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How to Become a Better Listener

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2 years ago

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It’s never been more important — or more difficult — for leaders to be good listeners. Job switching is rampant, and remote work means we don’t get the nonverbal cues we’d pick up from an in-person conversation. Employers who fail to listen and thoughtfully respond to their people’s concerns will see greater turnover. And given that the highest rates of turnover are among top performers who can take clients and projects with them, and the frontline employees responsible for the customer experience, the risk is clear.

While listening is a skill universally lauded, it’s rarely, if ever, explicitly taught as such, outside of training for therapists. A 2015 study showed that while 78% of accredited undergraduate business schools list “presenting” as a learning goal, only 11% identified “listening.”

Listening well is the kind of skill that benefits from not just teaching but coaching — ongoing, specialized instruction from someone who knows your personal strengths, weaknesses, and most importantly, habits. Reading this article won’t turn you into a champion listener any more than reading an article on balance will turn you into Simone Biles. Our aims are to increase your understanding of what good listening is, and offer research-backed advice to improve your listening skills.

Becoming a Better Listener

A participant in any conversation has two goals: first, to understand what the other person is communicating (both the overt meaning and the emotion behind it) and second, to convey interest, engagement, and caring to the other person. This second goal is not “merely” for the sake of kindness, which would be reason enough. If people do not feel listened to, they will cease to share information.

This is “active listening.” It has three aspects:

  • Cognitive: Paying attention to all the information, both explicit and implicit, that you are receiving from the other person, comprehending, and integrating that information
  • Emotional: Staying calm and compassionate during the conversation, including managing any emotional reactions (annoyance, boredom) you might experience
  • Behavioral: Conveying interest and comprehension verbally and nonverbally

Getting good at active listening is a lifetime endeavor. However, even minor improvements can make a big difference in your listening effectiveness. Here’s a “cheat sheet” with nine helpful tips:

1. Repeat people’s last few words back to them.

If you remember nothing else, remember this simple practice that does so much. It makes the other person feel listened to, keeps you on track during the conversation, and provides a pause for both of you to gather thoughts or recover from an emotional reaction.

2. Don’t “put it in your own words” unless you need to.

Multiple studies have shown that direct repetition works, even though it may feel unnatural. Rephrasing what your interlocutor has said, however, can increase both emotional friction and the mental load on both parties. Use this tool only when you need to check your own comprehension — and say, explicitly, “I’m going to put this in my own words to make sure I understand.”

3. Offer nonverbal cues that you’re listening — but only if it comes naturally to you.

Eye contact, attentive posture, nodding and other nonverbal cues are important, but it’s hard to pay attention to someone’s words when you’re busy reminding yourself to make regular eye contact. If these sorts of behaviors would require a significant habit change, you can instead, let people know at the beginning of a conversation that you’re on the non-reactive side, and ask for their patience and understanding.

4. Pay attention to nonverbal cues.

Remember that active listening means paying attention to both the explicit and implicit information that you’re receiving in a conversation. Nonverbal cues, such as tone of voice, facial expression, and body language, are usually where the motivation and emotion behind the words is expressed.

5. Ask more questions than you think you need to.

This both improves the other person’s experience of feeling listened to, ensures that you fully understand their message, and can serve as a prompt to make sure important details aren’t overlooked.

6. Minimize distractions as much as possible.

You’ll want to avoid noise, interruptions, and other external distractions, but it’s important to minimize your internal distractions as well. If you are preoccupied with another topic, take time to re-center. If you know a conversation might be upsetting, calm yourself as much as possible before going in.

7. Acknowledge shortcomings.

If you know going into a conversation that you may be a subpar listener — because you’re exhausted from a dozen intense conversations earlier that day, unfamiliar with the topic under discussion, or any other reason — let the other person know right away. If you lose your footing during the conversation — a lapse of attention or comprehension — say you didn’t quite get it, and ask the person to repeat themselves.

