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Starting a business is often viewed as a daunting, high-risk venture. Many people dream of entrepreneurship but don’t know where to start. You may be an aspiring entrepreneur waiting for the perfect idea, enough years of experience, the right team, or significant funding to come your way. Perhaps you’re afraid that you’re too young to run your own business. But what if these barriers aren’t as important as you think?
I first became an entrepreneur in college and founded five startups in less than a decade, with valuations ranging from a million to $100 million. Now, at 27, I realize that my mindset was critical to overcoming obstacles and achieving entrepreneurial success. Below are my tips to remove mental blocks and adopt an almost irrational belief in yourself, which is necessary to push through the inevitable challenges you will face as a fledgling entrepreneur.
1. Generating the right idea: Start with what you know
Instead of overthinking what the market “needs” or focusing on what others might think is a good idea, it’s best to examine your own life and identify a problem that you have personally faced. People will say there are bad ideas, but every idea is good because it brings you closer to your best idea.
Your initial concept for a product or service is just the jumping-off point. That doesn’t make or break a business as much as your ability to execute and adapt. A personal connection to the problem can help you stay motivated and focused, even when the entrepreneurial road gets tough.
Ideas that ultimately take off are typically timely and topical and address problems that no one else has figured out how to solve. I come from a family that works in law enforcement, for instance, and I co-created the app SafeStop after the death of George Floyd – a period of deep disconnect between law enforcement and the communities they serve. The app allows drivers stopped for traffic violations to chat with officers using a video call, minimizing face-to-face interactions and creating a sense of safety for both drivers and officers.
2. Execution is 90% of success
The truth is, you can’t rely solely on a groundbreaking idea. Successful entrepreneurship is 90% execution. The fear or inability to execute is often what holds entrepreneurs back. Execution isn’t about waiting for the perfect moment or gathering a team before you get started. It’s about taking action, even when you don’t have all the answers.
Ask yourself: How can I advance my goal inch by inch daily? The key is persistence. It’s not enough to wait for all the stars to align. Act now, and adapt as you go.
3. The power of irrational belief
Most people who start successful companies can appear slightly irrational at times for believing their idea will be the one to beat the odds. But the ability to remain confident and focused is a great strength.
Entrepreneurship is unique because you’re often working against probability, and you’ll likely face lots of rejection. If you’re a young entrepreneur, expect that investors, competitors and even peers may be skeptical about your odds of making it.
But you have to believe in your ability to succeed, even when things look uncertain. Even when others around you express doubts. Self-doubt can kill progress. If you don’t believe in yourself, no one else will either. You won’t be able to inspire potential investors, customers or employees.
The most successful entrepreneurs think, “I’m going to make this work, no matter what.” I have always believed that my businesses would succeed. This isn’t about being arrogant. It’s about having confidence in your ability to solve problems, learn from your mistakes and pivot.
Related: How Mindset Plays a Role in Your Entrepreneurial Success
4. Don’t let risk paralyze you
It’s important to remember that although there’s risk and some form of failure in every entrepreneurial journey, successful entrepreneurs don’t let the fear of failure stop them.
I don’t consider myself a risk-seeker. I don’t speed my car or participate in extreme sports. Coming from a finance background, I was used to downside protection: How can I protect my assets from risk?
Once I founded my own businesses, I quickly realized that while financial considerations are still important, an overly analytical mindset can paralyze you in the founding stages of a company. Don’t get so bogged down weighing every risk and its potential consequences that you’re rendered immobile.
5. Stop overthinking and start acting
Entrepreneurship often doesn’t have a clear path. You may not know exactly what your next step is, but if you wait for perfect clarity, you could wait forever.
When I learned to read growing up, I would always skip words and never read full sentences. I just read what I wanted to and knew that I could fill in the rest. These tendencies carried over into my entrepreneurial endeavors. I had little fear of jumping ahead a few steps and trusting the rest would get handled along the way.
Many entrepreneurs succeed not because they have everything figured out from the start but because they are willing to jump in and figure it out as they go. I have found this to be especially true in the world of tech startups, where quick iterations and rapid course corrections are essential. The same principle applies to any industry, though. The key is consistency and learning from each action you take, whether it leads to success or failure.
Reframe your mindset to focus on the potential for success and trust that your commitment, resourcefulness and drive will carry you through challenges.
6. Inspiration from other entrepreneurs
Looking outside of your immediate circle can also help you shift your mindset. For example, when I was in college at Stanford, I spent a semester studying abroad in Tel Aviv. Israel’s tech startup culture – its focus on innovation, work ethic, and the ability to turn any challenging situation into an opportunity for growth, inspired me to move forward with courage and conviction in creating my own companies.
Reach out to successful entrepreneurs and business leaders who can be mentors. When I created my latest company, FORE Enterprise, I developed an advisory board of business experts from Stanford, Kellogg and Wharton that I could rely on for guidance. Never be afraid to seek help and advice from others who have experience, wisdom and knowledge to share.
