Are you prepared to embark on an entrepreneurial journey? Even if you believe you have the answer, there are methods to ensure absolute certainty. You can plunge into a new venture and discover what unfolds, or you can study the characteristics that define successful businesspeople. The latter approach will save you valuable time, resources, and avoid unnecessary stress. Ultimately, you should reflect on the question, Am I ready to undertake the actions that successful entrepreneurs have embraced?
Grant Cardone, the CEO of Cardone Enterprises and Cardone Capital, discusses the attributes that contribute to an entrepreneur’s success. Cardone oversees seven firms and manages a real estate portfolio valued at over $2 billion. Throughout his journey, he gleaned invaluable insights about achieving success, which he elaborates on in his widely acclaimed book, The 10X Rule: The Only Difference Between Success and Failure.
Grant Cardone identifies three key qualities intrinsic to successful entrepreneurs. Keep reading to uncover these traits and start crafting your ideal life.
1. They understand the art of compromise.
Successful entrepreneurs recognize that life transcends their personal goals. Countless individuals toil each day striving to enhance their lives. Everyone desires similar outcomes, albeit through different paths. Thus, aiding others in their quests is fundamental to entrepreneurship. While everyone harbors aspirations, who possesses the courage (and compassion) to prioritize helping others achieve their goals first?
Cardone refers to this practice as “meeting in the middle.” He actively applies this principle in partnership with his wife, Elena Cardone, who is equally involved in various endeavors, including being an author, entrepreneur, public speaker, and event organizer. Making certain that both can pursue their ambitions requires a spirit of compromise.
The same principle applies in business. Optimal results arise when individuals collaborate towards a shared objective, often necessitating negotiation. When partnering with another enterprise, you draft agreements that are beneficial for both sides. If customers express admiration for your product, yet find it challenging to use, you adjust to meet them halfway by implementing improvements. Meeting others in the center—be they clients, colleagues, or loved ones—can accelerate your success.
Here are three strategies to achieve your desires by fulfilling the needs of others:
- Recognize that everyone has their own life goals.
- Pinpoint a common objective and let it unify your relationship.
- Give without the expectation of receiving anything in return.
2. They welcome responsibility.
Many perceive entrepreneurship as a pathway to financial gain and independence, and they have a point. Some employees seek an alternative to working full-time for a stagnant salary, feeling the mounting pressure as they start families and build their desired lives.
However, this perspective represents one end of the spectrum. At the opposite end lie individuals who simply want autonomy. They grow weary of taking orders, viewing entrepreneurship as an escape route.
“Many entrepreneurs and solopreneurs mistakenly believe they can evade responsibility… They think, ‘I’m going to be my own boss. It’ll be simpler,’” Cardone explains. “It won’t be simpler. If it were that easy, it would likely lead to failure. Self-employment doesn’t equate to running a business; it’s merely a job…. You’re continually addressing someone else’s needs, serving others, doing things for others.”
If you’re attempting to escape your conventional job, you may not be considering the realities that lie ahead:
- Possibly incurring debt to initiate a business
- Committing more than 40 hours to ensure your venture thrives
- Taking on twice the responsibilities you had in your 9-to-5
Successful entrepreneurs acknowledge and embrace these changes. They possess the potential to unlock the best version of your life, but you must accept the associated responsibilities.
3. They understand how to emerge from a slump.
No matter if you are an employee or an entrepreneur, feeling exhausted and drained is a common experience during tough times. But what triggers this sentiment? Is it genuine fatigue from overexertion, or do you feel a lack of connection to your work?
“I’ve been in situations where I thought I was burnt out because that’s what society tells us to label it,” Cardone shares. “I’ve never actually experienced burnout; I’ve merely been stuck in a rut. I’ve repeated the same actions so many times that they lose their appeal, even if they might still be intriguing to others…. They simply don’t present a challenge anymore.”
The sole way to escape a rut is to focus on the future. Perhaps your life and business aren’t progressing as you wish—that’s perfectly acceptable. Acknowledging the issue is the first step. Now, you can turn your attention to the solution, which involves asking yourself, What’s my next step?
The answer varies for each individual, so take time to reflect on what you truly desire. For Cardone, the allure of a new beginning is consistently invigorating. He thrives on the thrill of launching a new endeavor and proving himself once again. The uncertainty of potential success or failure energizes him rather than draining him.
Mastering the skills to solve issues, take on responsibilities, and overcome obstacles is essential for entrepreneurship.
Begin cultivating these habits today, and you’ll find it significantly easier to start and expand a business.
