5 ½ Characteristics of Martin Luther King, Jr. and How They Can Help You as an Entrepreneur

In honor of Martin Luther King, Jr. Day, which is to be celebrated on Monday, January 17^th, 2011, I wanted to pay tribute to the great man who fought for equality even when all odds were against him.  Much like many of you entrepreneurs out there, Dr. Martin Luther King, Jr. “had a dream.”  Nothing could stop him from achieving exactly what he wanted to achieve—even if it meant going to jail, being hated or going against people’s wishes.  MLK’s famous speech, “I Have a Dream” has touched the hearts of millions of Americans throughout the years and goes to show that with hard work, bravery, persistence, and many other qualities, anything can happen. 

What’s your dream?

There are many ways to achieve it.  But what’s more important is who is achieving it.  If you uphold important entrepreneurial qualities, many of which Martin Luther King, Jr. possessed, you will have a greater chance of success.  Below are five of MLK’s traits that made him the great man that he was—do they match up with yours? 

Patience: It wasn’t one speech that put an end to segregation in the United States.  It wasn’t one march, one demonstration, one sit-in.  It was multiple attempts on various accounts that finally got the message out there.  Martin Luther King, Jr. had to have patience throughout this time if he truly wanted to succeed.  He knew that things wouldn’t change overnight—and you need to know this, too.  Be patient with your startup—let it grow in increments each and every day.  You will achieve your dream, it just takes time to get there.   

Bravery: Obviously, it took mass amounts of courage to stand up to thousands, even millions, of people and proclaim his dream.  But Martin Luther King, Jr. made it known that what he wanted was equality and that he would fight till the end to see it through.  Have courage and faith in your startup business—let it be known that this is what you want to do and that you are passionate about seeing it succeed. 

Leadership: MLK was the one that took the leadership position during the fight for equality.  He was the one that stepped up to the plate when no one else would and found the answers to everybody’s questions.  As a successful entrepreneur, you have to take on the leadership position of founder or CEO of your company, and with that, you have to know how to manage people, make decisions, and plan for success. 

Persistence: Even from the confines of Birmingham Jail, Martin Luther King, Jr. did not stop fighting for what he believed in.  When the world was against him, he didn’t take breaks.  As an entrepreneur, you must be prepared to work persistently under various circumstances. 

Trustworthiness: Those who followed Martin Luther King, Jr. trusted him with every bone in their bodies.  They had full confidence that he would be the one to put a stop to discrimination and segregation.  Business owners and leaders much have a trustworthy quality so that they can develop their own “followers”—coworkers, partners, sponsors, employees, clients, family and friends. 

As an added bonus—Martin Luther King, Jr. knew how to captivate an audience.  Be sure that you can grab people’s attention the moment you walk into a room.  If you haven't already seen it, watch MLK’s “I Have a Dream” speech, and you will know exactly what I’m talking about:

Allison Way is a writer and videographer for Think Big Partners, Kansas City’s mentorship-based business incubator and startup accelerator.  To read more of Allison’s work, check out the Kansas City Entrepreneurship Examiner as well as her articles on BrooWaha, eZine, Helium and Newsvine. 

Top 10 Fears Entrepreneurs and their Startup Companies Face

Happy Halloween, Kansas City entrepreneurs!  Sunday night is almost here—the perfect night for walking through Kansas City haunted houses, pumpkin carving with the family, telling ghost stories, and of course, Trick-Or-Treating.  And although most successful entrepreneurs are not afraid of Grim Reaper costumes, “haunted” cemeteries, and scary music, there are other fears that haunt Kansas City entrepreneurs every day in the workplace.  So, in honor of this spooky holiday, I have compiled a list of the Top 10 fears for entrepreneurs.  Don’t be afraid, take a look:

1.  The Fear of Failure

Without a doubt, most entrepreneurs have a fear of failure.  When 50% of new businesses fail within the first five years, it’s difficult to overcome the fear of failure.  Instead of letting this fear define who you are and where your company is going, use the fear to push yourself beyond what you thought you could do.  Prove yourself (and the statistics) wrong—do not let failure be an option.

2.  Economic Uncertainty

Five years ago, economic uncertainty was probably not a major fear of most entrepreneurs.  The times have changed, however, and companies big and small, young and old, are worried about what the declining economy means for them.

3.  Being Your Own Boss

Being your own boss can be terrifying.  Not only do you have to keep tabs on your company, but you also have to keep tabs on yourself and make sure that you are doing everything it takes to create a successful startup business.  Entrepreneurs must be able to motivate themselves throughout each workday to see that all necessary tasks are completed.

4.  Raising Capital

Having enough money for establish a startup is one thing—staying afloat is another.  You will need money to start up, operate, and grow your business.  To ensure that you have enough money to develop a successful startup, seek capital from a venture capitalist, angel investor, and the like.  Recently, the development of online funding platforms, such as peerbackers, has helped many entrepreneurs reach their American Dream.

5.  The Job Will Consume Your Life

It’s true: entrepreneurs can spend anywhere from 50-72 hours a week on their businesses.  In order to overcome this failure, be sure that you have your work-life balance in place even before your business starts up.  This means to prioritize what’s most important to you.

6.  High-Wire With No Net

When you have been in your own small business and survived the early years that weed out most startups, you have the fear that you can never turn back to “the devil you knew” (i.e. traditional employment). The struggles of entrepreneurship make you forget why you left corporate America in the first place and your memories become revised to dwell on how easy and happy it all was “back then.”

7.  The Length of the Process

Many entrepreneurs fear the overall longevity of a startup venture.  It takes time to grow a business so an entrepreneur must be extremely patient throughout the entire process.  And although your business may be getting more profitable every year, you look at your old car in the driveway and then your neighbor’s new Lexus and feel that if only you’d stuck to corporate, you’d have new toys, too.  Patience is virtue!

8.  The Merry-Go-Round Stopping

Entrepreneurs who already have an established company often fear that their company will slowly begin to fail.  Even though everything may be going well in the beginning, entrepreneurs always fear that the phones will go silent and that no one will want what they sell anymore.

9.  Getting Stuck

Although many entrepreneurs fear that their businesses will stop all together, even more seem to worry that their company will merely never make it to the top.  This entrepreneurial fear is that the company will never break through the wall of the business by being just“okay”.

10.  The Competition

Entrepreneurs always live in fear that someone else out there may be smarter than they are and therefore, develop a better product or service, consequently, blowing theirs out of the water.  It’s best to use the competition as a driving force for your company to become a better, more successful one instead.

During this Halloween, don’t let your fears impose on your entrepreneurial dreams.  Continue to reach for your goals, never let your fears bring you down, and of course, Think Big.  Happy Halloween, entrepreneurs!  

Written by Allison Way.  Allison is a writer and videographer for Think Big Partners and bizperc, two of Kansas City's newest entrepreneurial resources.  To read more of Allison's work, please visit the Kansas City Entrepreneurship Examiner.