Book Summary Preview : 8 Patterns of Highly Effective Entrepreneurs

The Big Idea

So you think you’re an entrepreneur? Do you have a vision? Are you passionate about this vision of yours? Do you believe that you’ve just stumbled upon the next biggest thing since Microsoft? If you do, then we could, at the very least, conclude that you do possess a certain entrepreneurial trait. You, just like all entrepreneurs, think big. But you aren’t a certified entrepreneur just yet. There’s more to an entrepreneur than just a big dream or a grand idea.

If anything, what distinguishes entrepreneurs from the rest is their drive to act and go for that dream. They aren’t just talkers. They are movers. What sets them apart further is how they move. Sure, everyone has a dream and everyone has their own way of reaching their dreams, but it’s the when, why, what and how entrepreneurs act to make their dreams come true that makes them who they are.

“8 Patterns of Highly Effective Entrepreneurs” dissects the minds and habits of some of today’s remarkable entrepreneurs and gives you an insider on what it takes to be an entrepreneur. If you find these patterns in you, welcome to the club.

Seeing Beyond the Beyond

First: Entrepreneurs have an aptitude for spotting and seizing opportunities.
If you read the first pattern carefully, you’ll notice that this pattern has two elements in it. First is spotting the opportunity and second, seizing it. These are two entirely different things. The first is seeing an opportunity.  The second is acting on the first. Entrepreneurs always do both. They see. They move.

Entrepreneurs have a gift for noticing things. They see the extraordinary in the ordinary. They are able to find opportunities that are hidden in plain sight. To entrepreneurs, there is no such thing as a problem. To them, problems are opportunities just waiting to be unlocked.

It’s not so much about finding a solution that makes one an entrepreneur. Anyone can find a solution to any problem. What defines an entrepreneur is his or her ability to find unconventional solutions to ordinary problems.  Being unconventional means he doesn’t have to invent some new technology. He just has to find an innovative and creative way of doing things. There is never one way of addressing things for them. They are always constantly looking at the same things in different angles.

They are All Free Men

Second: Entrepreneurs have a compulsion to be in charge and, tied to that, they have a gift for leadership.
Entrepreneurs are loyal to one, and only one, boss: themselves. They reject authority. Sure they’ve all been employed at some point in time in their lives and it was most likely at that time that they affirmed their need to run their own show. They just can’t stand taking orders from someone else or work under a system that isn’t theirs.  

Entrepreneurs want to be in charge. No, they need to be in charge. This need is not so much of a thirst for power; rather, it’s a cry for freedom. They need to have that flexibility to do things their way and at their pace. They want that freedom in controlling their own lives, ergo, their own businesses.

This need to be in charge without being power hungry highlights entrepreneurs’ ability to lead. Entrepreneurs are born leaders. They lead by example and by action.  Their being ethical and honest earns them respect. Moreover, they aren’t respected because of rank: They are respected because of who they are.

The Leader of the Band
Being the natural born leaders that they are, entrepreneurs know how to inspire their colleagues and employees. Entrepreneurs make each person working for them feel important. They hire good people, give them enough breathing room to perform their jobs well, and above all else, treat them with respect. They value loyalty, they listen, they mentor rather than criticize.

The result: good karma. Everything comes back to them two fold. First, because they are such good leaders, people stay with these entrepreneurs. Their companies have very low attrition rates. People work better with and for them.  These entrepreneurs have a very productive workforce.
         
Second, as a result of entrepreneurs being good listeners, they learn a lot and are able to apply these learnings to their businesses.

As gracious as these entrepreneurs are, they do know that they will not tolerate poor performance. It’s always a fair trade. As much as they give to their employees, they expect their employees to do their jobs well.               

Going Down the Line

Third: A history of innovative activities dating back to childhood.
Entrepreneurs aren’t made overnight. Then again, are entrepreneurs even made at all? Can anyone be molded into entrepreneurs or are entrepreneurs born entrepreneurs?

There have been debates left and right about the existence of a hereditary entrepreneurial gene. As entrepreneurs might attest; “it runs in the blood.” The antithesis however is that it’s the environment that one grows up in that turns him or her into a full blooded entrepreneur. Although science claims of no such entrepreneurial gene, it does acknowledge genetic predispositions to certain behaviors that might be considered entrepreneurial. The best example of this hereditary trait for instance is high energy levels.

These hereditary traits alone however do not guarantee one’s becoming as an entrepreneur. And this is where the environment comes into play. Children who grow up with small-business role models, encouraged to pursue creative activities, and are instilled with a risk-taking mentality are most likely to become entrepreneurs. On the flipside, children who are born into a very safe and secure environment, who are taught to be wary of risks, are likely to opt for the peace of mind a pay check brings.  

Whatever the case, entrepreneurs are definitely molded by experience. And their turning into entrepreneurs often always begins with their acquaintance to sales. All entrepreneurs will have done some selling during their youth. They loved it then and continue to love it now. Entrepreneurs will always have that passion for marking up prices beyond all reason.

 

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