While on a recent flight I picked up the Spring 2015 issue of Startups magazine. An article by Marcia Layton Turner caught my eye: Get started: 12 signs you’ve got what it takes to start your own business. You can read the online version (12 Signs You Have an Entrepreneurial Mindset) in full on Entrepreneurs website. All twelve “signs” were intriguing reading and in this blog, I pick six of them and quote them – followed by an example from a BAM (Business As Mission) business I know.
- You take action. Barbara Corcoran, founder of the Corcoran Group and co-star of TV’s Shark Tank, says people who have a concept but not necessarily a detailed strategy are more likely to have that entrepreneurial je ne sais quoi. I hate entrepreneurs with beautiful business plans,” she says. Corcoran’s recommendation? “Invent as you go”, rather than spending time writing a plan at your desk. In fact, she believes that those who study business may be prone to overanalyzing situations rather than taking action.
- A BAM example: RS is a person of action. He has been a small manufacturer in China for 10 years, functioning according to the Triple Bottom line (profitable and sustainable, job creating for about 25 people, and holistic integration of spiritual values). From time to time he has asked help from consultants, who have been frustrated because he lacks a plan. But RS responds to his gut and he invents as he goes, taking advantage of opportunities others do not see.
- You listen. Actress Jessica Alba, co-founder and president of Santa Monica, California-based The Honest Company, which sells baby, home and personal-care products, notes that “it’s important to surround yourself with people smarter than you and to listen to ideas that aren’t yours. I’m open to ideas that aren’t mine and people that know what I don’t…”
- A BAM example: C & VB operate a tour company in India. They have been coached by IBEC from the beginning. While on a recent tour with them, we asked the tour group, “What is the top thing that has contributed to the successful start of this company?” The response was that they are active listeners and keen to learn from others. This included mentoring from similar company owners in the USA and in Africa; it included doing recommended research when asked by the consultants; it included an attitude of collaboration with other cultures and languages in their host country; and it included a commitment to life-long learning.
- You don’t ask for permission. Stephane Bourque, founder and CEO of Vancouver, British Columbia-based Incognito Software, says true entrepreneurial types are more likely to ask for forgiveness than permission, forging ahead to address the opportunities they recognize. “Entrepreneurs are never satisfied with the status quo,” says Bourque, who discovered he was not destined for the corporate world. “I wish my employees would get into more trouble”, because it shows they are on the lookout for opportunities to improve themselves or company operations.
- A BAM example: D & CP worked in partnership with a group in China where they learned the language, loved the people and felt at home. When the partnership came to an unexpected end, they wondered what to do next. Building on his business roots in the USA, D did not seek permission from his employer in the USA, but set out to start a private company in the country. They saw an opportunity in the book industry and started Classic Education-China which eventually became quite successful and was sold to a multinational company.
- You love a challenge. When confronted by problems, many employees try to pass the buck. Entrepreneurs, on the other hand, rise to the occasion. “Challenges motivate them to work harder,” says Jeff Platt, CEO of the Sky Zone Indoor Trampoline Park franchise. “An entrepreneur doesn’t think anything is insurmountable … He looks adversity in the eye and keeps going.” Candace Nelson, founder of Sprinkles Cupcakes, agrees. Despite naysayers who questioned her idea for a bakery in the midst of the carb-fearing early-2000s, she persevered and now has locations in eight states. In fact, she was one of the first entrepreneurs in a business that became an on-going craze, sparking numerous copycats.
- A BAM example: BP loved a challenge, which is what took her to a former Soviet Republic in South Asia in search of an opportunity. She graduated with a degree in international business and had lots of experience working at Starbucks. But her new country was different – they drank tea! She looked at this and was undaunted. Because people had a keen and eager interest in the western world, she was able to build a coffee retail business in her adopted country that offered American-like experiences. Since many wanted to emigrate to America one day, the coffee shop became popular, and its success bred expansion into another store. Despite the naysayers, she and her colleagues built a Triple Bottom Line business.
- You recover quickly. It’s a popular notion that successful entrepreneurs fail fast and often. For Corcoran, the trick is in the speed of recovery: If you fail, resist the urge to mope or feel sorry for yourself. Don’t wallow; move on to the next big thing immediately.
- A BAM example: LM started a business in a former Soviet South Asia country. He invested his own money and partnered with a national attorney. Things went well until he discovered that his partner emptied the bank account and liquidated the company. LM was bankrupt. I called him to encourage him and asked him what he was going to do now. He quickly responded, “Oh, I have already gone down the street, borrowed some money and have opened up a new office.” LM was confident in his product (consulting services) and his ability and was not intimidated by failure. He did not wallow or feel sorry for himself. LM is an entrepreneur.
- You’re resourceful. “One of my favorite TV shows growing up was MacGyver,” confides Tony Hsieh, lifelong entrepreneur and CEO of Las Vegas-based Zappos, “…because he never had exactly the resources he needed but would somehow figure out how to make everything work out. Ultimately, I think that’s what being an entrepreneur is all about.” It’s not about having enough resources, he explains, but being resourceful with what you have.
- A BAM example: This was true for my friend BJ who saw a favorable business climate in his Asian country but lacked resources. He had artistic ability and he discovered a market for glass tables, lamps, etc. He lacked international marketing expertise and did not have a lot of capital, but BJ kept seeking resources he did not have – from various sources and utilizing latent abilities of his own, building a manufacturing business from scratch, eventually hiring 600 employees, starting orphanages and other community projects and having a spiritual impact in hundreds of lives.
Do you see yourself in any of these examples? Can you see yourself using your entrepreneurial mindset to build a kingdom building BAM business? Do you need some ideas for how to get started? Feel free to contact me (larry.sharp@ibecventures.com). You can also find great resources on Business As Mission’s website as well as other BAM-focused sites featured in my November 17, 2014 blog, “Who else besides IBEC Ventures is in this BAM space?”.
Larry W. Sharp, Director of Training, IBEC Ventures