The Secrets of Entrepreneurial Success
Resilience, passion, purpose, resourcefulness, initiative, and emotional intelligence are all indicators of success, but are they lessons lost in our education system?
In 1995, Elon Musk couldn’t afford to pay for repairs, so he fixed almost everything on his car from parts in the junkyard. 26 years later, in September 2021, he became the world's richest man. While there's no single guaranteed recipe for success, research and observations suggest several common traits shared by individuals who achieve significant success from humble beginnings.
Resilience, the ability to bounce back from setbacks and failures is crucial. They see challenges as opportunities to learn and grow, rather than roadblocks. They believe their abilities and talents can be developed through effort and perseverance. This contrasts with a fixed mindset that views talent as innate and unchangeable. They are driven by a strong passion for what they do, finding deep meaning and purpose in their work, and this fuels their motivation and dedication.
Achieving success rests on setting clear, well-defined goals and breaking them down into actionable steps, with a focus on continuous progress and achieving well-defined objectives.
Successful people are self-disciplined and dedicated, putting in the hard work required to turn their vision into reality. They possess a strong work ethic and are willing to go the extra mile. They are proactive, taking initiative and finding creative solutions to challenges. They are resourceful, utilising available resources effectively and efficiently.
They are also lifelong learners, constantly seeking new knowledge and skills to improve themselves and their work. They are open to feedback and willing to adapt their approach as needed, and they are open to new ideas and perspectives, fostering creativity and innovation. They are curious and eager to explore new possibilities.
Additionally, they understand and manage their own emotions, as well as the emotions of others. This allows them to build strong relationships and navigate complex situations effectively. They are articulate and effective communicators, able to clearly convey their ideas and inspire others.
Our education system, unfortunately, no longer teaches these criteria for success. The NCEA system, with its emphasis on external assessments, prioritise achieving minimum passing grades over the development of broader skills like resilience, growth mindset, and initiative. Critical thinking, problem-solving, and adaptability, no longer receive attention in classrooms.
New Zealand’s education system was once world-class, but it has experienced a gradual decline in international rankings. In the early 2000s, New Zealand performed exceptionally well in international assessments like the OECD’s PISA tests. However, recent results show a decline in science, reading, and math performance. The decline has been particularly pronounced in primary school education, which takes time to manifest in PISA results.
NCEA results are often considered meaningless due to simultaneous declines in international tests and domestic assessments of basic literacy and numeracy, and shockingly poor levels of numeracy and literacy among New Zealand’s school leavers have been masked by NCEA. The absence of dedicated tests for these essential skills has contributed to the problem.
Boys are falling behind girls in literacy, especially writing and they achieve NCEA and University Entrance at poorer rates than girls. Nearly two-thirds of university degrees now go to women. The emphasis on child-centred orthodoxy has undermined subject knowledge. The Ministry of Education has encouraged teachers to let students lead, but this has led to a decline in educational standards.
With this in mind, it is hard to see an Elon Musk coming out of the current New Zealand education system. Modern life in New Zealand, as in many Western countries, offers unprecedented levels of comfort. This makes people less capable of dealing with hardship or unexpected challenges. There's a societal narrative encouraging a focus on victimhood, especially with Māori, rather than overcoming obstacles. This reduces the ability to bounce back from difficulties.
Increasing rates of depression and anxiety could point to lower overall resilience in this country and questions whether we, as a population, will be able to adapt to the massive shifts like technological revolutions, world wars, and economic recessions.
Resilience is primarily about enduring hardship and adapting to change. Elon Musk’s difficult challenges growing up in South Africa honed his resilience and in part explains his success. Resilience varies across demographics within different societies, and education levels and access to resources play a huge role, but it appears to be on the decline here.
As New Zealanders we tend to believe we have the spirit exhibited by Sir Edmund Hillary, who grew up in a working-class family in Auckland. But it is 70 years since he conquered Mount Everest and is of a different generation.
There are still the exceptions. Peter Beck founded Rocket Lab, in 2006 and it has become a leading player in the small satellite launch market. Rod Drury founded Xero in 2006 and today, Xero is a global leader in cloud accounting software, serving millions of customers worldwide. Jeremy Moon started Icebreaker in 1994 and his merino wool clothing has been highly successful.
What is it that Peter Beck, Rod Drury, and have in common? Each entrepreneur identified a specific need or problem that existing solutions weren't adequately addressing. Drury recognized the limitations of traditional accounting software, Moon saw a need for comfortable and functional natural fibre clothing, and Beck aimed to make space more accessible through innovative launch technologies.
They all took calculated risks to pursue their ventures. Starting a business inherently involves risk, and these individuals demonstrated a willingness to step outside their comfort zones and pursue their visions. Each founder displayed a strong sense of innovation and creativity in their respective fields. Drury introduced a user-friendly cloud-based accounting solution, Moon pioneered the use of merino wool in outdoor apparel, and Beck's company developed a reliable and cost-effective launch vehicle.
Building a successful business requires unwavering dedication and resilience. These individuals persevered through challenges, overcame obstacles, and remained committed to their long-term goals. Founding and running a successful company rarely happens in isolation. They surrounded themselves with talented and enthusiastic individuals who shared their vision and contributed to the growth of their respective organizations.
By combining these qualities, Rod Drury, Jeremy Moon, and Peter Beck were able to transform their innovative ideas into thriving businesses, making significant contributions to their respective industries and inspiring aspiring entrepreneurs in New Zealand and beyond.
While all three individuals achieved remarkable entrepreneurial success, their backgrounds are quite diverse, making it difficult to pinpoint specific commonalities. However, both Rod Drury, and Peter Beck, like Elon Musk, were originally from South Africa.
There are other South African Kiwis with similar success. Mark Shuttleworth, an Internet entrepreneur, and space tourist, founded Thawte, a digital certificate security company, which was later acquired by VeriSign. He later funded the development of Ubuntu, a popular open-source operating system, and became the first African in space. He holds dual South African and New Zealand citizenship, and actively participates in both countries' business communities, investing in New Zealand startups and fostering connections between the two nations.
What each of these successful entrepreneurs exude are the traits displayed by that other South African Kiwi, Black Caps bowler, Neil Wagner, known for his mental toughness and resilience, able to cope with pressure situations and perform consistently under challenging circumstances. They all possesses a strong competitive spirit and desire to win, which motivates them to perform at the highest level.
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