The long term emotional mind

Last night I was at a dinner on a long table of accomplished entrepreneurs and some investors, having an open discussion about entrepreneurship with the guest of honour Kevin Rose. Among many discussion points, the question was asked to the table: what traits do you look for in a founder?

Before we get to that, let’s start with what does it actually mean to be an entrepreneur? Well, quite simply someone who organises resources to create a product that customers pay for. A lot of people have enterprising personalities and so could fall under this definition, but a successful entrepreneur in my eyes is someone who is able to make an income from a product they created (whether from cash flow or from investment). How much income, well that’s a personal question but the point is you’re making money because of you.

But what is it, from a DNA point of view, that makes someone a successful entrepreneur? Someone who takes on “risk”? Someone who is a generalist in their skills? Good at delegation? Yes and no: these are descriptive traits that don’t define the entrepreneur. I think there are actually two things that makes someone a successful entrepreneur, and both these points I learned by one of the most successful entrepreneur’s I know, Steve Outrim.

The first is thinking long term. At a table with people like Gower Smith, Sam Morgan, and several other accomplished people I’ve come to respect — Outrim asked the question on what was the single most important trait in success and he identified the ability to think long term as the key to his success, which everyone nodded in agreement.

The second nugget of wisdom, was shared earlier this year by Outrim at a house warming party to a few of us and he was insistent that was understood him. He pointed to his head: it’s the ability to not let anything affect you mentally. It was a point that took me some reflection to truly appreciate the implications of what he meant.

Think about that. Even if you don’t have your own business, let me help you relate.

On thinking long term, what do you plan to do with your life? For some of us, that freaks us out and for others we have a meticulous plan on what. Entrepreneurs think about their company and 10 years from now. A long term vision, with assumptions that need to get validated, which translate into activities today to enable those assumptions.

The emotional mind, is a tougher one to explain but something all true entrepreneurs will relate to more. As a point of comparison, imagine you are in a relationship and you have your heart broken: most of us have experienced that at some stage in our life. It’s horrible and like a gas that infects your thoughts that you can’t control. Likewise, the feeling of being in love (if you’ve truly experienced it) can uplift you in ways that words cannot explain. Both those highs and lows reflect your emotional self, what all normal human beings experience. Let’s call them “intense” thoughts.

For the entreprener, that experience happens on a daily basis: you start the day with your heart broken and you end the day on a high. Imagine going through intense thoughts every day for years at a time? Can you imagine what impact that has on a person?

Bravery, commitment, and intelligence (specifically, the ability to learn quickly) are three other traits that I think define a sucessful entrepreneur. But its the ability to think long term and deal with the demons in your head that I think separates the boys from the men.

Indeed, I believe the role of a CEO is very similar: my experience is that the best CEO’s think strategically into the long term, but also, have a strong emotional control of their mind. But a CEO is also a job.

Think about it as an employee, where you worry about your bonus or getting promoted. That anxiety is what entrepreneurs face, but from the other perspective: making sure there is enough cash in the bank to pay their staff bonuses and have them rewarded so they can keep them on deck. As an employee, you can face resentment if your expectations are not met; as a CEO founder, you could face jail time if you don’t manage expectations.

I will leave you with this one thought, which is how do you develop these two essential traits which are more than just skills but a state of mind. As Confusion says:

By three methods we may learn wisdom: first, by reflection, which is noblest; second, by imitation, which is easiest; and third, by experience, which is the most bitter.

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