I have been learning a few things from other entrepreneurs and business leaders. I have come up with 5 major characteristics that they share in common! These leaders engage in these behaviors on a daily basis. If you’ve read my Personal brand statement, I desire growth necessary to become a Level 5 Leader, based on research by Jim Collins. I have found these five tips are going to aid me in my growth, and I believe it will aid you as well. So here goes…
1. Envision Daily:
Visualizing your goals is essential for you have a clear picture of where you want to be during a set timeframe of your choosing. Where do you see yourself in 5 years. Revisiting your goals on a daily basis will help you to build motivational momentum and inspire you to persevere.
2. Focus On Investment Income vs Linear Income:
One thing that I need to work on is increasing activities that lead to increased revenue generation and rearranging activities that do not. In Emily Chan’s Book “Harvard Business School: Confidential Secrets of Success, she states that there is linear income and investment income. Linear income is revenue generated by a traditional J.O.B. while investment income is revenue generated by stocks, bonds, and entrepreneurship. I believe that focusing more on linear income can distract you from realizing your investment goal. It is easy get sucked into the traditional work structure without a clear outline for success. It is necessary to allot the “linear” work hours (i.e. 8-5) for generating your linear income. Do not bring work home or work overtime. A fellow student in my MBA program said, “Nothing is so important that it can’t wait!” When you ponder this, you realize it is a valid point. Once you get home, it is time to work on building your investment income. Here, I’m speaking more so to those without children. However, if you do have children, work out scheduling with your spouse. If you don’t have a spouse, work out child sitting arrangements with a friend! If you don’t have any friends, then I don’t know why you are trying to start a business! In sum, though it may seem overwhelming, it is vital to revisit point 1—envision your goals daily!
3. Personal Development:
Continually, read books on your industry. Attend webinars! Apply the concepts! Mentor others! These principles are all part of personal development, and it encompasses the tools I learned in Psychology of Learning. That is you read, you listen, and you apply and you teach others. These are the key principles in material retention. This concepts spark the growth necessary for success.
4. Eliminate Groupthink, Create a Mastermind Group:
Lately, I have been connecting with other entrepreneurs in an effort to learn what works and what does not work. More often than not, you feel comfortable discussing your ideas and entrepreneurial passions with your intimate circle of friends. However, there comes a time when you have to step outside your circle of friends. I say this because 9 times out of 10 your traditional friends will not have same the entrepreneurial mindset that you do. Bouncing ideas off of the “untested circle of friends” leads to the same line, “Oh! That is a wonderful idea!” Janis Irving appropriately called this group think, where the circle of friends is going with the flow of the wonderful idea without playing devil’s advocate. Words and ideas can sound as good as they want; however, it boils down to execution. Groupthink does not help one become innovative; therefore connect with others who have gone through the fire and been purged. Create for yourself a mastermind network!
5. Invest in others:
A good friend and social entrepreneur once told me that “in order to receive, you must first give of yourself.” This takes an age-old biblical concept and applies it to business and relationships. Invest your time to help others succeed. When the time is right you will have built up a network that will aid you when you seek help. Cultivate leadership in others, and they will be there to stand by your side! Find leadership opportunities and inspire others for success!
