Change the way you think and change your habits and you will change your life……Lee
10 Traits Entrepreneurs and
By Mike WerlingYou don’t have to be a theoretical physicist to share a few character traits with
Albert Einstein. Heck, you don’t even have to know what theoretical physics
“You’reno Einstein.” How many times have you heard that in your life? When people
have compared you to the great thinker, has it been in the spirit ofsarcasm–Nice one, Einstein?
Albert Einstein has become the benchmark by which everyone measures intellect, though
few understand what made the man tick. (For more on that see Unleash Your Inner Einstein.)
Throughout his long life, the creator of E=mc2 (and one of a handful of people to know
what it really means) indicated what he saw as the path to success through his
words and actions. Entrepreneurs have more in common with Einstein than they
think. Many of the traits that led him to be named Time magazine’s Person of
the Century–kind of an elite club–drive people to create businesses. Do you
see a little of Einstein in you?
Imagination: Einsteinsaid, “Imagination is more important than knowledge.” The fellas over
at Google had all the computer skills and knowledge they needed to have
successful careers in some firm’s IT department–along with tens of thousands
of other techies. What makes Larry Page and Sergey Brin household names is the
fact they imagined there was a better way to search the web, and then they
Always questioning: “The important thing is not to stop questioning.”
One of the most importantquestions an entrepreneur can ask is How can
I make it better? Whether you offer a product or a service, improving it is the only way
to attract new clients and retain existing ones. While Phil Knight was marketing Nike to the
top of the athletic-shoe sales heap, Bill Bowerman tinkered with the shoes’
designs and made sure Nike footwear was on the cutting edge of innovation. How
can the new model, Bowerman wondered, be better? If Einstein had stopped
questioning, we would have been left with his thoughts on relativity instead of
an entire theory.
Old problems, new ways of thinking: “We
can’t solve problems by using the same kind of thinking we used when we created
them.” In the 1940s and ’50s, book publishers printed paperback books
based solely on hardback titles that had lost momentum; Ian Ballantine created
Bantam Books Inc. to do just that. He soon realized he was limiting his profit
potential by sticking to the old way of thinking. He decided–much to other
publishers’ and bookstores’ chagrin–to produce original paperback titles for
mass-market sales. Sixty years later, both models still exist. And Ballantine
likely would have jumped at the chance to offer books electronically.
Intuition: “The only real valuable thing is intuition.” Einstein worked in theoretical
physics; he had to trust his intuition to move forward on anything.
Entrepreneurs do the same thing every day. Intuition told Richard Branson the
Sex Pistols were worth signing to a fledgling Virgin Records. Intuition told
Hugh Hefner men would pay for a magazine filled with high-quality articles and
fiction writing that was interspersed with photos of nude women. (Or was it the
other way around?) Trusting one’s gut led to many of the 20th century’s
Strong positive attitude: “Weakness
of attitude becomes weakness of character.” In the early 20th century,
greeting cards were given for Christmas and Valentine’s Day. In 1915, a few
weeks before Cupid’s favorite holiday, a warehouse fire destroyed J.C. and
Rollie Hall’s entire inventory of Valentine’s Day cards and left them $17,000 in
debt. They borrowed money, purchased an engraving firm, designed two new cards
and printed them in time for Christmas. Nearly a century and countless new
ideas later, Hallmark Cards sets the industry standard.
Naps: Einstein was supposed to be a big believer in midday siestas to
recharge the brain. Some companies–Google and Nike, to name two–have created
nap-friendly guidelines for their employees. There may be a lesson there for
up-and-coming entrepreneurs. Other entrepreneurs have utilized naps in a
different way: bringing napping equipment to the workplace. No lie. MetroNaps
installs sleep pods in companies’ buildings for employee use.
Rise above the mundane details: The
stories of Einstein having a closet full of the same suits are exaggerated, but
the point of the story is made: He didn’t want to spend intellectual and
chronological capital wrestling with one of life’s mundanities. The definition
of mundane details will vary from person to person–you say spreadsheets, I say
boring–but know what you consider mundane and hire someone to take care of
those tasks before they get neglected and drag the company down. Howard
Hughes–before he lost the keys to his sanity vault–didn’t like the
administrative day-to-day duties of the company he inherited from his father.
He hired someone to handle it, and that person turned Hughes’ $1 million
company into a $75 million empire. The other lesson there is “hire
Willingness to try new things–and fail: “Anyone
who has never made a mistake has never tried anything new.” Just ask the
people at Coca-Cola circa 1985. The Coke folks realized the error of their ways
and reinstated the traditional formula, but many of their other forays into new
flavors–cherry and vanilla to name two–have proved to be huge successes.
Maintaining balance: “If A
is a success in life, then A equals x plus y plus z. Work is x, y is play and z
is keeping your mouth shut.” Notice Einstein didn’t put absolute amounts
on each of his variables. I doubt that was accidental. He knew–and now so do
you–the ingredients to success; he also knew the formula was going to change
from day to day. Whatever the ratio of x to y to z, entrepreneurs cannot forget
Stay on top of tech: Early in his
career at the Swiss Patent Office, Einstein was passed over for a promotion
until he mastered the technology of his day: machines. The entrepreneurs who
are remembered at the end of this century will be the people who maximize the
use of technology. What is the next internet? Where will communications be in
25 years? How will information be delivered, and on what devices? The people
who figure out the answers to those questions will be entrepreneurs at the
forefront of their industries.
So you don’t know relativity from a relative. That doesn’t mean you don’t have
something in common with Albert Einstein. After reading this, you may have all
kinds of retorts for the next person who tells you you’re no Einstein.
Werling, the managing editor of Sea Magazine, has written for Entrepreneur.com,
Senior Market Advisor, Boomer Market Advisor and Broadmoor magazines.