What do politicians and entrepreneurs share when it comes to long-term thinking — and where do they differ?

What is politicians’ biggest worry? Getting re-elected in the next election. Unless, of course, you’re a dictator and take power forever for granted.

What is entrepreneurs’ biggest worry? Building a profitable business that keeps working when they leave the helm.

See the commonalities and the differences? Let’s dive in.

Commonality 1: It Takes Time

No matter how successful other people look on social media in the short term, building substance takes time. That’s true for political solutions at every level, and it’s true for every business — irrespective if you open up a hairdresser shop or build a global software company with 5,000 employees and 10 offices in 10 different countries.

Building substance is never a straight line. It’s always two steps forward, one step back. Hardship is part of building substance, no matter if you like it or not.

Commonality 2: It’s About Purpose

Politicians and entrepreneurs are driven by purpose. They have that inner desire to change something for the better for good, and to go beyond the call of duty to achieve that change. Well, most of the politicians and entrepreneurs have that desire. The few narcissists who rate their ego higher than the common cause are the exception from the norm.

Difference 1: No Re-Elections

Now for the fun part. I’m an entrepreneur, but not a politician. That’s not by accident but by choice.

In democracies, politicians need to seek re-elected now and then. To get re-elected, they need to present a few successes to their voters, and they need to adapt their positions to the moods of the majority, which are subject to fluctuations in our fast-changing world.

Not so entrepreneurs. They aren’t subject to re-election but doomed to soldier on. That is, until they manage to organize their business in a way that keeps it working without them, and they find a suitable successor who has the same inner fire to drive the purpose of the company. Not needing to stand for re-election might be an advantage, but it can also be a disadvantage if you want to get out of the business.

Difference 2: No Promises for Quick Wins

Politicians make promises to get re-elected. Campaign promises are nothing more than quick wins. Quite often, those quick-win promises divert energy from the long-term agenda and are thus bad for both the politician and the cause.

Entrepreneurs make promises, too. We will build that feature when you sign the contract. We will open a subsidiary in your country if that’s a dealbreaker. The difference to politicians’ promises is that the promises are not short-term, but long-term. You’re not building a feature or opening an office in a new country for a quick win. You’re offering such things because you see the long-term potential of both the promise and the prospective customer.

Conclusion

Good news first. Both politicians and entrepreneurs fight for the cause and want to truly change things.

But where there is light, there is shadow. Entrepreneurs are less accountable to checks and balances — if they screw up, their companies go bankrupt, they lose their money, and the case is closed. However, if they screw up without bankrupting their companies, life for their employees can be miserable, as there aren’t as many checks and balances.

Put bluntly, entrepreneurs can behave like dictators because of the missing checks and balances. On the other hand, they can pursue their long-term goals without diverting energy, time, and resources to unnecessary quick wins.

Never forget that blunt entrepreneur — dictator comparison. Please stay on the bright side of power and hand it over to your successor when it’s time, even if you don’t need to seek re-election.