This builds trust and loyalty, which is crucial for retaining good talent. Simple acts like regular check-ins and celebrating their achievements can go a long way.
Self-Management: Work on managing personal aspects like health, emotions, and relationships. Ensure you are stable and in control of your personal life as it often reflects in your business. Simple routines, like daily exercise, mindfulness practices, or setting aside time for family, can create a positive ripple effect professionally.
Feedback Mechanism: Create a culture where feedback is valued and acted upon. Encourage your team to share their thoughts and reflect on them without defensiveness. This fosters a collaborative environment and continuous improvement.
Awareness of Weaknesses: Recognize and acknowledge your weaknesses alongside your strengths. Use this awareness to delegate tasks, seek mentorship, or further develop areas where you're lacking. Growth often lies in addressing weaknesses rather than just playing to strengths.
By implementing these low-cost, high-value strategies, you can create a more adaptive, engaged, and stable environment for both your business and personal growth.
Full Transcript
I've thought about this a lot I have the CEO rate themselves when I looked back and I looked at the ones who had failed and we had divested from and the ones that were succeeding the ones that had failed had all rated themselves higher than I rated them the ones that succeeded all rated themselves lower than I rated them by the nature of growing a business you have to be open-minded I would say like strong beliefs loosely held that's what I want in an entrepreneur and in a person that's running a business when somebody has strong beliefs that they will not let go of that is when I've seen it ruin the business unable to adapt unable to take feedback unable to admit they're wrong nobody wants to work for that person and so I can't get talent to stay in their team to even help them they would rather work for somebody who cares about them who invests in them who cares about their long-term success on the Spectrum I would say like of humility you fall under arrogant you are very aware of your strengths and not of your weaknesses they can't manage themselves you know they can't manage their weight they can't manage their marriage they can't manage how they show up for their team they can't manage their emotions they're just this and because they're like this the business goes like this
