9 Values of a Successful Entrepreneur
Values
Can determine the success of a venture
Every entrepreneur starts their project hoping to be successful. Unfortunately, statistics show that not all of them make it. I've looked into various sources and haven't found a single reference, but generally, the figures suggest that only between 20% and 50% of ventures successfully surpass the first two years. The entrepreneur's values play a crucial role in their ability to succeed or not.
What is success?
Let's start by understanding what is meant by success and what indicators exist to affirm whether a person or a company has achieved success or not.
Cambridge Diccionary defines success as:
"The achieving of the results wanted or hoped for", and also as “Someone or something that becomes popular, wealthy, or has achieved a lot”.
These definitions lead us to think that there is a duality in the perception of success. The perception of success is not objective. It depends on cultural context and contains TWO different components:
Social perception: Your environment recognizes that you are successful.
Individual perception: You feel successful.
Success is generally measured by external recognition, but happiness is truly a subjective state.
The Duality of Success Perception
When we talk about social or public indicators of success, we refer to those aspects of a business or individual that make them perceived as "successful." For example, factors such as money and material goods, size, power, longevity, adaptability, and innovation.
In the case of internal or private indicators of success, these are the individual aspects that make you feel "successful" or perceive yourself as such. For example, factors like satisfaction, happiness, focus, results, learning, and growth.
If only social indicators exist, everyone perceives you as successful, but internally, you don't feel good. In this case, you haven’t truly achieved success; instead, you are almost a slave to your business.
On the other hand, if only internal indicators exist, you feel very successful, but no one socially recognizes you as such—you are living in a fantasy.
To truly achieve success, we must align social and internal indicators. We need to demonstrate at least some of the values socially associated with success while internalizing those that make us feel successful.
Values form the reference framework that enables the internal and external coherence of success. As we develop values consistent with those of our environment, we increase the probability of being truly successful.
But what are values, and how are they formed?
The values of a person or institution are moral or ethical principles, the guidelines that steer action.
They are not a strict set of rules but rather a reference framework for decision-making.
Values are not rules; they are convictions.
Values and attitudes are shaped through familial, social, and cultural relationships. Each environment molds different values and attitudes in individuals.
The place where you're born and live, the family you grow up in, the school where you're educated, the jobs you take, and the friends around you—all these elements contribute to the formation of your core values and the attitudes you adopt in life.
To succeed with an entrepreneurial venture, you need a good idea and a solid plan. However, the same business idea in the same market can either succeed or fail, depending on the entrepreneur's values and attitudes, as their behavior will differ. The entrepreneur's values influence whether they achieve success.
The Values of a Successful Entrepreneur
We have summarized the values that will help you achieve success in your venture into nine fundamental values of successful entrepreneurs, grouped into four major areas:
entrepreneurialpsychology.com
Internal Drive Values: Those that help you start and maintain enthusiasm:
Passion
Optimism
Internal Effort Values: Those that support you in the daily grind of work:
Discipline
Control
Resilience
Values Related to Your Product or Service: Those that ensure the quality of your product or service:
Efficiency
Flexibility
Values Related to Others: Those that ensure the support and loyalty of collaborators, customers, and suppliers:
Service
Honesty
entrepreneurialpsychology.com
How Do We Change Our Values?
Values are formed during childhood and are deeply ingrained. However, this doesn't mean we can't change them over time.
You likely already possess several of the values we've listed. That's why you're an entrepreneur and why you're interested in reading or listening to this blog.
However, you may still need to work on developing some of the values of a successful entrepreneur.
Changing values happens through small, consistent behavioral changes over time. It requires a clear goal and discipline.
You won't change your values just by saying, "I want to be more flexible in my thinking." Even with the best intentions, if you've learned to have rigid thinking and struggle to embrace change, cultivating flexibility involves not only the initial determination to change—which is certainly essential—but also a clear plan for changing habits and a great deal of discipline. As you succeed in changing certain habits, some attitudes will gradually shift, leading to a change in values.