These are the qualities and attributes that successful entrepreneurs often possess, but paradoxically do not always need to have:
In addition, unique and sometimes conflicting qualities and character traits – often considered inappropriate in refined social settings – are also required, such as a rabid hatred of losing and a bit of obsessive behavior.
Simply put, being goal oriented and having a bit of business talent aren’t enough on their own because, as the saying goes, talent without discipline is a like an octopus on roller-skates. Knowing how to apply your strengths, weaknesses, and differences in an appropriate context is also crucial – as is having the guts to do things never before attempted even though you’re a bit reticent or afraid.
The bottom line is that most business success is not dependent on luck – unless luck is defined as preparation meeting opportunity (according to some surveys, succeeding as an entrepreneur often means toiling 65 to 85 hours a week or more [also, see the chart on page 119, How Small Business Owners/Managers Spend Their Time]).
The Right Attitude
Every endeavor, large or small, benefits from a proper mind-set. As Henry Ford once said, whether you believe you can, or whether you believe you can’t, you’re absolutely right. In the business world, this means having or developing above-average levels of the following before beginning a business endeavor:
- Drive and determination. Including initiative, high-energy levels, and a hearty appetite for achievement.
- Ambition. Harboring a fierce desire to succeed as well as forming a substantial, realistic, and personal definition of exactly what success is.
- Intelligence. The desire and aptitude to gather, interpret, and prioritize information.
- Commercial intellect. The motivation and know-how to scan business environments for weaknesses, threats, and opportunities.
- Confidence. The courage to be decisive and assured (not arrogant), with your abilities.
- Curiosity. An innate interest in the world and how it works.
- The will to win. The determination to come out on top rather than just participate. (For example, consider the thousands of entrants that enter big city marathons. Only a dozen or so can expect to win. Most are happy to just finish the course. In business, you must enter to win.).
Implementation (Putting Plans into Action)
Winning as an entrepreneur is based on being a doer, not a dreamer. This means having the guts to leave the comfort of familiar surroundings and march off into the unknown with a well-honed idea and a keen sense of adventure. Prerequisites for these attributes include:
- Communication skills. The aptitude to state what is needed clearly and concisely.
- Motivation. A willingness to work long hours whether you feel like it or not.
- Self-discipline. The ability to rein-in temptation or excess.
- Persuasiveness. The ability to convince others and inspire them to do your bidding.
- Speed and Agility. The ability to respond intelligently to situations both rapidly and effectively.
Diligence (Going the Distance)
Developing the fortitude and determination to stay on track is probably the most difficult of all entrepreneurial abilities. Launching and running a business is time-consuming, life-consuming, and full of distractions and setbacks. Surviving the process with grace requires:
- Resilience. The capacity to learn from mistakes, brush off adversity and pull yourself together after suffering through the inevitable losses that running a business involves.
- Perseverance. Steadfastness and consistency (not stubbornness) with goals.
- Humility. Maintaining a genuine conviction to serve others.
- Reliability. Being responsible, accountable, and available.
- Temperament. Keeping a sense of calm, balance, and proportion no matter what happens.
- Endurance. The ability to bear the ups and downs of a working day with patience and fortitude – and come back for more.
- Flexibility. Greeting the forces of change and being willing to adapt.
- Understanding. Accepting that people are different and being able to empathize with them.