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Are You Suited to Entrepreneurship

5 Truths Of Ancient Wisdom That Will Make You A Better Entrepreneur

Take pride in your work. But it is not all there is.

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Very few ancient philosophies can be traced back to an entrepreneur, but one can: Stoicism. Around 304 BC, a merchant named Zeno was shipwrecked on a trading voyage. He lost nearly everything.

Making his way to Athens, he was introduced to philosophy by Crates of Thebes, a famous Cynic, which changed his life. Within a few years, Stoic philosophy would be born. As Zeno later joked, “I made a prosperous voyage when I suffered shipwreck.”

Since then, Stoicism has been a source of guidance, wisdom and practical advice for millions. It’s been used by everyone from Marcus Aurelius and Seneca (one of the richest men in Rome), to Theodore Roosevelt, Frederick the Great and Michel de Montaigne. More recently, Stoicism has been cited by investors like Tim Ferriss and executives like Jonathan Newhouse, the CEO of Condé Nast International. Even football coaches like Pete Carroll of the Seattle Seahawks and baseball managers like Jeff Banister of the Texas Rangers have recommended Stoicism to their players.

Related: The Most Powerful Advice Entrepreneurs Ignore

Below are five Stoic exercises and strategies, pulled from the new book The Daily Stoic, that will help you run your business, and find clarity, effectiveness and serenity.

Find The Right Scene

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“Above all, keep a close watch on this — that you are never so tied to your former acquaintances and friends that you are pulled down to their level. If you don’t, you’ll be ruined. . . . You must choose whether to be loved by these friends and remain the same person, or to become a better person at the cost of those friends . . . if you try to have it both ways you will neither make progress nor keep what you once had.” — Epictetus, Discourses, 4.2.1; 4–5

Jim Rohn’s widely quoted line is: “You are the average of the five people you spend the most time with.” James Altucher advises young writers and entrepreneurs to find their “scene”— a group of peers who push them to be better. Your father might have given you a warning when he saw you spending time with some bad kids: “Remember, you become like your friends.” One of Goethe’s maxims captures it better: “Tell me with whom you consort and I will tell you who you are.”

Consciously consider whom you allow into your life – not like some snobby elitist but like someone who is trying to cultivate the best life possible. Ask yourself about the people you meet and spend time with:

  • Are they making me better?
  • Do they encourage me to push forward and hold me accountable?
  • Or do they drag me down to their level?
  • Now, with this in mind, ask the most important question: Should I spend more or less time with these folks?

The second part of Goethe’s quote tells us the stakes of this choice: “If I know how you spend your time,” he said, “then I know what might become of you.”

Related: 10 Entrepreneurs On Advice That’s Helped Them Build Their Business

The Art of Negative Visualisation

“We say that nothing happens to a wise man against his expectation. . . nor do all things turn out for him as he wished but as he reckoned — and above all he reckoned that something could block his plans.” — Seneca, On Tranquillity of Mind 13.2–3

We often learn the hard way that our world is ruled by external factors. We don’t always get what is rightfully ours, even if we’ve earned it. Not everything is as clean and straightforward as the games they play in business school. Psychologically, we must prepare ourselves for this to happen.

If it comes as a constant surprise each and every time something unexpected occurs, you’re not only going to be miserable whenever you attempt something big, you’re going to have a much harder time accepting it and moving on to attempts two, three, and four. The only guarantee, ever, is that things could go wrong. The only thing we can use to mitigate this is anticipation, because the only variable we control completely is ourselves.

The world might call you a pessimist. Who cares? It’s far better to seem like a downer than to be blindsided or caught off guard.

You know what’s better than building things up in your imagination? Building things up in real life. Of course, it’s a lot more fun to build things up in your imagination than it is to tear them down. But what purpose does that serve? It only sets you up for disappointment. Chimeras are like bandages – they hurt when torn away.

With anticipation, we have time to raise defenses, or even avoid them entirely. We’re ready to be driven off course because we’ve plotted a way back. We can resist going to pieces if things didn’t go as planned. With anticipation, we can endure.

We are prepared for failure and ready for success.

Never Do Anything Out of Habit

“So in the majority of other things, we address circumstances not in accordance with the right assumptions, but mostly by following wretched habit. Since all that I’ve said is the case, the person in training must seek to rise above, so as to stop seeking out pleasure and steering away from pain; to stop clinging to living and abhorring death; and in the case of property and money, to stop valuing receiving over giving.” – Musonius Rufus, Lectures, 6.25.5–11

A worker is asked: “Why did you do it this way?” The answer, “Because that’s the way we’ve always done things.” The answer frustrates every good boss and sets the mouth of every entrepreneur watering. The worker has stopped thinking and is mindlessly operating out of habit. The business is ripe for disruption by a competitor, and the worker will probably get fired by any thinking boss.

We should apply the same ruthlessness to our own habits. In fact, we are studying philosophy precisely to break ourselves of rote behaviour. Find what you do out of rote memory or routine. Ask yourself: Is this really the best way to do it? Know why you do what you do.

