A peek into mind of succesful Entrepreneurs

Entrepreneurship is often studied and analyzed from the perspective of how an entrepreneur can undertake business or social ventures and build them to a flourishing enterprise. Equally important, is the question of what psychology that it takes from an entrepreneur to sustain his or her focus and commitment through the roller coaster process of building a company. How does one manage the "emotional quotient" that it takes to lead entrepreneurial ventures given the high volatility from day to day?

Feel Special and Humble: Every entrepreneur who has gone through the journey knows that you have to learn to feel both special about the creative process of building something significant, while being humble enough to keep your feet on the ground. Entrepreneurs who either don’t feel the sense of special privilege to lead the business, or others who loose a sense of humility because of their leadership position are both prone to obstructing the creative process of new venture creation. To balance the inherent volatility of startups one has to develop an entrepreneurial psychology to withstand the big swings in the business. One day you get a big customer order, the next day your investors pull the support or a key employee leaves, or your business strategy is questioned by the market makers and analysts. To withstand this volatility and have the energy to persevere requires the balance of this entrepreneurial psychology of feeling "special and humble". It’s a mechanism to avoid going up and down with the roller coaster of your venture.

Create a Sustainable Approach: One of my mentors, Prof William Miller, from Stanford University, who is now 85+ year old, has just cofounded a new venture in "nano technology". In talking to him, he plans to own this market in the next decade. In his words, if you live long enough you will do well in life! Same applies to business ventures. Entrepreneurs need to have a sustainable approach to their venture, one that may forgo growth for the sake of preserving longevity of their venture. There may be few quarters or years of hunkering down, and rebuilding process because what you had originally envisioned did not pan out. A sustainable mind-set will adapt to such circumstances with greater ease and less stress.

Missionaries versus Mercenaries: Winning entrepreneurs are more likely to be on a mission to change something which bothers them, or where they have identified significant business opportunity. They are focused on being the agent of change and creating their impact and establish their venture. Financial outcomes, while it plays a significant role in motivating them, is not the prime focus of their day-to-day journey. It is the mission of changing something, or establishing their legacy, which inspires them. From large successful entrepreneurial ventures like Google, Infosys, Microsoft to young businesses like SiliconIndia, Metricstream, eGain or others that I have been part of, the psychology of impact and legacy clearly overshadows the financial outcomes. This enables the entrepreneur to focus in the best interest of their venture, rather than just purely taking care of their personal interest.

Let the World Change You: As an entrepreneur you are constantly obsessed with changing the world, building new concepts, building products or services which will create a big impact. Well, I urge you to think about the flip side of the coin. While you are in the trenches working on changing the world around you, it is equally important to recognize that as an entrepreneur to become successful and grow, you need to allow the world to change you. You have to personally embrace learning from your peers and employees and customers to help you think differently. Good entrepreneurs always see this learning as a two way street, never a one way discourse.

Hope these few ideas force us to probe deeper into the psychology of winning entrepreneurs. One could literally write a book on this subject, but to begin with, it is good to at least recognize the significance of understanding the winning entrepreneurial psychology!