Entrepreneurial Leap

What is "Entrepreneurial Leap" by Gino Wickman about?

• Purpose of the Book: "Entrepreneurial Leap" is a guide for individuals who suspect they might be entrepreneurs-in-the-making, helping them determine if they have the innate traits required to succeed as true entrepreneurs.
• Three-Part Structure: The book is divided into three parts: Confirm (assessing if you have what it takes), Glimpse (showing what entrepreneurial life looks like), and Path (laying out the steps to start and build a business).
• Focus on Self-Discovery: Wickman emphasizes understanding your own genetic entrepreneurial code and provides tools and stories to help readers clarify their entrepreneurial potential.
• Real-World Advice: The book is based on Wickman’s decades of experience, real-life stories, and practical tools, rather than theory.

Why should I read "Entrepreneurial Leap" by Gino Wickman?

• Self-Assessment: The book helps you honestly assess whether you are truly cut out for entrepreneurship, potentially saving you years of frustration if you’re not.
• Clear Roadmap: It provides a clear, actionable path for those who are entrepreneurially wired, from self-discovery to launching and growing a business.
• Avoiding Common Pitfalls: Wickman shares common mistakes and how to avoid them, increasing your odds of success.
• Inspiration and Realism: The book balances inspiration with a realistic look at the challenges and rewards of entrepreneurship, including both dream and nightmare scenarios.

What are the key takeaways from "Entrepreneurial Leap" by Gino Wickman?

• Six Essential Traits: True entrepreneurs possess six essential, innate traits: visionary, passionate, problem solver, driven, risk taker, and responsible (blame no one).
• Not Everyone Is an Entrepreneur: Entrepreneurship is not for everyone, and lacking even one essential trait means you should consider other career paths.
• Importance of Passion and Vision: Building a business around your passion and having a clear vision are critical for long-term success and resilience.
• Mentorship and Learning: Finding mentors, continuous learning, and being part of entrepreneurial communities are vital for growth and overcoming obstacles.

How does Gino Wickman define a "true entrepreneur" in "Entrepreneurial Leap"?

• Sees and Seizes Opportunity: A true entrepreneur identifies a need or opportunity and takes the risk to start a business to address it, often creating something new or significantly improving an existing product or service.
• Rapid Growth or Transformation: True entrepreneurs either build companies from scratch and grow them rapidly or take over a business and make significant, transformative changes.
• Not Just Self-Employed: Wickman distinguishes true entrepreneurs from freelancers, sole proprietors, or those with lifestyle businesses who do not pursue significant growth or innovation.
• Innate Traits Required: Only those with all six essential, inborn traits qualify as true entrepreneurs by Wickman’s definition.

What are the Six Essential Traits of an Entrepreneur according to "Entrepreneurial Leap"?

• Visionary: Ability to see the big picture, connect the dots, and envision the future; creative and imaginative.
• Passionate: Deep belief and enthusiasm for your product, service, or mission; provides energy to overcome setbacks.
• Problem Solver: Optimistic, innovative, and persistent in finding solutions to obstacles and challenges.
• Driven: Internally motivated, competitive, and relentless in pursuit of goals; strong work ethic and sense of urgency.
• Risk Taker: Willing to leap into the unknown, make tough decisions, and accept the possibility of failure.
• Responsible (Blame No One): Takes full accountability for outcomes, avoids excuses, and owns both successes and failures.

How can I determine if I have what it takes to be an entrepreneur, according to "Entrepreneurial Leap"?

• 80% Rule for Characteristics: If 80% of the general entrepreneurial characteristics described resonate with you, you may be an entrepreneur-in-the-making.
• 100% Rule for Essential Traits: You must possess all six essential traits—missing even one means you likely won’t succeed as a true entrepreneur.
• Self-Assessment Tools: The book provides an Entrepreneur-in-the-Making Assessment and recommends tools like the Kolbe A™ Index and Culture Index to further validate your entrepreneurial DNA.
• Honest Self-Reflection: Wickman stresses the importance of brutal honesty in self-assessment, as lying to yourself can lead to years of pain and failure.

