First of all, if you analyze why there are dropouts, you will end up on three underlying interesting reasons:
Okay, they have dropped out, what makes these dropouts successful entrepreneurs? What makes them different from the graduates? Let’s analyze.
The basic thought process itself differs from those who have dropped out and those who successfully accomplished their studies; it’s what I would say employee mindset vs entrepreneur mindset, the dropouts having entrepreneurial mindset and the graduates with employee mindset. People with entrepreneurial spirit see education as a mode to gain knowledge where as those with employee mindset see education as a tool to equip themselves to win their daily bread. With business traits in their veins, our dropouts observe the surroundings and find business in solving a need. They think solving a need is a business opportunity and that capital can be found easily for a solid business model while those who successfully accomplish education believe that you need to have a solid capital to start a mediocre business.
Dropouts are bold enough to embrace failure while graduates fear embracing failure. While dropouts think they have nothing to lose, they start an enterprise boldly. Their counterparts, graduates, keep on doing the math on papers and keep on procrastinating the idea of starting a business, if at all they have a business idea.
Once in to real life on the streets with a business, dropouts have no other choice, it is a matter of survival, either do or die. Without good credentials, dropouts don’t have a choice to get a good job. So the only choice is to excel in their initiative, whatever it is. In their deep minds, dropouts are not gratified with the regular, stereotype life. They want ample time to spend with their family and friends. They want ample money to lead a business owner’s lifestyle. With these wishes buried deep in their minds, they have no choice but to succeed with their entrepreneurial skills at any cost. They are concerned more about developing a business model that yields a passive income. Hence they think all the ways of attaining success and focus on the one which is fail proof, with full self confidence. Conversely, our successful graduates have a wavering mind about jumping into a business and are doubtful about success in their business plans, a lack of self confidence. Hence they look more at getting employed rather than employing somebody. They focus in getting a livelihood with a job.
This is another interesting fact. Graduates are happy with only white-collar jobs and mostly they look out for sedentary jobs where as there is no such limitation for dropouts, they are realistic down to earth, even ready to work on the streets. Earth and sky are their limits.
So, that was a clear picture on how circumstances eventually lead dropouts to become entrepreneurs and graduates to become employees. By entrepreneurs I don’t mean here the guys who sell their time, who do contract work from home (they are actually employees working for more than one company) or purported home business owners like affiliate marketers and MLM guys, self employed professionals, technicians, carpenters, plumbers, or electricians. A real entrepreneur is the guy who crafts his own path, who converts his solid business idea into reality, into a business that requires least intervention and day-to-day administration by the owner. So the owner has enough time to spend with his family, enough money to go on vacations whenever he likes and all the comforts, luxury, and freedom that only a business could offer.
Now on to what makes entrepreneurs successful while employees remain employees.
The most compelling reason for dropping out is becoming passionate with a business other than studies. So once they drop out, they pursue with what they became obsessed with, they pursue with what gives them happiness. Money follows. So the lesson that we have to learn here: Do what you love and the money will follow.
However, for the rest of the crowd who end up as employees, it’s the other way round. Whatever they do is for money. They love salary hikes and the company they work for but not their job. It makes a difference when someone does it from the heart and someone does it for money.
As I said earlier, once out of the college, graduates try to land on a job and get a monthly paycheck. They have that insecure feeling always and are motivated by fear. Landing in a job ensures a comfort zone, a steady income, a secure feeling to keep them going. The perfectionist traits help them do a wonderful job, please the boss always, and remain stuck to the job. Once into the cocoon of a job, they are unable to come out of it and are unwilling to take further risks and would cite the reason of raising a family, an escapism.
Successful entrepreneurs have certain beliefs and they are die hard about it. They are optimists that see opportunity in every difficulty. They find security in multiple income streams and would love to go for more risks frequently. They are self reliant and self motivated or rather I would say they are motivated by opportunity. Sometimes one step ahead, they are not always opportunistic but they create opportunities! Did anyone think of a market for iPod, iPhone, or iPad? But there was! Steve Jobs created opportunity. On the other hand, employees are risk averse. They are intolerant to the ups and downs, and want a steady peaceful life. They are contented with a secure job and a single income.
There is no fixed working hour for entrepreneurs. Because they are obsessed with what they are doing, they’ll work at any time of the day. With family and financial compulsions, they would even make it work as a part-time entrepreneur. They can get that flash of a business idea even at sleep and you could see them working on that idea getting up from bed even at wee hours.
However, look at the employees in an office; their vision will always be focused on the clock anticipating the time to move out of the office.
Leadership skills are essential for entrepreneurs while not a necessity for employees. An employee needs leadership skills only to move up the corporate ladder or to unionize for collective bargaining, the latter type being always in the notion that the employer exploits labors for profits. The basic reason why an employee want to be a leader is the job security it offers and the associate advantages, whether he is the union leader or the top employee in the hierarchy. However, the leadership skills are different for entrepreneurs. The entrepreneur believes in leadership networking and getting things done by outsourcing with least self resources. The entrepreneurial leadership mindset is more profit oriented and thinks of getting a job done at a very minimal cost to extract the maximum profit.
Employee vs employer mentality, which one do you have? For you to be financially successful and reach that extra mile, you have to come out of that job mentality, and take some calculated risks. How do you transform from the employee mindset to the business owner mindset? The answer is well said above. You have been taught since childhood to work hard and follow directions, the reason why you have employee mentality even without your knowledge. Now to get rid of those employee traits, you have to do exactly opposite what you are doing now and follow the traits of entrepreneurs which I have detailed above. In a nutshell, you have to think independently and obey the intuition from within yourself!
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