The Best Way To Grow Your Business Into A Basketball is by Having The Right Investors And The Right Team!
This is the last article in our series where we discuss the six very important truths that all entrepreneurial-minded scientists and/or inventors should understand in their quest to turn an idea or invention into a home-run multimillion dollar business. Click Here to check out all six articles.
An Entrepreneur Has To Select His or Her Mindset To Grow The Business
When push comes to shove, it boils down to you sitting in front of a mirror and asking yourself which type of entrepreneur you want to be:
- The entrepreneur who grows his or her business into the size of a Basketball, but who may not own 100% (or even 15%) of the eventual company after investors, consultants and management take their slice; or
- The entrepreneur who hordes his or her equity, owns all or a vast majority of equity in the company, yet fails to come anywhere near their vision.
When Working With an Entrepreneur and His or Her Mindset – You Can Choose
It may not always be as simple or straightforward as the following two examples, but you should be able to tell an entrepreneur’s mindset by the actions and words employed.
For an entrepreneur who chooses to horde his or her equity, this person can be very guilty of seeing his or her future business as a basketball from the very start. This is an entrepreneur who frankly you should stay away from, as you will never get your appropriate share of the pie, i.e. equity, if you are an employee or new partner. It is not a “win-win” scenario but rather an “I win, You lose” mindset.
For an entrepreneur who has the mindset to share the pie, this person (1) realistically understands that ideas are the size of marbles, (2) has big aspirations and visions, (3) understands the gaps in turning his or her ideas into revenue; and (4) makes a conscious decision to bring in talented people and investors to help grow the business.
There is no guarantee, but the road to success seems far less bumpy for an entrepreneur who has the mindset of sharing the pie with the right people and investors, rather than for the one who may end up owning 100% of nothing. Of course, it also comes down to the business and the business problem being solved; however in most cases, an entrepreneur does not change his or her mindset.
Which mindset do you have? Share your thoughts in the comment section below or visit us on Facebook.
About the Author, Rob Steir
