The blueprint for success: 3 principles for entrepreneurs

I vividly recall defining my life mission: “To lead, inspire, and create the business of space for the benefit of all.” It wasn’t a passing notion but the result of weeks of intense self-exploration during my time at Harvard Business School, setting the tone for my life’s journey and the birth of Spire Global a decade later.

Experience has proven to be the most powerful teacher while navigating my entrepreneurship journey. Since taking those initial steps to define my mission at business school, I’ve discovered three principles that have continuously guided my path and may serve as a blueprint for entrepreneurs and aspiring founders.

Element 1: Define your mission

Capture your passion in a single sentence and take the time to truly understand yourself, your strengths, and weaknesses. I spent intensive weeks crafting my life mission, and it has served as my North Star for more than two decades, guiding me through the trials and tribulations of entrepreneurship. Aspiring entrepreneurs, define your mission—it is the foundation upon which impactful leadership is built.

Element 2: Timing is crucial

As they say, timing is everything. It can make or break getting your venture off the ground. Leaving my job on Wall Street in my 40s to start Spire was a risk but certainly a calculated move. I monitored the space industry for two decades, waiting for it to be ripe for disruption and commercial opportunities. Evaluate the industry landscape, patiently wait for the opportune moment, prepare and educate yourself, and then launch in. Timing is the strategic lever that aligns your mission with success.

Element 3: Embrace hardship and endure

Be willing to endure significant challenges in the pursuit of your mission. My journey from a steady Wall Street job to living on $1,000 a month in San Francisco as a newlywed was a testament to the sacrifices entrepreneurs may face. Selling my calculator collection, securing a scholarship, and moving into a dorm to attend the International Space University, at 42, and navigating the complexities of starting a business in an emerging industry required a willingness to endure for the sake of following my passion. Embrace hardship as the powerful catalyst propelling you toward your goal.

As you embark on your own entrepreneurship journey, let these principles illuminate your path to success. Define your mission with passion and precision, find patience to act with strategic timing, and view hardships as opportunities for growth.

Peter Platzer is the founder and CEO of Spire Global.