Why Authors Should Adopt The Mindset of An Entrepreneur

I’d recently guest posted on The Authorteers and wanted to share with you all here as well. =)

I don’t accept criticism well. Oh sure, I say I can handle less-than-stellar feedback. But then when it comes, I sit with my eyes open wide, nodding my head as the critiques pelt me like icy cold drops during a monsoon-like rainstorm, a tight smile stretching my lips so they won’t quiver… yep, I crumble like a house of sand. Worst poker player ever. You always know what I’m thinking… always.

I think this is attributable to a few different factors. First and foremost, I’m an approval seeker. I crave accolades, and positive reinforcement totally charges me. Second, I have an insane amount of passion for my endeavors, whether it be handbag design, writing, blogging, or my career in general. I work hard and when I really believe wholeheartedly in the quality of my efforts, I want them to be recognized. It’s not enough for me to be satisfied with the end result. And when people I care about are less than starry-eyed over something I’ve done, well, it’s a tough pill for me to swallow.

Such was the case this weekend. My husband and greatest supporter, read a book I’d recently finished. He is not a romance reader, but he loved my other books to the extent he could, as someone who much prefers reading Michael Creighton. I felt certain he’d love this one too and truth be told, I was excited for him to read it because I think it’s my best one yet.

But there were no kudos for this story. Instead, I got a boatload of Post-Its and an overall assessment of “it’s… okay.”

Young crying woman in depression drink drinking alcohol

Heartbreaking is the only word I can use.

So by now you’re probably wondering – why is she telling me all this?

Trust me, there is a point.

I took a chance with my manuscript. Publishing a story with a predictable plot isn’t going to send people flying to Amazon and elicit gasps as the scenes unfold on their e-readers. I chose to push the envelope and navigate outside the norm. Maybe it will be to my detriment but I wanted to give my readers something a little different. I took a risk that may turn people off or make them die-hard fans because I believe in myself and my work.

Criticism is tough to swallow but it’s not always a bad thing if it drives you harder and helps you perfect your end product. Don’t give in to self-doubt. Stay true to yourself. Embrace any feedback that will help you achieve your goals.

My advice? Think like an entrepreneur! Establishing an author platform is similar to launching a new business, so why not adopt the mentality that will help you sharpen your focus and build your brand?

Start Up Business Launch Success Office Desk Concept

Passion Is A MUST! – Trying to gain traction with any new endeavor can be extremely disheartening at times so the more you believe in your offering and your ability to sell it to the masses, the more effective your end product (and outlook) will become.

Listen To The Naysayers! – Don’t delude yourself into thinking your offering is the end-all, be-all.  You need a thick skin if you’re going to succeed as an entrepreneur. People will slam your ideas. Get used to it. Graciously accept criticism and feedback then figure out how to respond to objections. Figure out what your key differentiating points are and highlight those to everyone and anyone.

Never Be Complacent! – You’ll have to work harder than you’ve ever worked before to create momentum and then work even harder to KEEP it. I heard a really cool quote this weekend that totally applies. I was at a writing conference and a number of bestselling authors were presenting on sales strategies. They all said market yourself like you’re nobody EVEN IF you’re somebody. This applies to ALL business endeavors.

Be Restless! – Let your creativity flow! Don’t be complacent and accept the status-quo. Dig deep and figure out to disrupt. Take risks! It’s okay to incorporate new ideas into your offering. Make it as compelling as possible and if at first you don’t succeed…. well, you know the rest.

Mark Cuban’s Advice To Entrepreneurs – Risk, Energy, and Funding

According to online dictionaries, an entrepreneur is “a person who starts a business and is willing to risk loss in order to make money” or “one who organizes, manages, and assumes the risks of a business or enterprise.”

Well, I get a check for both of those. My past venture into the fashion industry was fraught with risk and cost me plenty. Now, I have little to show for it, save for a closet full of the most amazing handbags EVER CREATED.

I’m normally a risk-averse person, but somehow, when I’m on a quest to find the formula for success in some endeavor, I throw tons at it – money, energy, time – hoping to find the magical components. The problem is, when you invest in something you really don’t understand, you come up empty more often than not. Knowledge is power, sometimes more so than money, and that’s what struck me with this video from Mark Cuban.

The big takeaways?

Seeking funding for a new business venture is failure. It’s an admission that you can’t hack it on your own, can’t find success with the resources you already have, and need to sell-out in order to plunge forth. The question is, how successful will you really be when you are on the hook for millions of dollars to others who believed enough in your idea that you probably could have rocketed on your own first, albeit a little slower??

I never thought of it that way…

My latest venture is challenging, to say the least. And while I’ve researched the concept itself, I’ve thought many times about how I’ll pitch the idea to investors, how I can get into an accelerator, how I can get the attention of venture capitalists…all so I can command funding and leverage expertise from those who have already found success.

But after watching this video, I realize my mindset needs some fine-tuning. Funding is not necessarily the answer. Preparation is the missing element in my formula. It’s where I fell short with my first business. Not taking enough time to learn about the industry before jumping in, spreading myself and my resources too thin to be even slightly effective, not doing enough research in the form of focus groups prior to designing my products. It was a totally ad hoc, fly-by-the-seat-of-my-pants, throw-lots-of-crap-at-the-wall-and-see-what-sticks process, with no tried-and-tested repeatable elements. I had no blueprint, no measurable metrics, and no plans for future execution. So, what did I do? Hired a new, more expensive PR firm (which did squat, btw), designed even more products without customer input, spent more money than I could afford…only to land flat on my face with no answers and lots of anguish.

I never acquired the knowledge, though I did amass mountains (now they’re more like hills) of debt as a result. I could have mitigated the risk with a deep understanding of the business landscape, including potential pitfalls and competition elements. But not me! I’m an instant gratification whore, way too impulsive and impatient to waste time on LEARNING, of all things.

To my own peril. I’ve raised many a glass to that toast, regrettably…

So, Mark. Thanks for the advice. Knowledge is the most powerful tool in your arsenal. The more ammo you have, the more prepared you are for battle. And yes, it IS a battle. But winnable if your head is in the right place.