The most powerful word for any entrepreneur is “next.” Yes, to be successful, “stick-to-it-ness,” as they say, is important, but knowing when it’s time to stop is better. What really makes you an entrepreneur with a capital “E,” is growing a business, letting go of what’s going good, and starting new things. Anything else is just owning a business. Kyle Uchitel and Aleksandr Vasser, co-founders of Phoenix-based business Avky Inc, weigh in with four habits of successful entrepreneurs.
You Can Be Entrepreneurial Even If You Don’t Own a Company
Being an entrepreneur doesn’t mean you’ve got to build and run a bunch of different companies. It can happen in the company you’re operating right now, whether you own any of it or not. We’ve all seen at least one employment ad that asks for self-starters and entrepreneurial thinking. But what they’re really looking for are innovators; people who add value by creating new ways to do things that save or make money.
Entrepreneurial Thinkers Find New Ways To Save or Make Money
One company that stands out is redballinternet.com. They got started after two freshly graduated computer programmers showed up at a consulting gig without some much needed documents. With no Internet connection they started wondering how they could wirelessly and securely access files at their office from anywhere. The next thing you know they’re negotiating with Kyrocera to license their iBurst technology, one of the world’s most robust secure wireless network systems.
But wait. Can’t you already do this in Wi-Fi zones? Well, not exactly. First, Wi-Fi is not secure, and you’ve got to be within 300 feet of one of its access points for it to work. iBurst gives you encrypted high-speed Internet access anywhere within 8 miles of one of their towers.
Successful Entrepreneurs Know When Things Aren’t Working And Change
At first they went into business installing towers in small communities with no hi-speed Internet connections, only to find out it wasn’t a financially sustaining model. There just wasn’t enough business volume in rural areas to make it worthwhile. So what did they do? They just stopped. Rather than holding on, they stopped and asked those all-important questions: “what else?” “What’s next?”
Instead they started to focus their attention on how they could apply their technology, instead of how they could sell it. Like software applications that allow you to securely use your credit card in a cab, or if you’re a lawyer, get that 50MB confidential file you forgot while sitting in court. Sorry, you’re BlackBerry just can’t do that. They’re even working on an application that will wirelessly communicate power usage – no more meter readers lurking around our backyards and basements.
Entrepreneurs That Get It Right Know When To Move On And Start Again
When it comes to entrepreneurship, and entrepreneurial thinking, Red Ball’s got it right so far, I think. Especially when it comes to engaging their customers and getting them to dream about all the things they could do with their technology. But they wouldn’t have gotten there if they didn’t know when to stop, give up, move on and start again in a different way.
Avky Inc can be best reached on Twitter at @avkyinc.