What is the difference between being self-employed and being a "true entrepreneur" in "Entrepreneurial Leap"?

• Growth and Innovation: True entrepreneurs focus on rapid growth, innovation, and significant change, while self-employed individuals often maintain a steady, smaller-scale business.
• Risk and Scale: Entrepreneurs take bigger risks and aim for larger impact, whereas self-employed people may prioritize stability and personal income.
• Mindset and Ambition: Entrepreneurs are driven by a vision to build something greater than themselves, while self-employed individuals may be content with a lifestyle business.
• Role in Business: True entrepreneurs often build teams and systems, while self-employed people may do most of the work themselves.

What are the most common mistakes new entrepreneurs make, according to "Entrepreneurial Leap"?

• Lack of Vision: Not having a clear, shared vision for the company’s direction.
• Hiring the Wrong People: Failing to hire for core values and keeping underperformers too long.
• Poor Communication: Not spending enough time with employees or clarifying roles and responsibilities.
• Ignoring Numbers: Not tracking key financial and operational metrics, leading to poor decision-making.
• Undercharging and Losing Focus: Not charging enough for products/services and straying from the company’s core focus.

What is the "Path" to entrepreneurial success as outlined in "Entrepreneurial Leap"?

• Education Decision: Decide whether college is right for you, understanding its pros and cons for entrepreneurs.
• Discover Your Passion: Identify what you are truly passionate about to build a business that energizes you.
• Find a Mentor: Seek out experienced advisors to accelerate your learning and avoid common pitfalls.
• Take Action and Be Patient: Start experimenting, take small steps, and think in ten-year time frames for meaningful progress.
• Follow the Nine Stages: Progress through stages such as generating cash, hiring an integrator, defining core values, and scaling responsibly.

How does "Entrepreneurial Leap" help readers choose the right business to start?

• Industry, Type, and Size: The book guides you to consider which industry excites you, whether you prefer products or services, B2B or B2C, high-end or low-cost, and what size business fits your ambitions.
• Self-Reflection Exercises: Worksheets and tools like MyBiz Match help clarify your preferences and strengths.
• Real-Life Stories: Examples of entrepreneurs in diverse industries illustrate the wide range of viable business options.
• Emphasis on Fit: Wickman stresses aligning your business choice with your passions, skills, and desired lifestyle for long-term satisfaction.

What are the eight disciplines for increasing your odds of success when starting a business, according to "Entrepreneurial Leap"?

• Clarify Your Vision: Write down your vision, goals, and key milestones for the next ten years, three years, one year, and ninety days.
• Decide on Partnerships: Determine if you are a "partner person" or prefer to go solo, and choose partners carefully.
• Solve Big Problems: Focus on providing significant value to customers and solving meaningful problems.
• Get Customer Feedback Early: Test your idea with real customers and be ready to pivot based on their input.
• Always Have a Plan B: Be prepared to adapt and change your business model as needed.
• Work Hard: Success requires relentless effort and perseverance.
• Handle Criticism: Take negative feedback with a grain of salt and stay true to your vision.
• Visualize Success: Regularly envision your long-term goals to stay motivated and focused.

What are the best quotes from "Entrepreneurial Leap" by Gino Wickman and what do they mean?

• "Know thyself." – Emphasizes the importance of honest self-awareness in determining your entrepreneurial fit.
• "Entrepreneurs solve problems for a profit." – Highlights the core function of entrepreneurship: creating value by addressing needs.
• "If you cannot risk, you cannot grow." (Dr. David Viscott) – Underlines the necessity of risk-taking for personal and business development.
• "It takes twenty years to become an overnight success." – Reminds readers that meaningful entrepreneurial success is a long-term journey, not a quick win.
• "The difference between successful people and really successful people is that really successful people say no to almost everything." (Warren Buffett) – Stresses the importance of focus and discipline in business growth.