Low Risk High Reward by Bob Reiss, with Jeffrey L. Cruikshank

Bob Weiss discusses the attributes and skills for LRHR Entrepreneurship, which provides the foundation of the entrepreneurial mindset, not in terms of a demographic, which is not applicable. Attributes are sometimes immutable, but can be created , while skills are the result of determination, hard work, and continuous learning. Here he discusses the ten attributes:

Passion has a tendency to make up for personal shortcomings in the beginning, like lack of experience or unfavorable circumstances. He also speaks to the fact that as you become more successful, the need for passion is amplified, rather than curtailed, because as you grow more successful, you will face competition who operate with grit. If you’re not passionate about your idea, its time to get a new idea, because no one will be convinced, including yourself. For me, passion for building and creating something that I can shape, learn from and mold into reality is my primary driver for choosing this path.

Curiosity is the beginning of creativity. Curiosity drives you to ask questions about the world, and leads to the continuous learning you need to build. Interest in the world, in solutions to problems, and having that lightbulb moment really is something that really is the spice of life

Work ethic is the result of dedicated passion, which drives you forward and makes work not actually feel like work. It’s not the only trait that’s indispensable, but coupled with education and great planning highly increase your probability of success.

Energy is the next attribute. Bob notes that entrepreneurs have high levels of energy that’s contagious. He also speaks to exercise and diet as being instrumental in operating with a higher degree of energy. Another trait to give you an edge that I think we can always use a reminder about.

Flexibility, he touches on again, using the example of Staples. We know Staples today as a massive corporate entity, but it started as an office store that had limited customer service and limited features. They redefined their business, and have found phenomenal success. This is something I think is a strong personal asset of mine.

Balance creates more energy by allowing you to set limits, and challenges you to not define two or more activities with false dichotomies, like “I must do this” or “I must do that”. This is something I’ve had challenges with in the past, as I immerse myself fully in a particular problem, or don’t understand the scale of the responsibilities of what I’m taking on. It’s something I’m always aiming to improve. 

Mental toughness is necessary, as entrepreneurship is rife with challenges that will test your limits. Its about dealing with fear. I find myself desiring this more and more.

Egotism is an interesting one, and from my personal experience, might be a piece I’ve been missing when it came to mental resiliency in my past entrepreneurial efforts. He defines egotism as having a healthy relationship with your ego, and having personal belief in yourself. The two biggest barriers to aspiring entrepreneurs is fear of ones own ignorance, and fear of failure. Having a healthy dose of ego allows you to sustain belief in your business. He also points out that egomania is at the extreme opposite of the spectrum, where you’re actively harming your company in pursuit of appeasing your own ego. 

Greed, also, carries a negative connotation if viewed at the extreme, but a healthy amount of greed is great, even necessary. He defines it as “wanting to have more money than you currently have, or having a good chance of making in the future.” When you find that balance between desiring more, but not at the expense of performance, you’re on the right track. 

Integrity is there to offset the extreme ends of greed and egotism. This is a personal attribute that builds trust and relationships, and extends those relationships to  the benefit of one another. Bob states that living with integrity is a very comfortable way to live.