Are you ready for entrepreneurship? Even if you think you know the answer, there are ways to be 100% certain. You can either dive headfirst into a new business and see what happens, or you can learn the traits of successful entrepreneurs. The second option will save you time, money and misplaced energy. Once and for all, you can ask yourself, Am I willing to do what successful entrepreneurs have done?
In this episode of Brilliant Thoughts, SUCCESS People Editor Tristan Ahumada talks to Grant Cardone, CEO of Cardone Enterprises and Cardone Capital, about what makes an entrepreneur successful. Cardone owns seven companies and manages a real estate portfolio worth more than $2 billion. Along the way, he learned valuable lessons about reaching success, which he shared in his popular book, The 10X Rule: The Only Difference Between Success and Failure.
According to Cardone, successful entrepreneurs have three unmistakable qualities. Keep reading to discover what they are and finally build your dream life.
1. They know how to meet in the middle.
Successful entrepreneurs know that life is about more than just their goals. Millions of people are working hard each day to create a better life for themselves. We all want the same thing, albeit in different ways. That’s why helping other people succeed is at the core of entrepreneurship. Everyone has goals, but who will be brave enough (and kind enough) to help others get what they want first?
Cardone calls this “meeting in the middle.” It’s something he practices with his wife, Elena Cardone, who is equally busy in life. She’s an author, businesswoman, public speaker, event producer and so much more. Making sure they can both pursue their dreams takes compromise.
It’s the same in business. You get the best outcome when people work together for a common goal, and sometimes that means negotiating. When you partner with another company, you negotiate terms that work for both parties. If customers say they love your product, but it’s difficult to use, you meet them halfway by making adjustments. Meeting people in the middle—whether it’s your customers, colleagues or friends—can expedite your success.
Here are three steps to get what you want by giving others what they need:
- Acknowledge that everyone has an agenda for their lives.
- Identify a shared goal and make it the glue of your relationship.
- Give without expecting anything in return.
2. They aren’t afraid of responsibility.
Most people view entrepreneurship as a gateway to money and freedom, and they’re not wrong. Some employees want an alternative to working 40 hours a week for a salary that stops growing way too soon. They feel the pressure of needing more resources, especially as they start families and build their dream lives.
But that’s one side of the spectrum. On the opposite end are people who simply want to work for themselves. They’re tired of taking orders, and in their eyes, entrepreneurship is a way out.
“I think a lot of entrepreneurs and solopreneurs are actually trying to shuck responsibility…. “You’re like, ‘I’m going to work for myself. It’s going to be easier,’” Cardone says. “It’s not going to be easier. If it’s going to be easier, then it’s going to be a failure. Self-employment is not a business; it is a job…. You’re always working to solve somebody else’s problem, to serve someone, to do something for someone else.”
If you’re running from your 9-to-5, you probably aren’t viewing the next step for it is:
- Potentially going into debt to start a business
- Working more than 40 hours to make your venture succeed
- Having twice the responsibilities you had at your 9-to-5
Successful entrepreneurs embrace these changes. They can unlock your best life, but you must accept the responsibility.
3. They know the secret to climbing out of a rut.
Whether you’re an employee or entrepreneur, it’s easy to feel burnt out when things are going poorly. But where does that feeling come from? Is it because you’re tired and overworked or because you don’t feel connected to what you’re doing?
“I’ve hit ruts where I thought I was experiencing burnout because that’s the accepted term in our society,” Cardone says. “I’ve never actually burned out. I’ve just rutted out. I’ve done the same thing so many times. It’s not interesting anymore, even though it would be really interesting to other people…. It’s not a challenge.”
The only way to climb out of a rut is to look to the future. Maybe your life and business aren’t progressing as you would like, and that’s OK. At least you’ve acknowledged the problem. Now you can start working on the solution, which is asking yourself, What’s next?
The answer is different for everyone, so think deeply about what you want. For Cardone, a fresh start is always appealing. He likes the excitement of starting a new venture and having to prove himself all over again. Not knowing if he will win or lose ignites him instead of burning him out.
Knowing how to solve problems, take responsibility and overcome challenges are the foundation of entrepreneurship. Start building those habits today, and it’ll be much easier to start and grow a business.