Oil and Gas Entrepreneurs. Lets learn what it takes.
You know what we’re to going to learn today that’s new? Entrepreneurship in oil and gas. I’ve been in this industry twenty years and the number of entrepreneurs that entered in this industry successfully is unbelievable, and it’s all really very cool.
New processes, new materials and innovation is something that the industry has needed for a long time. And we’ve worked with a lot of these entrepreneur company startups, and help get them on their feet. And in the process we’ve discovered there’s basically nine things that all these entrepreneurs have in common that make them successful in oil and gas.
The first one is determination. This industry is huge, it’s global, it’s enormous, it’s slow to adopt anything new. And if you don’t have determination being an entrepreneur, you’re not going to make it here. You’re going to have long hours and long nights. You’re going to beat your head against the wall, struggle with money and if you don’t have that determination you’re just not going to get through it.
The next thing we see that makes people successful, you have to be a risk-taker. You’re the type that thinks outside of the box, and you’re willing to do things that other says you can’t do. If you had that risk-taking part of you, that’s a sure sign of success.
Then passion. If you followed us for any length of time either on the modalpoint blog or on the podcasts, you know I have a passion for this industry. It’s real, it’s genuine and I love the oil and gas industry. All successful oil and gas entrepreneurs have that same trait, they have a passion about what they do.
Then, you have to be cool with failure. If you can’t accept failure, this is not the industry for you. You’re going to fail multiple times before you’re successful. We failed a whole bunch of time and we’re still in the process of failing in parts of our business. But you have to be okay with that. The quicker you accept that failure, the quicker you move on and find what is your sweet spot to be successful.
Then you have to be adaptable. This industry is fundamentally changing. We’re in a hydrocarbon abundant world, we have this big loss of senior knowledge. Technology is entering like it’s never entered before. You have changing geopolitics. So you have to be able to adapt, and move your business in the right direction quickly. It’s what separates you from the big companies. The big companies can’t adapt real quick. As an entrepreneur, you can be very nimble and that’s a big plus in your favor.
Then, you have to be a forever learner. We literally, in our calendar each month have time blocked out just to learn. This industry is constantly changing and there’s no way you can learn all of it. But if you don’t learn you will be left behind. And once again, it’s a trait of what we see in successful oil and gas entrepreneurs.
And then financial knowledge. You have to understand finance. You have to be able to read a balance sheet, to be able to read a P&L. Finance is in the blood of oil and gas industry. It is a large CAPEX intensive industry and if you can’t understand finance and talk financial language, you’re not going to make it.
Then you have to be a problem-solver. Something we see all successful oil and gas entrepreneurs. Everything that you do is about solving your client’s problems. If you can understand their problems that they are dealing with and, this is a big one, if you can understand the problems better than they do. Then they’ll have a need for what you do. So everything is built around solving problems.
Oil and Gas Entrepreneurs all Have Salesmanship in Common
And then finally, this is a trait of all successful oil and gas entrepreneurs. Salesmanship. In the beginning you probably will be your company’s only sales person. You’re going to be the person bringing revenue in the door. Without you no money comes in, and your company disappears. Later if you’re successful as your company grows, you will have to learn how to sell internally. So learning how to sell effectively is a vital trait, and it’s something that all oil and gas entrepreneurs have in common.
We went through nine things really quick, about what it takes to be a successful entrepreneur in oil and gas. If you like this, can you do me a favor? There are some social share buttons here to your left, click on a couple and share our content. It helps us get in front of more people, so that we can do more stuff like this.
I hope you found this valuable. We will see you next time.