The Start-up of You

personal-improvement

“But what does Socrates say? ‘Just as one person delights in improving his farm, and another his horse, so I delight in attending to my own improvement day by day.’” – Epictetus, Discourses, 3.5.14

The rage these days is to start your own company – to be an entrepreneur. There is no question, building a business from scratch can be an immensely rewarding pursuit. It’s why people put their whole lives into doing it, working countless hours and taking countless risks.

But shouldn’t we be just as invested in building ourselves as we would be to any company?

Like a startup, we begin as just an idea: we’re incubated, put out into the world where we develop slowly, and then, over time, we accumulate partners, employees, customers, investors, and wealth. Is it really so strange to treat your own life as seriously as you might treat an idea for a business? Which one really is the matter of life and death?

Related: Successful SA Entreps Share Their Most Valuable Business Advice Ever Received

Don’t read the news today

Today you will be tempted – pressured even – to stay abreast of current events. To watch the news, to read a few articles, to check the stream of real-time events on Twitter. Resist this impulse.

Remember what Thoreau said: “To a philosopher, all news, as it is called, is gossip, and they who edit and read it are old women over tea.” Remember what Epictetus said, “If you wish to improve, be content to appear clueless or stupid in extraneous matters.”

Unless you’re a hedge-fund manager or a journalist, most of the breaking news out there is utterly irrelevant to your life (to say nothing of it being endlessly manipulative, exploitative and often incorrect). And considering all the things you could have been thinking about and doing instead, following it comes at a cost. A cost which is paid by you and your family and the world around you.

Don’t watch the news today. Focus on what’s in front of you. Exist solely in the present moment.

Your career is not a life sentence

“How disgraceful is the lawyer whose dying breath passes while at court, at an advanced age, pleading for unknown litigants and still seeking the approval of ignorant spectators.” – Seneca, On the Brevity of Life, 20.2

Every few years, a sad spectacle is played out in the news. An old millionaire, still lord of his business empire, is taken to court. Shareholders and family members go to court to argue that he is no longer mentally competent to make decisions – that the patriarch is not fit to run his own company and legal affairs.

Related: The Best Advice You’ll Ever Get

Because this powerful person refused to ever relinquish control or develop a succession plan, he is subjected to one of life’s worst humiliations: The public exposure of his most private vulnerabilities.

We must not get so wrapped up in our work that we think we’re immune from the reality of aging and life. Who wants to be the person who can never let go? Is there so little meaning in your life that your only pursuit is work until you’re eventually carted off in a coffin?

Take pride in your work. But it is not all there is.

This article was originally posted here on Entrepreneur.com.

Ryan Holiday is the bestselling author of The Obstacle Is the Way and Ego is the Enemy, whose forthcoming book, The Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living, was October 18. For more, visit the Daily Stoic website and sign up for the free 7-Day Stoic Starter Pack.

Are You Suited to Entrepreneurship

Build Solid Back-Room Basics For Business Success

What do South African entrepreneurs really know about what goes on behind the scenes building of businesses?

Marc Wachsberger

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South Africa has a vibrant start-up culture with great ideas starting out with a bang, but closing down with a whimper because entrepreneurs picture the glory at the destination, but not the nitty gritty of the journey to get there.

Be smart about scale

When I started out, I literally did everything myself. I negotiated and signed leases, I arranged the furnishing for our apartments and managed the interior décor process. When guests started using our apartments, I signed them in at reception, and then carried their bags.

At that stage, there was no money in my business to pay for attorneys, interior designers and decorators and there certainly wasn’t enough money for porters.

However, when we got to 70 apartments, it didn’t make sense for me to be a porter any longer, so I hired someone to do that job, explaining clearly what I expected of him. Before I did that, though, I spent time designing incentives for him so that he would be more affordable for me, and so that he could earn as much money as possible.

Related: Training Is A Two-Way Trick

Know your talents – and your limitations

There are certain things I’m really good at, but I know without a doubt that sales isn’t one of them – and without sales, you don’t have a business. I couldn’t afford a top-flight salesperson, but I knew that I could attract the right talent with the right business model. I set some high targets for Pamela Niemand, but offered her one third of the business if she met them. We both won: she earned a share in a successful, trend-setting business, and my trend-setting business became successful!

Use your skills – but know when to hand over

My background in corporate finance meant that I had all the accounting skills I needed when we first started out, but I knew that the time would come when I would need someone focused on that side of the business full time. Doing it all myself first meant that I could brief my first full-time accountant clearly and with a deep understanding of what would be required – and that I could help that person find and fix any challenges based on my experience.

In summary, my simple advice to anyone starting out would be to bootstrap your business yourself without investors or staff for as long as you can, but don’t over-extend yourself. Know when to delegate tasks away so that you can focus on what you’re really good at – but don’t do it before you have a solid understanding of what’s required. Know what you’ll never be able to do, and bring in that resource from the beginning – but do it based on performance-based incentives, so that your fledgling business doesn’t lose out if your early hires don’t perform.

