Page 4 - INSIDE ACCESS JUNE 21 3RD EDITION

FOOD FOR THOUGHT
Winning Lessons from Successful Entrepreneurs
Every aspiring entrepreneur would love to be the next Mark Zuckerberg or Jeff Bezos, but most have no idea what really sets these guys apart from all the rest.
Conventional wisdom has them looking for a problem, a very large opportunity, and minimal competitive barriers to entry. In reality, most great entrepreneurs find these necessary, but not sufficientforthebig win.
They think outside the box, with a sometimes surprising set of strategies. Let’s have a look at some of their insights below.
1. Experience at a first-rate company is really valuable
Good big companies provide the training, mentoring, and experience
managing teams that entrepreneurs need, but can't afford.
In addition, you can learn much about business principles, and your own capabilities, from being surrounded by many intense, ambitious, and super-smart peers.
2. Entrepreneurship is rarely about just making money
The best entrepreneurs are committed to fixing a problem, or advancing a purpose, and making money is only used as a validation of their insight.
Any money made is typically poured back into the cause, rather than relished on extravagances.
3. Self-control beats passion for long term satisfaction
Passion often leads to a need for instant gratification. Most
successful entrepreneurs either learn or are born with the capacity to delay gratification for critical periods in their lives until they reach their desired goals.
4. Thinktwicebeforeinvesting with friends and family
Some entrepreneurs can be so self- centred that they see family and friends as an easy source of capital. Smarter entrepreneurs know that nothing can bring more embarrassment, resentment, and peril to relationships with people you love and respect than losing their money.
Don't jeopardize key relationships.
Contributed by
Oye Jolaoso
PAGE 4 INSIDE ACCESS | JUNE 2021 3RD EDITION