8. Don’t rehearse your response while the other person is talking.

Take a brief pause after they finish speaking to compose your thoughts. This will require conscious effort! People think about four times faster than other people talk, so you’ve got spare brainpower when you’re a listener. Use it to stay focused and take in as much information as possible.

9. Monitor your emotions.

If you have an emotional reaction, slow the pace of the conversation. Do more repetition, pay attention to your breathing. You don’t want to respond in a way that will cause the other person to disengage. Nor — and this is a subtler thing to avoid — do you want to fall into the easy defense mechanism of simply tuning out what you don’t want to hear, or rushing to discount or argue it away.

The Skills Involved in Active Listening

Listening is a complex job, with many different subtasks, and it’s possible to be good at some and bad at others. Rather than thinking of yourself as a “good listener” or a “bad listener,” it can be useful to evaluate yourself on the subskills of active listening. Below is a breakdown of these subskills along with recommendations for what to do if you’re struggling with any one of them.

First, let’s start with what we call the “picking-up skills,” the skills that allow you to gather the information you need.

1. Hearing

If you have hearing loss, be honest about it. For whatever reason, people will boast about their poor vision but hide hearing loss. Help break that stigma. Ask for what you need — e.g., for people to face you when talking, or give you written materials in advance. Let others know, so that they will be alert to indications that you may have missed something.

2. Auditory processing

This refers to how well the brain makes sense of the sound cues. If you’re struggling to understand someone, ask questions to clarify. If it’s helpful, from time to time recap your understanding of both the subject and the other person’s reason for bringing it up — and ask them to validate or refine it. (Make it clear that you are doing this for your own understanding.)

3. Reading body language, tone of voice, or social cues accurately

The advice for auditory processing applies here. Asking a trusted colleague to be your nonverbal communication translator may be helpful in situations where accurate listening is important, but confidentiality is not.

The next two skills involve staying mentally present in the conversational moment.

4. Maintaining attention

If you often find yourself distracted when trying to listen to someone, control your environment as much as possible. Before you begin, set an intention by taking a moment to deliberately focus on this person, in this moment, in a conversation that will be about this topic. If appropriate, use a written agenda or in-the-moment whiteboarding to keep yourself and the other person aligned. If you do have a lapse in attention, admit it, apologize, and ask the person to repeat what they said. (Yes, it’s embarrassing, but it happens to everyone occasionally and to some of us frequently.) Arrive a few minutes early to acclimate yourself if you are having a meeting in a new place.

5. Regulating your emotional response

Meditation has both immediate and short-term benefits for relaxation and emotional control, regardless of the particular practice. The key is to do it twice a day for 10 to 20 minutes, focusing on a mental image or repeating a phrase and dismissing other thoughts as they come.

In the moment, focus on your breathing and do a “grounding exercise” if you feel agitated. These are simple psychological practices that work to pull people back to the present moment by directing attention to the immediate environment. Typical exercises include naming five colored objects that you can see (e.g., green couch, black dog, gold lamp, white door, red rug) or identifying four things that you are hearing, seeing, feeling, and smelling (e.g., hearing birdsong, seeing chair, feeling chenille upholstery, smelling neighbors’ cooking).

Finally, the active listener has to pull the entire package — receiving the message and acknowledging its receipt — together, in the moment. It can be challenging!

6. Integrating multiple sources of information.

At the very least, you are both listening to words and watching body language. You may also be listening to multiple people at once, communicating on multiple platforms simultaneously, or listening while also taking in visual information, such as building plans or sales projections.Figure out what helps you listen best. Do you need information in advance? A “processing break”? A chance to circle back and confirm everyone’s understanding? This is another situation where it can be helpful to have another person taking in the same information, who can fill you in on what you might have missed.

7. “Performing” active listening (e.g., eye contact, nodding, appropriate facial expressions).

