An Entrepreneur Competes: Part One

Compete Every Day Blog

A light moment while discussing businesses that will receive funding at the private, angel, or even the venturel stages.

Speed and decisiveness endears a positive outcome. It separates the entrepreneurs that are growing seven percent, each month, from the wantrepreneurs that can’t understand why they’re stalling out.

I’ve been entrenched in this world for a while now. Between the startups that I run or the business owners that I watch for inspiration (look no further than Jake Thompson), I have seen what can make or break a team. A lot of it has to do with mistaking a lack of action for a lack of action.

It’s not that simple. When you are building a brand or running a business, it’s timidity that kills you. Speed, on the other hand, typically promotes a positive result. Waiting around and watching things happen around you is a poor way for a leader to address a scenario based upon movement, growth, and either succeeding or failing with speed.

You have to compete. And that means that you have to take it upon yourself to act when appropriate, even when it means that you may fail. That sounds counter-intuitive but that’s the beauty of the Compete Every Day message. Let’s be real, few actually do it.

Here are seven of fourteen points that I will be covering over the next two days:

So what? – Keep these words in your mind as you proceed. This is how you respond (internally) when someone has a great idea with no execution plan. It is a waste of your energy to process those thoughts. Also, this is what you say to yourself when you believe that you may fail.

Prepare for failure – When you realize that it probably will happen when you pursue a lofty goal, success becomes what it should be – a rare goal. Often, people only set out to do something when they know they’ll succeed.

Isolate yourself – from the people that talk often but do little.

Give up (and move on) – when the task becomes such a time drain that it prevents you from executing elsewhere.

Search – out the folks in your life that believe the ‘move fast and break things’ mentality. It is a gift to see the world that way.

Be happy – when you’re done. Often enough, action is unpleasant and in-the-moment happiness is not a reality. The endgame better make you happy, though. Otherwise, it isn’t worth it.

Compete – every single day. Maintain an urgency to see action steps completed. The human psyche feeds on small successes that can lead to greater ones.

On any given day as a Senior Analyst at Fundable (Virtucon Ventures), I analyze 40-50 businesses or entrepreneurs that want to build, start, or grow. If I see these first seven elements in any entrepreneur, I typically feel like they are worth the bet. Entrepreneurs need to realize that to be worthy of a bet, you have to be willing to bet on yourself. This endears action and cooperation from others.

Continue reading Part Two

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    About Web Smith

    A Sr. Analyst, Co-Founder, and Sports / Entertainment / Political Marketing Consultant. A student of strategy. As the saying goes, "I will work until we win."