5 Attributes for Successful Entrepreneurs
Over the years, and working with many businesses and entrepreneurs, we have seen that most successful entrepreneurs exhibit the 5 traits below. No one is born being strong in all 5 traits, but with awareness and practice most entrepreneurs can strengthen themselves in all 5 areas. Throughout the engagement, we will work with you to help you develop and hone your skills in each area.
Be Driven, Directed and Tenacious
- Get up every day and drive your business forward.
- Know where you are headed.
- First things first (HVS, LVS).
- There are always setbacks – but never give up.
- Ask questions and learn all you can every day.
- Listen to what clients/prospects are telling you.
- Become the least smart person in the room – again listen.
- Course correct as needed (every growing biz needs to do this).
Understand Your Strengths and Weaknesses – and of Others
- As you grow you will need to hire others.
- You should find people brighter and more capable than you.
- Make sure your hires complement your skills, personality and capabilities.
- As you grow, you need to create a culture – make sure new hires fit that culture and help further the culture that you want.
- Do not be afraid to delegate but understand your direct report’s blind spots.
- Decide (at some point) what you want to do in the organization and if someone else should be the CEO.
Understand the Opportunity Cost of Time
- Example: A person probably has 2,000 productive hours per year (50 weeks x 40 hours/week). If your biz does $200k in revenue your time is worth $100/hr.
- $400K $200/hr
- $1 mil $500/hr
- Etc, etc, etc….
- To achieve growth, you will need to constantly spend your time more valuably, or your biz won’t scale.
- Make sure your biz model can repeat and scale.
- Process and discipline is really key.
- Hand off low-value items to others. Do the high-value items yourself.
Be a Servant Leader
- Employees like to work for people that care about them and have their best interest at heart.
- Clients/customers like to buy from people that care about them and have their best interest at heart.
- Vendors like to support clients that care about them and have their best interest at heart.
- You must be a lot smarter and more capable to be a jerk and be successful – this is extremely rare.