Today’s Secret of Success is focusing in on all the entrepreneurs out there in the world:
- That have a startup and are in the early stages of their business.
- Or are studying entrepreneurship at college and want to start up a business (my son is one of these).
- Or even if you are a high school student and want to develop more of an entrepreneurial mindset (proven to help them succeed in the world).
Today we address the key attitudes for Startup Success as highlighted by Fingerprint for Success and their 15-year quantitative and 2-year qualitative study concluded in 2013 and published in 2016. What are the critical attitudes that support entrepreneurs in starting, growing and exiting a business successfully in 5-7 years? How does your mindset stack up against them?
But first, if you have not yet completed the 20-minute online assessment to discover your very own Fingerprint for Success then go here and do it now. You will get instant access to your own online profile showing you your strengths and blindspots for business success. To upgrade to see your full version use our discount code CCG20 for 20% off the first month or annual subscription. You can cancel at any time.
Those of you that have completed the assessment and have access to your own Fingerprint, I suggest you open that up right now and let’s take a look at the top attitudes for Startup Success together and how you are doing.
Critical Attitudes For Entrepreneurial Success
ACTION LEVEL – How much motivation do you have for starting projects? Do you initiate or do you prefer to take your time to consider your decisions?
High Initiation – Low Reflection. The research shows that the ideal score for this is 88% initiation and 20% reflection. At this level, it was found to positively correlate with number of investors and investment events. People that have high initiation and low reflection and patience are quick to act and test their ideas (fail fast) with some patience to wait but not much.
WORK APPROACH – What are the internal processes you use when approaching or working on a project or business? ‘Use’ the activity or doing part; ‘Concept’ the analytical or philosophic part and ’Structure’ the organising and ordering part.
Low Structure – the research showed that those who achieve early-stage success have a low need for structure with the mean score being 8%. They are not interested in planning and want to get stuck into the action or the concept. Too much structure takes time away from acting.
INTEREST FILTERS – What do you most pay attention too in business? What do you most enjoy working with at work?
High Focus on Money – the research showed that the mean score was 90% and a statistical factor for venture success if too low. Those with a high focus on money have a high interest in the commercial case and financial tracking. Clarity on the magic metrics that derive value in the business.
SCOPE – Do you tend to work with large, medium-sized or small pieces of data? Are you global or detail orientated?
High Breadth – Low Depth. The research shows that high depth or details was found to correlate with venture failure as getting caught up in the details slows things down when speed is critical. An entrepreneur with a high breadth and low depth get the gist quickly, wants to identify priorities and tune out unnecessary details focusing in on the details of execution only.
TASK DIRECTION – Do you prefer to follow procedures or generate alternatives?
High Alternatives – Low Procedures. The research shows that great entrepreneurs prefer to adapt, invent things along the way and are happy to work without a script or formula. Having high procedures does not support adapting and adjusting to opportunities that arise.
CHANGE – What is your natural cycle time for projects and tasks? How frequently do you need to change what you are working on? Do you like to jump from one thing to another or do you like stability?
High Evolution – Mid Difference. This was found to positively correlate with the number of investors in a startup. With this balance of evolution and difference the entrepreneur really wants to improve or evolve things. They also thrive on newness and starting from scratch.
How do your entrepreneurial attitudes measure up?
Go and find out right here right now so that you can understand your mindset and how it is driving your results in business and your career. Most importantly learn about yourself and what you need to develop to succeed as an entrepreneur or business leader that is running a scaled business.
Here is to your success!
Timothy J. Carroll