Entrepreneurship

One Thing the Highest Earning Entrepreneurs Have in Common

Some of our most popular and favourite entrepreneurs and success stories have come through adversity. Lebron James, Gordon Ramsey and Michael Jackson are all known for having challenging childhoods.

With many of our favourite entrepreneurs and celebrities having stories of adversity, it makes you think how essential adversity is to become a successful entrepreneur.

So, what are we to make of childhood adversity and trauma when it comes to producing the best entrepreneurs we have in the world today? And if it does have a significant effect, how do we go about changing our current model to shape individuals for the difficult path of entrepreneurship.

In this short, I will highlight how a key piece of research has identified how adversity shapes our best entrepreneurs.

Resilience & Entrepreneurship

Resilience is the capacity to bounce back and thrive in the face of problems, adversity and uncertainty. It is resilience that often allows us to get what we want out of life. Also, it is the quality of resilience that often goes unnoticed in the small things we do every day, but it is there pushing us onward.

There is no doubt that resilience has a huge part to play in our career and entrepreneurial success. In about every facet of life, we need resilience to take us to the next level.

Research has shown that childhood adversity can increase one’s ability to be resilient. Due to having to manage uncertainty and misfortune from a young age, cognitive reappraisal and focusing on the problem becomes second nature for these individuals in their adulthood.

However, adversity is not the only thing entrepreneurs need to build the qualities necessary for success.

Adversity & Hope

A group of entrepreneurs tested for childhood adversity and monetary success, and the discoveries were astonishing.

The research showed that childhood adversity had a greater effect on low-income entrepreneurs. Those who earned less relied on their resilience more to become successful. However, those earning more relied on their efficient allocation of resources.

Adversity is good for building resilience. However, people still need positive environments to believe they can overcome it. Excessive childhood adversity rarely led to resilience. Instead, it led to pessimistic thinking and reduced cognitive reappraisal.

The best entrepreneurs are shaped by having a good view of the world. In their childhood, they face adversity but also have a support system around them to encourage a positive response.

So, next time someone tells you that you need to grind like crazy and face the world of adversity to build crazy resilience. Tell them that a balance is always needed, even in the case of an entrepreneur who works all around the clock.

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