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.

Be Teachable

  • 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.