If you have a natural poker face, or find it easier to pay attention to people’s words if you don’t make eye contact, share that information with your conversation partner, and thank them for accommodating you. Do extra repetition to make up for the lack of nonverbal communication. You may want to practice better performativity skills, but don’t add that mental burden to important conversations. Ask a five-year-old to tell you about their favorite superhero, then practice acting like you’re listening.

Please note: This list is not intended to be diagnostic instrument, but if any of the skills listed above seem truly difficult to you, you may want to consult your doctor. Scientific understanding of these processes, from the sensory organs to the brain, has expanded greatly in the past years. Many successful adults have discovered mid-career that they have undiagnosed sensory, attention, information-processing, or other disorders than can impair listening ability.

For each of these subskills, there is also a range of natural ability, and your life experience may have enhanced or muted this potential. We know, for example, that music training improves auditory processing skills, and acting or improvisation training improves your ability to “read” people and perform the role of an active listener. Having power, by contrast, decreases your ability to read others and accurately grasp their message — don’t let this happen to you!

***

Listening is vitally important, sadly undertaught, physically and mentally taxing, and in the aftermath of Covid-19 has never been more difficult. As we close in on a third year of unprecedented upheaval in work and life, employees and managers alike have more questions than ever — concerns that they may find it difficult to articulate for a variety of reasons, from mental fog to the sheer novelty of the situation.

When this happens, take a moment to listen closely. Consider the questioner, not simply the question. Now is the time for leaders to really listen, understand the context, resist the temptation to respond with generic answers, and recognize your own listening limitations — and improve on them. Have compassion for yourself — you can’t scream at your own brain like a drill sergeant and whip that raw grey matter into shape. What you can do is recognize your weak points and make the necessary adjustments.

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How to Build Upon the Legacy of Your Family Business — and Make It Your Own

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8 months ago

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June 9, 2023

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Founded by Henry Ford in 1903, the Ford Motor Company rocketed to success by mass-producing reliable, low-priced automobiles. When Henry’s son, Edsel, took the helm in 1918, he championed a different strategy for a new era. He sought to replace the Model T — iconic but outdated — with a more modern design geared to high-end and foreign markets, and later embraced compromise with labor amid the suffering of the Great Depression.

But Henry could not let go of Ford’s origin story, undermining his son at every turn. The result was declining sales and years of labor strife that left the company on the brink of collapse by the 1940s. It was only the efforts of Edsel’s son, the more forceful Henry Ford II, that saved the auto giant from bankruptcy.

In family enterprise, generational transitions often pit one narrative against another: tradition versus innovation, continuity versus change. Indeed, when older generations craft painstaking succession plans or build elaborate constraints into trusts or shareholder agreements, they are really constructing a story: about the values and life lessons that helped them succeed, and that they hope will do the same for their children. Younger generations, however, must often adapt this narrative to their own goals and values, along with the changing world around them.

Failure to reconcile conflicting narratives can spell ruin for a family business or the waste of a financial legacy, as it nearly did for the Fords. To avoid this fate, families need to think differently about the stories they tell.

The value of critical distance

Conventional wisdom holds that family heritage, like wealth and reputation, “belongs” to the older generation. In this telling, succeeding generations are merely stewards or caretakers. They are given an inheritance or entrusted with the family business — and then charged with not frittering it away or screwing it up. Framed this way, a legacy can feel more like a burden than a gift.

Of course, it’s not as simple as that. Research suggests that younger generations do value their family heritage, especially as a source of traditions more motivating than money alone, and are motivated to preserve it. According to a 2021 survey of 300 Canadian business owners by the Family Enterprise Foundation, nearly 90% of next-generation family business leaders believe it is important to preserve a legacy.

But younger generations also want something more from that heritage: a sense of purpose, a collective identity for the family, the seeds of new entrepreneurial gambits, permission to go their own way. And as our own research shows, next-generation leaders are uniquely positioned to find what they are looking for in the family story.

