Entrepreneurship is not for the faint-hearted. It takes a lot to create a successful company with healthy growth prospects. Learn from these entrepreneurs who boast true grit
Don't get discouraged by setbacksIn 2008, Tesla was losing money and SpaceX launches had failed; it was the closest, founder Elon Musk says, he had ever come to a nervous breakdown; thanks to perseverance, now SpaceX alone is valued at around $21 billion.
Face your fears, express your needsArianna Huffington publicly champions health and wellness; the wake-up call came when she collapsed one night at her desk from fatigue; today, you can find nap machines at her company, The Huffington Post, which was later acquired by AOL in 2011. Today, Huffington owns Thrive Global, which focuses on health and wellness information.
Bend it, before you break it allAs an entrepreneur, you must be adaptable. In the early stages, you need to master the craft of coping with changes. If you are fluid, you and your company will avoid wasting time backpedaling and scrambling when something goes wrong. Robert Kiyosaki, author of Rich Dad Poor Dad, simply explains this notion saying: "When times are bad is when the real entrepreneurs emerge."
Learn from your mistakesIn the early days of FUBU, creator and "Shark Tank" star Daymond John blew millions when he thought that selling records would be just like selling clothes; Now FUBU pulls in more than $200 million - and it sticks just to apparel.
Grit and determination will win you the raceMax Levchin, who co-founded PayPal, once said: "The very first company I started failed with a great bang. The second one failed a little less, but still failed. The third one, you know, proper failed, but it was kind of OK. I recovered quickly. Number four did not fail. It still did not really feel great, but it did OK. Number five was PayPal."So as an entrepreneur, you need to have perseverance and determination.
Don't pause to lick your woundsDiane von Furstenberg's wrap dresses made her famous in the '70s-until demand plummeted and she had to sell most of her licenses; but she channeled that experience into a new line, which she relaunched in 1997; today, DVF sees revenues over $300 million.
Think long termWhile taking serious calls, avoid making decisions that provide short-term or ad-hoc solutions. Author Seth Godin says: "The media wants overnight successes. Ignore them. Listen instead to your real customers, to your vision and make something for the long haul."
Don't let hurdles deter youRather than dwelling on her many doubters, Honest Company founder and actress Jessica Alba chose to focus on finding business partners who had strengths she did not have; neither did the fact that she was pregnant deter her; today, she runs a successful company that proved all the naysayers wrong.