It started as a comment at the bottom of my 10 signs you're probably an entrepreneur post on this blog, a few days ago. What are the traits of successful entrepreneurs?
I was quoting a Twitter friend, Andrew Patricio. I hope you saw that list. I identified easily. But I can't help thinking about that comment left by Robert Hacker:
Next post should be a list of the characteristics of successful entrepreneurs
If you do not write it I will.
That's quite a challenge. What, besides the obvious, do successful entrepreneurs have in common? I know I'm not sure. But at least I can get the idea started. Maybe you can help. What am I missing?
- There's a lot of talk about P-words: passion, perseverance, and persistence. I mistrust all three. A lot of unsuccessful entrepreneurs have them just as much. You have to have some variation on these traits, but you can have all three and still fail. You and I both know people who never made it and never stopped trying. My favorite P-word in entrepreneurship is planning, but that's just me. Stubbornness is good too, even without starting with P.
- I like empathy, as in understanding how other people think and feel about things. Empathy leads to understanding what the people you sell to want, what they need, how they think, and how to best reach them. It's hard to imagine somebody building a company without being able to put themselves in the buyer's state of mind.
- A sense of fairness. For dealing with vendors, customers, and employees.
- Transferable values. This is closely related to the sense of fairness. I just don't see people building businesses without believing in what they're doing.
- Willingness to work hard, shoulder to shoulder with other people. Cliche, but true: the harder I work, the luckier I get.
- Knowing what they don't know. To me that's much more important than what you do know.
- Listening carefully. Shutting up.
- Vision for what they can build. Imagining a happy future. Dreaming.
- Making mistakes. You have to deal with failure. Keep pitching.
- Jumping viewpoints, like from short- to long-term in an instant, mixing those viewpoints together. That's like dribbling, keeping your eyes up while managing the ball at your feet.
So there's 10. Everybody likes lists of 10. Go ahead. Add some more. Make my day.
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Given that I may have started this post, let me supplement your list with three thoughts.
1. Great entrepreneurs that build billion dollar companies pursue large visions with little concern for the effect on their net worth. It's all about achieving their vision.
2. Great entrepreneurs are very analytical when it comes to the key growth drivers. Maybe not universally analytical but where it counts. (May just be your planning point restated.)
3. Great entrepreneurs have oversized egos but they inspire people rather than turn them off. Empathy is a key here.
In summary, I like your post. Well done.
Thanks Robert, and thanks for the initial challenge too. All 3 of your points belong on this list for sure; although the third one troubles me. I think sometimes the vision — you call it large vision — can push to make up for a just-normal-size ego. Maybe. Tim
I think another trait is understanding both that you have to pay for things, but also that you shouldn't pay for everything.
A perfect example is PR – something that could be huge for an entrepreneurial business if they get a good story. But entrepreneurs have either refused to pay for publicists, or retained worthless publicists who don't generate them much (but they still have to pay the retainer). This is the perfect example of the type of entrepreneurial issue that you can solve through the rise of web services. Like, PublicityGuaranteed.com only charges when the articles get placed.
And it's not just PR, there are a lot of tools that are pay-for-performance like that which are great for entrepreneurs.
So, the entrepreneur needs to be able to take a risk sometimes, but not to waste money. It's a classic trait of a successful entrepreneur.
All great points. To me anyone who dreams big and works incredibly hard and smart while displaying strong leadership qualities is an entrepreneur. People sometimes wrongly label such individuals as selfish or lusting for power/money but more often than not they are simply misunderstood.
This world was built by visionaries who persevered despite great adversity and took many others to the top right along with them. This is team work and every team needs a leader. Entrepreneurs are trail blazers who ultimately strive for freedom. Onwards and upwards!
Passion would be my most important word from the 1st point.
"Knowing what they don't know"! It's not said enough. You have to understand your weaknesses and either fix them or find people to help with them. When you start a business you may not be able to hire people to fill the gaps so you might have to adjust your business model at 1st or focus on what you do best.
I know nothing about web design so I can't produce a website that looks and feels the way I want. So I focus on getting the functionality of the site, pumping out great content (what I do best) and if the idea starts to move I can hire someone down the road to fix the site up.
I agree with the above comment (Jared O'toole). It's clear that not every entrepreneur goes into a business "knowing" everything they will need. The truth is that "you can never go at anything alone" and expect the same results, if anything in the time you wish. I know nothing about CAD designing, but I have jumped head first into product development. Despite the common usage of all those "P's" I still really think the most important ones are "Passion & People". My passion has led me to seek out People who know more than I do, and through that, success is that much closer.
This is my first time here but I would like to define an entrepreneur as someone who isn't happy with the current offering or status of something and feels that there is a better way to do it, build it, bring it and aren't afraid to step out and get it done. I didn't use the word success because I think there are many great entrepreneurs who weren't successful but their thinking and challenging of what hasn't yet become has led others to what we in society would call 'successful'.
Zig Ziglar often points out that the key to success in life and business is The Golden Rule: “Do to others what you would want them to do to you”
Another way of saying it is, “Treat others the way you want to be treated.” This is a great perspective to use when considering how to approach client relationships.
I think Robert Hacker’s 3rd thought is worth repeating:
3. Great entrepreneurs have over-sized egos but they inspire people rather than turn them off. Empathy is a key here.
“Empathy is key here.”
It takes “guts” to venture outside your comfort zone – everyone would be successful if it was easy – developing a mindset of accepting problems and obstacles as challenges to be overcome is useful.
Having a dream or a goal you see so clearly as worthwhile and achievable you would be ashamed if you didn’t pursue it.
There is a blindspot in many entrepeneurs when it comes to recognizing what others may identify as “risk” – maybe having a long term vision obliterates it.
Not being afraid of making mistakes – sometimes they clarify the situation and sometimes present new pathways.
Not being easily satisfied – every success is a new vantage point with possibilities previously beyond your vision and/or your imagination.
Don’t procrastinate – get today’s work done today!
Keep moving – there is much to accomplish!
If you don’t do everything you can to achieve a goal you see so clearly – who will?
Very nice post and brilliant comments. This resonates: Stubbornness.
And sorry, but here is another “P” word: Pride. Pride of ownership, whether it be owning the business, owning the ideas, owning the work that went into development of the relationships. And pride in the methods used such as honest work & honest business dealings.
I also really like this text, “like dribbling, keeping your eyes up while managing the ball at your feet”, though I usually think of dancing.
Roger: Reading this, “Great entrepreneurs have oversized egos”, I think of charisma or “mojo”. The spirit is not only alive in the entrepreneur, but is also broadcast to others.