Older generations often identify closely with the family or the family business, which can actually obstruct key learnings from the past. Eager to protect the family’s reputation, they may downplay scandal or setback rather than learn from it. By contrast, our analysis of 94 family businesses shows that younger generations tend to have more critical distance from the family story. This lets them grapple with its difficult chapters and respond appropriately, whether by making amends for past misdeeds or by reforming business practices going forward. It also frees them to draw insights from their story that can fuel innovation and sustainability.

Legacy as a source of purpose

How, then, can the next generation build on their family legacy while recasting it as their own? Our research and experience suggest four strategies for next-generation leaders.

1. Seek out role models in the family story.

Some next-generation leaders hesitate to embark on risky new ventures outside the traditional scope of the family business. Locating exemplars in the family story can legitimize a new way forward.

One third-generation CEO used this approach to advance his vision for a more sustainable enterprise. Fredo Arias-King, head of Mexican pine resin producer Pinosa Group, had lamented the disappearance of Mexico’s ancient pine forests that threatened both the industry and the communities that depend on it. Then he stumbled onto the published speeches of his grandfather, company founder José Antonio Arias Álvarez, who had preached environmental stewardship. “I don’t think he could have known just how devastated the forest would eventually become,” said Arias-King, “but somehow my grandfather knew that planting trees would become extremely important.”

Affirmed by his grandfather’s words, Arias-King helped found Ejido Verde, a nonprofit that would later become an independent, for-profit enterprise. By making no-interest loans to farmers and communities, with pine resin as the means of repayment, the organization promotes reforesting through new pine plantations.

2. Forge an identity beyond the founder-entrepreneur.

It’s easy to revere the family’s wealth creator. For the two adult grandchildren of one founder-entrepreneur — a private equity pioneer who rose from poverty to become one of America’s richest people — that was the problem. They wanted their own children, beneficiaries of a generation-skipping trust, to know the person behind the legacy that would pass to them. So they engaged one of us (John Seaman) to probe beyond the classic rags-to-riches tale they had heard growing up.

The founder, they learned, was a gifted yet deeply troubled man. This more nuanced understanding enabled the two generations to have a frank conversation about the issues raised by their ancestor’s life: the obligations of a business to its workers and communities; the consequences of untreated mental illness; and the unfair burden often shouldered by women in wealthy families.

This conversation, in turn, led members of the fourth generation, all in their twenties, to rethink their roles in the family enterprise. One set aside her qualms about joining the family business and put herself on a path to succeed her father as president, but with a determination to nudge the company’s private equity portfolio toward impact investing. Another resolved to pursue her own entrepreneurial dreams outside of the business, rooted in progressive values that were in stark contrast with her great-grandfather’s. Still another joined the board of the family foundation, where she helped steer its grant-making toward her generation’s individual passions.

By seeing their founder-entrepreneur in human terms, the family’s younger generation was able to move beyond hero worship to forge their own identities — which promised to make them responsible owners and stewards of their ancestor’s wealth and the business that created it.

3. Reckon with past wrongs to find a new path forward.

Many families have skeletons in the closet — scandal or wrongdoing they have long concealed or downplayed. (Henry Ford’s history of antisemitism and violent confrontations with unions are examples of this.) The willingness to confront these darker chapters, it turns out, can be a powerful motivation.

That was the case for the Reimann family, owners of consumer goods conglomerate JAB Holding Company and one of Germany’s richest families. The three adult children of Albert Reimann Jr., who ran the company in the 1930s and 1940s, knew they had been born of their father’s affair with an employee, Emilie Landecker. They also knew that Emilie’s Jewish father, Alfred, had been murdered by the Nazis. But it was not until 2019, when they commissioned research on the company, that a more sinister secret emerged: their father and paternal grandfather were themselves ardent believers in Nazi race theory who abused forced laborers.

It was the younger generation — Albert Jr.’s grandchildren — who were most adamant about reckoning with this secret. “When I read of the atrocities…sanctioned by my grandfather, I felt like throwing up,” recalled Martin Reimann. “I cannot claim that I was very interested in politics before…But after what happened, I changed my mind.”

