5 Vital signs you are infected with 'ENTREPRENEURSHIP'

Getty Images

Imagine yourself at the beginning of the school year, selecting your course load for the semester. Your favorite subject is offering two courses. The first option is easy -- you already know most of the material and you can coast through the class to get an A, no problem. The second course is more challenging and will require that you push yourself -- it’s not a guaranteed A, but you will learn a lot and if you hustle hard, you’ll earn the grade.

So, which course do you take?

If you chose the second course, chances are you’ve got the entrepreneurial spirit. You’re a doer, don’t back down from a challenge and chase success through hard work. It tends to be an all-consuming and admirable trait, and one people celebrate each August 21 on World Entrepreneurs’ Day. Here in Silicon Valley, it seems those leaders are everywhere, drawn to one another and our incubative city for its challenge and opportunity. In my experience, these leaders want to solve big problems, inspire and be inspired, and they clump together in order to reap the benefits of community. Because entrepreneurship is contagious, one person’s success -- or failure -- can spur another innovator on.

Think you’ve caught the entrepreneurship bug? Here are 5 traits to cultivate that I’ve found in my 20-plus years in business that correlate to a rich and entrepreneurial spirit:

There will be no white flag above your door.

In my experience, true entrepreneurs need to be tenacious -- almost to a fault -- and they're not afraid of failure. Sure, Bureau of Labor Statistics data shows that roughly 20% of businesses fail by their second year, but for entrepreneurs, failure isn't always innately negative. It should be a learning opportunity and a chance to start fresh on some new adventure. Entrepreneurs are often risk-takers and recklessly pursue results. When those results indicate a failure, don't be discouraged, but get back up again and look for the next great opportunity. When those results indicate success, entrepreneurs can move the metaphorical goal posts, constantly seeking greater and greater successes.

This mindset is sometimes in contrast with the “entrepreneur” stereotype. Entrepreneurs, from what I've observed, don’t build companies with the intention of selling them. They build solutions to problems with the intention of scaling their businesses.

You find the concept of 9 to 5 for others -- not yourself.

For entrepreneurs, there should be no punching in and punching out -- because often there’s no physical separation between work and home. When entrepreneurs are not working, I believe they need to be building mental lists, networking, researching or investigating ways to grow their business.

You get creative to meet your business's needs.

2018 research conducted by my company found that 49% of U.S. small business owners surveyed say finding and hiring quality talent is a top concern. Similarly, 2018 Wells Fargo/Gallup Small Business Index data suggests that 64% of SBOs surveyed cited finding qualified employees as a barrier to growth. These scrappy entrepreneurs are trying to offer unique incentives to appeal to potential employees, but 31% of participants in our survey also said they were willing to hire candidates who lack some qualifications and train them.

As an entrepreneur, you should know you may need to play -- or train -- numerous roles in order to meet your business’s needs. Thus, take every opportunity to expand your knowledge and skill set.

You live for the highs and work through the lows.

The mental exercise of managing a business can be exhausting and dramatic, but it can keep things exciting. Entrepreneurs see the forest through the trees, and they play an important leadership role for their employees. I believe business leaders should know that excitement is just as contagious as entrepreneurship, and thus celebrate milestones -- even small ones. It's important to understand that for others, moving goal posts can hurt morale, so entrepreneurs can proactively recognize and appreciate hard work. When things are tough, maintain a can-do attitude and face adversity with positivity and perseverance.

You don’t do it alone.

While an entrepreneur is one person, I believe their business and their successes are the results of meaningful collaborations with many, many people. The best entrepreneurs, in my opinion, know this and take great pains to surround themselves with strong and driven teams. I recommend they look for partners and supporters who compliment and balance their strengths, believe in the business, enhance or challenge the owner’s vision, poke holes in it, unearth solutions one might not have thought of, and inspire their peers and owners to bring their A-game every day.

BONUS POINT

You’re confident.

But you're not cocky. Great entrepreneurs generally believe in their product, their business, their teams and themselves. They serve as the face of the business, both internally and externally. They recognize that their confidence helps sell the brand to customers and clients and empowers others to pursue common goals.

Entrepreneurship has always been at the core of the American Dream. Here in the Bay Area, it’s core to the Tech Dream as well. And sure, there are the empire builders -- folks like Jeff Bezos and Marc Benioff -- but fame and entrepreneurship are not innately correlated. There are millions of American small businesses powered by the entrepreneurial spirit. These businesses fill the needs of communities across the nation and include local contractors, health providers, lawyers, restaurants, doctors, dentists and independent retailers. Less visible but equally impactful are the countless professional services businesses and business-to-business (B2B) ventures that, from my perspective, make up the backbone of American infrastructure.

I work with and advise entrepreneurs every day, and I've observed that each is more driven and energized than the last. It is encouraging to hear their stories -- how they found their niche and the value they bring to their communities. Despite the regular exposure, I’m not immune to their contagious entrepreneurial attitudes.