The Secret between failing and thriving as an entrepreneur
Why do talented over-achievers at school end up in insolvency or, worse, have to resort to working for that troublemaker who always ended up in the principal’s office? Why do fortunate entrepreneurs fail, while entrepreneurs who seem to have the world against them thrive like there is no tomorrow?
Entrepreneur Grit
I recently read the book Grit by the American Psychologist Angela Duckworth. In fact, I have been reading and listening to Angela’s book a number of times. Duckworth shows in her book that the secret to outstanding success is not talent but a special blend of passion and persistence she calls “grit.”
Through her extensive research over many years, Angela has found that grit—a combination of passion and perseverance for one focused goal—is the trademark of high achievers in every domain. And that includes entrepreneurs.
Entrepreneurial Grit Can Grow
Duckworth’s studies have scientifically proven that Grit can grow. In fact, she has measured the growth of grit in individuals in minute detail. In a world where self-help books are based on the opinion of someone who based his book on the opinion of someone before him ad infinitum, it is refreshing to read about first-hand scientific research. Duckworth even developed a Grit Scale where you can measure your Grit levels as they grow.
Personally, I find it refreshing to not only have a physical measure of where you are on the grit scale, but practical guidelines on how to improve your grit levels. What to watch out for, what to improve on and what to just keep on doing the way you are doing.
Cultivating Grit from a Young Age
One common denominator I have experienced from all my successful clients is that these entrepreneurs have a history of doing odd jobs from a very young age. Delivering newspapers does not happen anymore, but many moons ago, this was the go to activity to earn extra money. I recently had the privilege of listening to stories of a highly successful entrepreneur who used to look after cars at our local horse racing courses for extra money as a student. That is after he worked full-time to be able to afford his university fees. He even opened cars for his client who lost their keys while at the horses.
As a parent myself, I know all too well how easy it is to help your kids out whenever they need money. You drive them to extra mural activities for those extra badges on their blazers and another trophy or two on the shelf. Maybe we should spend more time nudging them into using their after-school time to start a business. Even if it fails, it is one step closer to building grit. One more lesson in persevering for that what is important to them. To never give up on their dreams.
The sad part is that we keep on intervening in our kids’ lives. We continue wanting to bail them out. We want to pull them into our business without having to have worked for that privilege. But this could be a debate for another day.
Applying Grit to Entrepreneurs
For entrepreneurs, grit is particularly vital. The entrepreneurial journey is fraught with challenges, including financial uncertainty, market competition, and the risk of failure. Here’s how grit applies specifically to entrepreneurs:
Resilience in Adversity: Entrepreneurs often face setbacks and failures. Grit enables them to persevere through tough times and remain focused on their long-term vision. Duckworth’s insights suggest that those who maintain their passion and effort are more likely to succeed in building sustainable businesses.
Long-Term Commitment:
Successful entrepreneurs typically have a clear vision or purpose that drives them. Grit allows them to stay committed to their goals over time, even when immediate results are not visible35. This long-term focus is crucial for innovation and growth.
Continuous Improvement: The entrepreneurial landscape is ever-changing; thus, the ability to learn from failures and continuously improve is essential. Duckworth’s emphasis on practice aligns with the entrepreneurial need for constant adaptation and skill development.
Building a Gritty Culture: Entrepreneurs can foster a culture of grit within their organizations by encouraging team members to embrace challenges, learn from mistakes, and stay committed to shared goals. This cultural shift can enhance overall performance and innovation within teams.
In conclusion, entrepreneurs continuously have to navigate complex challenges that require resilience and determination. By cultivating grit within yourself and your team, you can significantly enhance your chances of achieving long-term success.
How to Build Grit 101
Would you like to learn the basic steps to building grit? Sign up as an addVentures Business Club Member today, and you will automatically be included in our Grit 101 Workshop.
