Young Upstarts

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3 Tips For Leading A Successful Entrepreneurial Life

by Peter J. Strauss, founder and managing member of The Strauss Law Firm and author of “The Business Owner’s Definitive Guide to Captive Insurance Companies

The life of an entrepreneur – or at least the idea behind that life – can seem enticing to just about everyone.

You launch a new enterprise that makes millions – and maybe even changes the way people lead their lives.

But why do some people follow through on such visions with great fanfare and success, while others fail miserably – or never follow through at all?

There’s just this mindset that the very best entrepreneurs have that positions them for success when others around them are struggling and unable to stay the course. Anyone who is feeling the entrepreneurial tug, and wants to mimic the most successful entrepreneurs, would do well to consider these three points:

1. Remember that fortune favors the bold.

On the outside entrepreneurs may appear confident and assured in their actions, ready to take the steps needed to achieve success without hesitation. In reality, most successful entrepreneurs have a voice inside them imploring them to wait, to not take that chance. The difference between them and others is they ignore that inner voice.

In my career, I tried to prepare myself as best I could for my next step, but I always had to take a leap of faith to some degree. There’s never going to be perfect time or situation that is a guaranteed win. For any significant opportunity, there is always a risk.

2. Take the “life gives you lemons” approach.

Things don’t always work out the way we hope, but that doesn’t mean you have to accept defeat. Steve Jobs was once fired by the board of the company he founded. Steve Jobs easily could have decided that his life as an entrepreneur was not meant to be. Instead, he built another company and eventually found himself back at the helm of Apple. Jobs knew that whatever happened, his was not going to be a story of failure.

It’s inevitable that life will throw you curveballs, so learn to hit them. The good news is that adaptability can be learned. The more you train yourself to see possibility in the curveballs, the more you will adapt to hitting singles, doubles and even home runs.

3. Understand the “family” connection.

Businesses often describe their organizations as “family.” Sometimes that’s just lip service, but in the best corporate cultures the team respects one another and holds each other accountable – much like a family. If you are in a leadership position, it’s up to you to instill this mindset and to be the role model for it in your company.

I’ve even discovered that the business family I created as an entrepreneur helped make him a better parent. If I don’t set clear goals and expectations at work, I can’t be disappointed or surprised when my team falls short. The same holds true at home. Framing expectations as a dialogue will make your family and your team feel valued.

Ultimately, no matter the obstacles, entrepreneurs just find a way to persevere and get the job done. But that doesn’t mean it’s always easy. There are real risks involved. People rarely see all the ins and outs and ups and downs of what it takes to reach a place where you feel real success.”

 

Peter J. Strauss is an attorney, captive insurance manager and author of several books, including most recently “The Business Owner’s Definitive Guide to Captive Insurance Companies”. He is the founder and managing member ofThe Strauss Law Firm, LLC, on Hilton Head Island, S.C, and also the founder and CEO of Hamilton Captive Management, LLC.

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