At the insistence of Martin’s generation, the Reimanns paid compensation to former forced laborers and their families. But they did not stop there. They refocused their family foundation on combating antisemitism and strengthening democratic institutions. They also renamed the foundation in honor of Alfred Landecker, making him the narrative driver behind the more fundamental change they sought. Far from an isolated act of corporate atonement, then, this was an attempt by the next generation to use lessons from their family heritage to build a more just future.

4. Leverage the family story as a source of competitive advantage.

For some family business entrepreneurs, the next venture can begin with a step back. So it was for British restaurateurs (and sisters) Helen and Lisa Tse, whose family heritage empowered their rise.

Their grandmother, Lily Kwok, had emigrated from Hong Kong in 1956 and settled in Manchester, where she and her daughter Mabel built one of Britain’s first Chinese restaurants. But the business eventually went bankrupt, the victim of racism and Chinese gangs.

The story might have ended there. Instead, Helen and Lisa picked up the threads of their family narrative and carried it forward. Abandoning successful professional careers, they established their own Manchester restaurant, Sweet Mandarin, in 2004. But the restaurant only took off when Helen published a best-selling memoir about her grandmother. With this narrative platform, the sisters branched out into other endeavors, like cookbooks and cookery classes, tied to their own life stories.

For the Tse sisters, family heritage proved to be a source of competitive advantage. By recovering an immigrant’s tale with universal appeal, they gained acceptance outside of their own ethnic communities. And by situating themselves in an entrepreneurial tradition spanning three generations, they created a sense of longevity that evoked quality and trustworthiness, even as they also innovated new products alongside recipes inherited from their grandmother.

. . .

Family legacy is not a monologue; it’s a dialogue, a collective story that belongs to the whole family. When families think of legacy in these terms, they empower younger generations to harness that story to their own purposes, drawing strength from their elders. Legacy, in short, becomes not a burden but a blessing — one that can help families sustain wealth and purpose long into the future.

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Want to Succeed as an Entrepreneur? 14 Traits to Cultivate Now

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8 months ago

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May 17, 2023

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If you had to choose one trait that you believed was the most necessary in order to succeed as an entrepreneur, what would it be and why? How can aspiring entrepreneurs cultivate it?

These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more at yec.co.

1. The Ability to Problem-Solve

The one trait I would say is the most important to entrepreneurs is the ability to creatively problem-solve. Sometimes, solutions to business problems aren’t obvious and you have to find an out-of-the-box solution. That can be a real challenge because most people are taught to color within the lines.

– Baruch Labunski, Rank Secure

2. Grit

You need courage, resolve and strength of character to withstand the ebbs, flows and failures that lead to successful business. The best way to get this is through experience. I’ve seen a lot of young entrepreneurs with more grit than their older counterparts, especially when they had customer service jobs and worked their way up the ladder to experience different seats in the company.

– Givelle Lamano, Oakland DUI Attorneys

3. Flexibility

One of the most essential traits an entrepreneur can possess is flexibility. You need to be able to change your approach in response to market conditions, customer feedback and what any partners or investors want at any given time. Being flexible also means looking at “failure” as a signal to make changes rather than as a permanent obstacle.

– Kalin Kassabov, ProTexting

4. Fearlessness

Aspiring entrepreneurs should be fearless. It’s fear that often prevents you from grabbing new opportunities, as new entrepreneurs are unable to decide what’s best for them or how a particular decision would affect them. Well, you won’t know unless you try. So, be quick with your decisions. Preparedness is great and all, but if you’re afraid to make a move, someone else will — and will likely succeed. 

– Chris Klosowski, Easy Digital Downloads

Young businessman having a conversation

5. Sociability

To be successful as an entrepreneur, you need to focus on developing your social skills. When you have strong social skills, it becomes easier for you to build strong relationships with your customers, investors or anyone you think is important to your business. Good social skills make you a better communicator and help you make others feel secure so they connect with you on a deeper level.

