Motivation is a daily struggle for entrepreneurs, so I’ve put together these motivation-boosting tips from 10 of today’s successful entrepreneurs.
1. Fear of failure.
In an article that he wrote for Bloomberg, Mark Cuban stated that he uses the fear of failure for self-motivation.
“No matter what business you’re in, you’re always at risk — particularly in technology, where it changes so rapidly you’ve got to put in the effort to keep up,” writes the Shark Tank panel member. “There’s always the opportunity for some 18-year-old to come out of nowhere and crush you—that motivates the hell out of me.”
“Every one of my companies, whether something I started or something I invested in, is a scoreboard. How am I doing? A lot of investors or advisers play it as a numbers game.”
“If they invest in 20 companies, as long as one success covers 19 losses, they did OK. I look at every loss as a huge failure. I had an investment go bad recently. I lost $1.5 million on it. It pisses me off to no end.”
Failed at something? Ask these Mark Cuban questions.
“You can also use it as motivation. What did I do wrong? Who did I trust that I shouldn’t trust? What can I learn from this situation so I can avoid it next time?”
2. Do what you’re passionate for.
This is the key. However, as Chalmers Brown, co-founder and CTO of Due writes, “We want to not only make a lot of money but enjoy what we do as well. We are willing to take on the risk of unstable pay in exchange for following our dreams.”
“Unfortunately, your dream job may not always be the best decision financially. Sometimes your hobbies are best kept as projects in your spare time for fun (which is great!). If you do want to try to turn your passion into a full-time job, these tips can help you get started the right way.”
Brown gives the tips below:
- Improve something that you’re already doing.
- Figuring out where market.
- Sharing your passion with others.
- Stay happy and motivated by assigning tasks that you’re not a fan of to someone else.
3. Keep affirmations where you can see them.
“It’s so easy as an entrepreneur to get sucked into feeling exhausted or frustrated, and often the blame is yours alone,” writes Murray Newlands, founder of online invoicing company Sighted. “But a negative mindset sucks up mental bandwidth and energy that you need to stay focused and successful.
“It is crucial to maintain an optimistic attitude in the face of setbacks. Whenever you see a quote or a picture that helps you stay positive, place it front and center so you can remember what this journey is all about.”