How Successful Entrepreneurs Think Differently

Jul 2, 2024

How Successful Entrepreneurs Think Differently

General Differences Between Entrepreneurs and Non-Entrepreneurs

Taking Responsibility

  • Entrepreneurs take total responsibility for their own financial success and security.
  • Non-entrepreneurs often rely on employers, the government, or other institutions for financial welfare.

Creating Value

  • Entrepreneurs understand they must create value to get paid.
  • Importance of being useful in the eyes of consumers.
  • Internal belief in the value isn't enough; external validation and willingness to pay are essential.

Differences Between General and Successful Entrepreneurs

Focus on New Capabilities

  • Great entrepreneurs focus on creating new capabilities rather than solving existing problems.
    • Example: Steve Jobs at Apple never conducted focus groups, instead focused on what he wanted for himself.

Role Models and Case Studies

  • Steve Jobs is highlighted as a key role model.
    • Innovations included graphic user interface and the App Store.
    • Driven by personal needs, e.g., operating a computer without knowing code.

Building a Lasting Formula

  • Great entrepreneurs build a lasting formula around their capabilities.
    • Apple's formula: "We make beautiful technology that people love using."
    • The formula allows adaptation to any kind of technology over time.
    • Reason for Apple's long-term sustainability.

Key Takeaways for Entrepreneurs

  1. Develop New Capabilities: Focus on innovations you personally want.
  2. Create a Lasting Formula: Develop a strategy that remains relevant despite changes in technology or the market.

Final Thoughts

  • Applying these differentiating points can accelerate progress and transform an entrepreneur from average to great.