– Andrew Munro, AffiliateWP

6. Determination

One trait you need to succeed as an entrepreneur is determination. You’ll encounter people who don’t like your idea. There will be times when clients or investors reject you. Your first project idea may never see the light of day. You need to have the drive to move past these unfortunate situations if you want to find success.

– Daman Jeet Singh, FunnelKit

7. Decisiveness

Decisiveness is the main trait any successful entrepreneur needs to cultivate. From making decisions about the budget or day-to-day communication, maintaining the ability to decide and decide quickly remains imperative. I use mental models like Occam’s razor to run my life. For example, when presented with two options, I choose the simplest and I get a lot of significant work done.

– Libby Rothschild, Dietitian Boss

8. A Realistic Mindset

Be realistic! An entrepreneur’s career is full of ups and downs, which are part of the learning process — and that’s a fact. Keeping your feet on the ground will save you much frustration when things don’t go the way you want. Instead, learn your lessons and keep moving. This will also help you to consider and prepare for multiple scenarios while adjusting along the way.

– Riccardo Conte, Virtus Flow

9. Moxie

In order to be an entrepreneur, you must have some moxie. Being outspoken, direct, resilient and having the ability to persevere is something that most entrepreneurs have in common. You have moxie if you can get up after failing. Aspiring entrepreneurs can cultivate it by focusing on confidence. Stand up for what you believe in and don’t let others’ opinions or perceptions get in your way.

– Jennifer A Barnes, Optima Office, Inc.

Small business planning for growth

10. The Ability to Follow Long-Term Plans

The ability to follow and execute on a long-term plan — meaning multiple years — without being sidetracked by mirages along the way or discouraged by inevitable ups and downs is so important. This requires you to learn multiple skills, including attention to detail, deep work and strategic vision (as opposed to tunnel vision, which trips up many entrepreneurs). 

– Andrew Schrage, Money Crashers Personal Finance

11. A Willingness to Keep Learning

If you want to succeed as an entrepreneur, you should have an open mind toward learning. It’s important for you to realize that learning is an ongoing process. It can help you develop new skills that in turn can help you stay ahead of your competitors at all times.

– Thomas Griffin, OptinMonster

12. A Self-Reflective Mind

One trait that can help aspiring entrepreneurs succeed is self-reflection. Embracing your mistakes and learning from them is the only way an entrepreneur can grow and be better than ever before. However, one can’t cultivate this skill by enrolling in a particular program. You have to have an open mind, give yourself the freedom to make mistakes and foster the courage to learn from them.

– Stephanie Wells, Formidable Forms

13. Resilience

Resilience is one of the most important traits you can develop as an entrepreneur. The journey is going to have high highs and low lows, and it will be your ability to push through and persevere during this time that will be the difference between success and failure. To develop resilience, develop a positive mindset, build a strong support system, understand your purpose and look after yourself.

– Zane Stevens, Protea Financial

14. The Ability to Thrive on Ambiguity

The cornerstone of entrepreneurial success is in the ability to accept and thrive on ambiguity. I have found that navigating the unpredictable landscape of business ventures requires you to possess a flexible mindset that can accommodate constant change and capitalize on emerging opportunities. Always stay updated with the latest developments and treat every change as an opportunity to grow.

– Vikas Agrawal, Infobrandz

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The Art of Risk-Taking: Lessons from Successful Entrepreneurs

Published

9 months ago

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May 10, 2023

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Entrepreneurship is a high-risk endeavor. Starting a new business takes bravery, resilience, and a willingness to accept risks. Many successful entrepreneurs attribute their success to calculated risks and pushing themselves outside their comfort zones.

In this article, we will explore the art of risk-taking and the lessons we can learn from successful entrepreneurs.

