Coach-Soch: The 4-E's of entrepreneurs

— George Bernard Shaw

Isn’t this a great analogy for describing a passionate entrepreneur? What makes such entrepreneurs tick? What makes them stay on, even when it’s all darkest and gloom all around? There is something special in them, that they persevere. They persist. They might fret or fume. They might be patient, or be terribly impatient. Yet they stay on.

Entrepreneurs are those individuals who are generally willing to accept risks and failures. Smarter ones or street-led entrepreneurs are those who fail quickly and at a lower cost of such attempts. They constantly analyse why they failed, or even what failed them. They learn from their own mistakes, as much as others' mistakes in the industry. They unlearn from their past follies and learn newer ways to build. They keep evolving these as an iterative process.

Entrepreneurs have a sharp focus in what they want and seem to have boundless energy. Being an entrepreneur means having resilient mental agility, passion to build a venture and many a time doggedness in the form of commitment to succeed. They don’t worry about failures or not having a map to succeed. It does not mean that they don’t get hurt by failures and disappointments. But they move on and move ahead.

Most entrepreneurs keep pushing their own personal levels of benchmark of what they term as success, higher every time and that drives them more. Sometimes at a cost to the relationships they have with others.

Entrepreneurship requires extensive mental strength and determination because, as opposed to traditional occupations, there is no guidebook for success. There is nothing that indicates what’s the right path to successful outcomes.

Entrepreneurs often operate on frugal resources. This requires a great deal of frugality and self-discipline. Vision, passion, and focus enable this.

As an entrepreneur, high energy levels through business cycles, varying levels of success and failures is essential. An entrepreneur typically multitasks and seems to have almost super-human powers. The reality is that most entrepreneurs are alone. They push themselves and their teams in the vision to achieve their goals. This is where self-management becomes an important aspect.

It leads to higher confidence levels. Without enthusiasm, the work output suffers. It could be demotivating for everyone around, if the entrepreneur lacks enthusiasm.

Enthusiasm, in effect, shapes your self-confidence. It provides you with the hope that you can succeed, with the energy that you can move on, and the determination that you should.

Enthusiasm is found in entrepreneurs in abundance. It simply is required to keep them driven, despite all odds, and negativity. Enthusiasm is also that people magnet in their ability to attract talent, investors, etc.

Entrepreneurs have to capitalise on every opportunity, even if it were unplanned. They have to spot market and consumer shifts to shape their ventures. Entrepreneurs see opportunities, even if others are skeptical about it. And they need such bubbling enthusiasm to see them through tough scenarios. It’s the eagerness that allows them to remain focused on their long-term objective.

Business is as much relationship based, as much as humans are networked. Entrepreneurs know that they succeed by building a team of capable people, whom they have to nurture and hold onto. Entrepreneurs who succeed long-term are those who respect people, value relationships and build networks based on being authentic and trust-based. It is empathy that is the pillar of such behaviour.

An entrepreneur is as good as (s)he wants to be. Despite the above 4Es, the external ‘E’ is the ecosystem where they operate which could influence, shape, define, accept or reject them.