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Are You Suited to Entrepreneurship

The Myth About The Relationship Between Entrepreneurs And Taking Risks

This is the true relationship between entrepreneurs and the apparent illusion of risk.

Lisa Illingworth

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“I can’t be an entrepreneur or start a business. I don’t have the appetite for risk.” This line is spoken regularly to brave few that leave the perceived safety of a job, take the plunge and venture into the unknown world of being an entrepreneur. However, there is a gross misunderstanding in the appetite for risk that entrepreneurs are believed to have innately inside of them.

The little-known truth is that the majority of entrepreneurs don’t like taking risks and according to Luca Rigotti and Mathew Ryan in their paper that explores a model for quantifying risk and its translation into enterprising action, the results were very interesting.

Risk is explained by these theorists as taking action where the outcomes are unpredictable as well the factors leading to that outcome are unknown. One of the theorists in this area, Saraswati, who coined the term “tolerance for ambiguity” has a more accurate description of what the outside world deems taking a risk.

In simple terms, entrepreneurs don’t go head-first into the shark infested water because they like the idea of danger and potentially being eaten alive; or the thrill of being able to say that they survived whilst others perished in a pool of maimed flesh. They carefully calculate that the sharks have been fed recently, some of the sharks are ragged tooth sharks that whilst looking like they are set to devour a human being, are actually incapable of opening their jaws wide enough to bite. For those sharks that still have space or who smell blood and can’t resist the urge to kill, the entrepreneur has a cage set up that he can retreat into quickly and a knife with which to protect himself.

Related: 5 Infamous Risks Every Entrepreneur Must Face

Tolerance for ambiguity is the careful evaluation of what is known at the moment where a decision must be made and an open-mindedness for what is not known. This, coupled with the agility to change course when new information is presented, has earned the label of high risk appetite. The appetite is not for the risk, but it is the ability to move down a path, when all the information is not known.

I likened it to a person moving around in the dark holding a candle. The candle casts a light that illuminates a limited parameter around the person holding the candle. What is beyond the light that the candle casts, is unknown and potentially a risk. But as the person moves forward, the light reveals what was unknown and in the shadows. As the light reveals new information and new challenges added to what they have already learnt, the person can make better informed decisions. The tolerance is in not knowing what lies in the shadows yet to be illuminated by the candle and then the confidence in his or her own ability to act on what new information is discovered.

None of this behaviour is risky or irresponsible. There is careful consideration for what is known and a tolerance for what is unknown. And once there is more information available, a calculated next step is taken and more information is assimilated into what is now known. This is the true relationship between entrepreneurs and the apparent illusion of risk.

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Are You Suited to Entrepreneurship

7 Skills Every Entrepreneur Needs To Adopt Today

Want to know what skills can help you build confidence and your business? Here are seven…

Nicholas Bell

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For some people, becoming an entrepreneur is as easy as stepping off a bus. They have a big idea, they bring it to life, they hire employees and the next thing they are in a building smothered in branding and living the business dream. For others, the idea and the passion are there but they are unsure as to how they can make these into a sustainable reality. Entrepreneurial spirit isn’t like instant coffee – you don’t add ideas and suddenly get all the skills you need to thrive.

Want to know what skills can help you build confidence and your business? Here are seven…

1. Believable vision

Make sure that your vision is believable and achievable. It has to live in the realms of possibility, not as a blue-sky idea that looks good on paper but wouldn’t work in reality. You need to be able to live this vision so make it realistic and achievable. This will not only keep you on track, but your employees as well.

2. Be inclusive

You need to ensure that every person who works with you feels as if they are part of your vision and understand it. They need to relate to where the business is going and how it plans to get there. Many leaders don’t understand why employees are not engaged with their business and it’s because many of them don’t actually understand what the business does.

Related: 4 Ways To Improve Your Budgeting Skills

3. Communication is critical

If you don’t have fantastic communication skills, then now is the time to hone them. When it comes to building employee morale, commitment and engagement, nothing works as effectively as constant communication. The same applies to client relationships. You need to repeat the vision and ethos of the company at every opportunity and you need to be part of the team that does this communication.

4. Be visible and transparent

You are communicating, now you need to make that communication genuine by being both open and clear. People respond incredibly well to transparency. They feel as if they are part of something that recognises their value and contribution and it fosters a more inclusive company culture. Often toxic cultures come about thanks to a lack of communication and visibility. People know when things are being kept secret and react negatively to it, regardless of whether they’re an employee, a customer or a manager.

5. Be practical

You aren’t going to build an empire in a fortnight so focus on a realistic and practical business strategy that has clear benchmarks and even clearer goals. Communicate these with the company and keep everybody on the same page. Practical and achievable means long-term success.

Related: Crucial Skills You Need To Be An Entrepreneur

6. Build opportunities

As people become immersed in your company and part of its growth they will also need opportunities to grow. You need to tie their careers to the business and create opportunities for them.

7. Be human

It takes people to build a culture, a company and a future. It’s essential that you are human in your interactions and your treatment of others. The impact that a down to earth and authentic attitude can have on a company is extraordinary.

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