1. Understand the Importance of Risk-Taking

Taking risks is an essential component of entrepreneurship. It is tough to develop and produce anything new without taking risks. Risk-taking is necessary for growth and progress, as successful entrepreneurs recognize. They also recognize that not every risk will pay off, but the potential rewards make the effort worthwhile.

2. Do Your Research

Before taking any risks, it is important to do your research. Successful entrepreneurs understand the importance of gathering as much information as possible before making a decision. This includes researching the market, competition, and potential customers. By doing your research, you can make informed decisions and minimize your risks.

3. Network Effectively

Networking is an essential part of entrepreneurship. Successful entrepreneurs understand the importance of building relationships with potential investors, customers, and other entrepreneurs. They attend events and conferences, participate in industry groups, and use social media to expand their network and create new opportunities.

4. Stay Committed

Entrepreneurship is a long and challenging journey. Successful entrepreneurs understand the importance of staying committed to their goals and vision, even when faced with obstacles and setbacks. They stay focused on their end goal and are willing to put in the time and effort necessary to achieve it.

5. Collaborate with Others

Entrepreneurship is often a team effort. Successful entrepreneurs understand the value of collaborating with others and building strong partnerships. They seek out individuals who bring complementary skills and expertise to the table and work together to achieve a shared vision.

Buddy system at office

6. Surround Yourself with Supportive People

Entrepreneurship can be a lonely journey. It is important to surround yourself with supportive people who believe in you and your vision. Successful entrepreneurs understand the value of having a support system and seek out mentors, advisors, and other entrepreneurs who can offer guidance and encouragement.

7. Set Realistic Goals

Taking risks is essential for entrepreneurship, but it is important to set realistic goals. Successful entrepreneurs understand the importance of setting achievable goals and breaking them down into smaller, more manageable steps. By setting realistic goals, entrepreneurs can reduce the risk of failure and stay motivated throughout the journey.

8. Stay Flexible

Entrepreneurship is a constantly evolving journey. Successful entrepreneurs understand the importance of staying flexible and adapting to changing circumstances. They are open to new ideas and are willing to pivot when necessary to stay ahead of the curve.

9. Learn from Feedback

Feedback is a valuable tool for entrepreneurs. Successful entrepreneurs seek out feedback from customers, mentors, and advisors and use it to refine their ideas and improve their products or services. They understand that feedback is not a personal attack, but rather an opportunity to grow and improve.

10. Take Care of Yourself

Entrepreneurship can be a stressful and demanding journey. It is important to take care of yourself both physically and mentally. Successful entrepreneurs prioritize their health and well-being and make time for self-care activities such as exercise, meditation, and spending time with loved ones. By taking care of themselves, entrepreneurs can stay energized and focused throughout their entrepreneurial journey.

Analyzing business startup costs

11. Take Action

Successful entrepreneurs do not let fear hold them back. They take action and move forward, even when they are unsure of the outcome. They understand that taking action is the only way to achieve their goals and make their vision a reality.

12. Take Calculated Risks

While taking risks is important, successful entrepreneurs also know the importance of taking calculated risks. They carefully assess the potential risks and rewards before making a decision, and have a backup plan in case things don’t go as expected.

13. Trust Your Gut

While research is important, successful entrepreneurs also trust their gut instincts. They understand that sometimes you have to take a leap of faith and trust your intuition. Steve Jobs, the co-founder of Apple, once said, “Have the courage to follow your heart and intuition. They somehow already know what you truly want to become.”

14. Embrace Failure

Taking risks inevitably leads to failure at times. Successful entrepreneurs understand that failure is not the end, but rather an opportunity to learn and grow. They embrace failure and use it as a chance to improve and refine their ideas.

Entrepreneurial business people

Conclusion

The art of risk-taking is a critical component of entrepreneurship. Successful entrepreneurs understand the importance of taking risks, doing their research, trusting their instincts, embracing failure, taking action, and surrounding themselves with supportive people.

Aspiring entrepreneurs can boost their chances of success and make their entrepreneurial aspirations a reality by adhering to these guidelines.

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