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About Entrepreneurs

by Rick Baker
On May 10, 2011
I think 3 forces drive entrepreneurs:
  1. Entrepreneurs have this burning feeling inside them…a need to achieve something. I describe it as ‘a wanting’.
  2. Entrepreneurs have a desire to create and build things of value to other people.
  3. Entrepreneurs have a need to be recognized as different – a different type of contributor.
Entrepreneurs have taught me 3 Major Lessons:
  1. You must recognize your strengths
  2. You must click with other people and
  3. You must be willing to lead change
Recognize strengths, click with people, and lead change.
 
Those are Key Success Rules.

Tags:

Entrepreneur Thinking

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BHAGs ain’t for everyone!

by Rick Baker
On Apr 20, 2011

The graph below shows the way Goals and Self-Esteem are correlated.

 

Moving from left to right along the curve, the key points are:

  1. When Self-esteem is low it is difficult to set goals...so Goals, if any, are weak and don’t cut it
  2. When Goals are weak and they don’t ‘test the mettle’ Self-esteem tends to suffer and drop
  3. When Self-esteem is ‘normal’ people are comfortable setting Goals [some thrive on it]
  4. When Self-esteem is ‘normal’ it tends to increase with the challenge of the Goals
  5. When Self-esteem is at a peak Goals can be challenging…they can be ’stretch’ Goals
  6. When Goals become too challenging Self-esteem starts to drop, sometimes it plummets
  7. When Goals become unrealistic Self-esteem can quickly drop below ‘normal’ levels…and stay there
  8. BHAGs ain’t for everyone!


          

 

Conclusion: the concepts of success-consciousness are not for everyone. For many, it is better to set short-term stretch Goals, encouraging the use of  S.M.A.R.T. goals than to use that ‘word’ BHAG.

Tags:

Entrepreneur Thinking | Goals - SMARTACRE Goals | Thinking as in Think and Grow Rich

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Sales Tweet #198

by Rick Baker
On Apr 20, 2011
Sales Tweet #198 Entrepreneurs have a desire to create and build things of value.
 
The Thinking Behind the Sales Tweet
This is one of the 3 traits of entrepreneurs…they are born with this trait. While they may not know the trait exists or what value they want to create or what they want to build, the trait is there. The details of what/when/how are recognized when they present themselves to the innate desire.

Tags:

Entrepreneur Thinking | Thought Tweets

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Sales Tweet #193

by Rick Baker
On Apr 13, 2011
Sales Tweet #193 Entrepreneurs have this burning feeling inside them…a need to achieve something…a ‘wanting’.
 
The Thinking Behind the Sales Tweet
…and one day, often when they least expect it, they figure our how to satisfy that ‘wanting’.

Tags:

Entrepreneur Thinking | Thought Tweets

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About entrepreneurial styles

by Rick Baker
On Apr 5, 2011
One of my colleagues on LinkedIn asked the following question:
 
Calling all Entrepreneurs: What kind of an Entrepreneur are you?
 
University of Virginia research indicates that Entrepreneurs fall into two categories - those that use effectual reasoning (developing business goals and adapting them as they go), or use causal reasoning (set goals at the outset and strive to achieve them in the most effective manner).
 
I would like to know what you think. For more info see Inc. Magazine article "How Great Entrepreneurs Think" in February 2011 edition.
 
President, Padgett Business Services - helping small businesses with value added accounting, bookkeeping & tax services
Toronto, Canada Area
 
Here is my answer to that question...
 
Stephen,
 
While ‘causal’ is my natural mode, it seems to me for most of us it is not either/or. It is always a blend. I am a big fan of Napoleon Hill’s ‘Think and Grow Rich’. I believe Napoleon Hill was the first person to write “Plan Your Work and Work Your Plan”. That’s ‘causal’. My approach to business is wrapped in ‘causal’.
 
On the other hand, I don’t think people’s styles can be quantified as simply as that.
 
To expand a bit, here are three pairs of factors to consider…
  1. People & Process: While process is a good fit with the ‘causal’ approach, people are not nearly as good a fit. So, when it comes to people I adapt as I go [effectual].
  2. Rudimentary tasks and Conceptual tasks: Rudimentary tasks align with a ‘causal’ approach. Conceptual tasks are not so good a fit.
  3. Time Frame: A ‘causal’ approach works well with longer-term goals. This factor is the one that lets me know ‘causal’ is my natural mode. Regardless, for shorter-term goals I adapt. I suppose it could be argued that still fits with the ‘causal’ definition.
I hope this is helpful.
 
Rick
 
PS: Stephen’s question is a good one: I know entrepreneurs of each kind…I know many more of the ‘causal’ type than the ‘effectual’ type.

Tags:

Entrepreneur Thinking

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Entrepreneurs must click with other people

by Rick Baker
On Mar 30, 2011
I look at entrepreneurship success this way…
 
Entrepreneurship success has 2 components:
  1. the tangible wealth – money and what money can buy
  2. the feelings of self-worth & the quality relationships with other human beings.
Few people are fully satisfied by money alone.
 
Deep down, you know that.
 
But, you will be tempted to dis-remember it. I say dis-remember to make the point – you will not forget people are more important than money, however, that fact can be buried during the heat of entrepreneurial battles.
 
And – that’s when problems start.
 
That’s when self-esteem suffers.
 
That’s when success, if it comes, is bittersweet.
 
That’s when success can not fill the ‘wanting’ that drives entrepreneurs to carry on.
 
Much has been written about how special people connections can generate amazing success stories. As one example, I would recommend ‘Click’ by Ori & Rom Brafman.
 
Dedicate time to understanding what it means to click.
 
To succeed as an entrepreneur you must click with other people.

Tags:

Change: Creating Positive Change | Communication: Improving Communication | Entrepreneur Thinking

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