The video discusses qualities of successful entrepreneurs such as knowing how to delegate effectively and adapting leadership styles as the company grows.
What this video covers
Knowing how to delegate: It’s supercritical because you, as an entrepreneur, you’re going to be many, many times, you could put your head above water because there’s so much going on. Here’s the thing: first, before you even delegate, and you think, “Oh, if I had someone else to come and help me, this would be so great; it would be so easy,” you need to first understand it yourself. What does it take to perform that task and to deliver and to execute on it? Once you truly understand, at that point, you’re bringing someone who takes it away from you, you delegate it to them, and then you manage to make sure that they’re delivering. But you should never delegate something unless you really understand how to do it yourself.
Learning different ways of leadership: Here’s the thing. You, as an entrepreneur, are going to transform yourself, and you need to grow at the same speed in which the company is growing. '
Also, not getting married to the outcome: This is a really important one. Some of the best entrepreneurs at doing an acquisition of their business are those that are not attached to the outcome because when you’re not attached to the outcome, whether it’s selling your business, at closing a deal, at closing a partnership, you really have that confidence.
Next is focusing on the execution. Those entrepreneurs that are super-successful are laser-focused on understanding what it is going to take to be successful in the next 18 to 24 months, and then reverse-back engineer to where they are today so that they can deliver, so they can achieve the milestones that are needed and that are on the way, and to take things to the next level.
Being amazing at storytelling: This is one of the greatest things of those super-successful entrepreneurs because storytelling is everything. It’s all about people seeing that there’s a future for them in the business. Whether you’re looking at recruiting, whether you’re looking at onboarding investors or potential customers, it is all about the possibility that you’re showcasing.
The possibility that you’re explaining for people to jump in and take it on. So, storytelling is critical, and people like Steve Jobs or Elon Musk have been super-successful at this.
Accountability and commitment: This is another key ingredient of super-successful entrepreneurs that they share. This is going to take a ton of sacrifice. It’s five to seven years until you’re seeing things that are successful. There are going to be many lessons learned, many failures where you’re going to have to get back up, but again, being accountable, being committed to the outcome and to that outcome of something successful, something meaningful, putting a dent in the universe, that is what drives super-successful entrepreneurs because they envision and really see a potential future that they can create and paint in different colors that they’re not seeing today, and that, at the end of the day, that accountability, that commitment is what helps them in taking things to the next level.
The next is, great listeners. The best entrepreneurs are so good at listening, and it’s not about listening for looking good, for giving the right answer, it’s listening for fulfilling concerns because concerns are, at the end of the day, what separates you from getting that deal done, whether it’s bringing onboard a new employee, a financing round that you’re closing, a business development deal or a partnership that is going to take the distribution to a whole other level. But listening is really what it takes.
