“Find your passion.” It’s a popular piece of advice these days, which fits our generation of entrepreneurs. You spend most of your time at work. You might as well love it.
“Don’t get emotional about business. It clouds the judgment.” This is a quote from Gordon Gekko (played by Michael Douglas) in the original Wall Street movie. This fits with economic theory and rational actors.
Do you see the conflict? Which is it – love or logic?
Love
As an entrepreneur, you need to love what you do. If you don’t love it, you won’t be able to make it through the inevitable tough times. So get into a business about which you have a passion.
Then take pride in your accomplishments. Celebrate them like you’ve just won the Super Bowl.
Be human in defeat. Learn from it and then move on.
Practice the 24-hour rule: Give yourself 24-hours to enjoy victory or recover from a loss. Then move on.
Be stubborn about what matters: your core values and purpose. They are a critical part of your success. You’ll feel a void if financial success comes at the cost of your values.
Don’t ever agree to compromise on the things that are important, However, be quick to concede if a better idea comes along (assuming it’s not in conflict with your values and purpose).
Finally, don’t fear the fear. As a business owner, you will face fearful times. Rest assured, successful entrepreneurs have faced the same fears. They overcame them. You’ll need to do the same.
In the early stages, entrepreneurship is a game of survival. You do it one day at a time. Press on.
Focus on what you need to do today to make it to tomorrow. Forget about everything else.
Logic
Emotion clouds your judgment. You have to get beyond your emotions in order to succeed in business.
You have to be calculating. Get in the habit of weighing the pros and cons of a given strategy against your goals and the pressures of the market.
Separate your ego from your business. Entrepreneurs often get in trouble when they start creating monuments to themselves with the resources of their businesses. Don’t make that mistake! Every business decision should move you one step closer to your dream life.
Admit your mistakes. If you don’t admit them, you’ll never learn from them. Unsuccessful business owners often devote even more resources trying to turn a bad decision into a good one. It rarely works. Admit your mistake and move on.
Aim before you fire. This is one of the best ways to make sure you’re not acting emotionally. Ready, aim, fire. Business owners who fail often get caught up in the moment and forget the middle step.
Focus on results. Measure everything you accomplish against your goals. Have you exceeded them or fallen short? Why? Answering those questions along the way will take you a long way toward the success you dream of.
Example
An example of love and logic at play is to remember why you got into business in the first place. You had a goal in mind. You had a plan on how to achieve it.
Along the way, you gained new insight and information. You changed your plan, but the goal is still the same. You’re practicing love and logic at the same time!
The bottom line? It pays for entrepreneur to be two-faced! Be emotional and unemotional at the same time about your business. Practice irrational rationality!
