Entrepreneurs Need to Think Big

Any entrepreneur is a person, by definition, that takes a risk in the business world. So why should you be any different? Think BIG!

What exactly does “think big” mean? Thinking big means that you take into consideration any and all ideas that you feel are too hard, too expensive, too time consuming, or are out of your reach. Why limit yourself by things that you think are easy to obtain? If a project or investment is easy to obtain, this usually translates into a small amount of risk. If a project or investment has only a small amount of risk attached to it, this usually means that the reward will also be small. As an entrepreneur, you should challenge yourself to take a risk and to consider all possibilities regardless of intensity or degree of impossibility.

Keep in mind that thinking big and acting on those thoughts are two very different things. When I tell you to think big, the point is to prevent you from limiting your options before you have even considered the possibilities, advantages, or chance of success. This does not mean that you should blindly follow an idea merely because it is a “big” idea.

Thinking big means accepting all ideas and working through the details until you reach a decision as to your course of action or inaction, if that is the case. Think big, reach for the stars, dream about the impossible, but follow your intuitions, education, and instincts as to a course of action to pursue.

Is it Possible to Define Entrepreneurial Spirit?

Entrepreneurial spirit is the motivation used to better yourself and/or others on your quest to achieve “success.” As far as the definition game goes, I believe that “success” is much harder to define and even harder to obtain that is entrepreneurial spirit.

Put simply, entrepreneurial spirit is motivation. Motivation to do what? That is a question that you have to answer. Nobody can tell you that you are an entrepreneur. Nobody can say, follow these steps and you’re an entrepreneur. Unlike traditional college programs, one cannot major in “entrepreneurialism.” You can take classes on the subject, but for the most part, a Business degree is as close as universities get to offering a major in entrepreneurialism. The point is, you have to find your own reason for choosing the path you chose, and then be responsible for maintaining the passion necessary to complete your quest.

A professor once told me, “an entrepreneur has only three characteristics, Passion, Passion, and Ego.” It was the first two characteristics (passion and passion) that really made me think. Two-thirds of being and maintaining yourself as an entrepreneur is having the passion to be an entrepreneur; having the passion to pursue the entrepreneurial dream; having the passion to think of an idea and see it through to fruition; just simply having the passion to do.

Only you can light the fire to pursue your dreams. School, experience, specialty courses, degrees, and the what not are all just tools to help prepare you for the journey. But, what good are these tools if you do not have the passion to use them? Talking is not action, and many would be entrepreneurs make this fatal mistake. If you want to do something, take action!

I have a friend who became very successful in the real estate business. He came from a similar educational and financial background as me, yet he has already achieved what I currently working toward. We were sitting down one day having coffee and I asked him, “How did you get the financing for your first real estate purchase?” He said, “If you want to get financing, go out and get it. That is what I did.”

My friend did not know anybody special. He did not have rich family members or any other type of monetary connection that I did not. His ace in the hole, his sole source of revenue was his passion. He had the passion to go out and get what he wanted. I am sorry to say that he had more passion than me or else I would have been in the same boat. However, all is not lost. I learned from our little conversation and am better off because of it.

Find your passion; find your “entrepreneurial spirit” and success will follow.

Tips on Developing a Reputation as a Ubiquitous Businessperson

Ubiquitous is defined as "being or seeming to be everywhere at the same time." How does this help a businessperson's reputation? To be described as ubiquitous means that you can be in more than one place at once. It means that you can handle more than one situation at a time. Put simply, it means that you are a multitasker.

Is being able to multitask a good trait to possess? I believe it is. Being able to effectively complete more than one task at a time helps with efficiency. Efficiency equates to cost savings. Cost savings equate to higher profits. Higher profits equates to more money! Do you see a winning formula here?

Now back to the question at hand; how do you develop a reputation of being a multitasker? First, you have to know your limits. There are many characteristics that will help you in the business world, and you do not have to possess all of them to be successful. Develop the characteristics that play to your strengths. Do not try to bite off more than you can chew just because you want to show your ability to handle multiple tasks. Business partners, investors, and customers will be more concerned will quality than quantity. It makes more sense to do a great job on one project than a mediocre job on three projects. The reason this is true is because even though three jobs were "completed," they will probably have to be redone because of lack of quality. Having to redo things costs money and effectively negates the cost saving purpose of multitasking.

Second, if you evaluate your situation and think you can effectively handle more than one task at a time, try your hand at more responsibility. Start small and take on one additional, small task. For example, if your current project is in real estate investment and your task is to find financing, but you feel that financing will not be a hard project to effectively complete, you may want to take on another small project, such as finding renters (if you are going to hold the real estate).

Last, do not try to do everything yourself. This point is similar to my first point except for one difference. My first point was, do not multitask for the sake of multitasking. This third point is, once you have started multitasking and found that you can successfully do it, do not use this success as a motive to do everything. Nobody can do everything, and if you attempt to, two possibilities will result: (1) you will get "burned out" and not be able to effectively perform any task; or (2) you will not be able to complete all the tasks and some aspect of your project will "fall through."

Having the ability to multitask will be beneficial to your future success, however, only do so within your limits. Remember, effectively completing one task is better than partially completing multiple tasks. The whole point of multitasking is cost saving, and this only works if projects do not have to be redone. Be ubiquitous, but not irrational, and your reputation will develop accordingly.