Personality Traits of a
Successful Entrepreneur.
Every year over 400,000 people
in the UK alone
start a business with the hope of being a successful
entrepreneur. Clearly the number
started globally must run into millions.
Unfortunately only 20% of those companies will
survive long enough to celebrate their 5th
anniversary and only 20% of those will survive long
enough to celebrate their 10th anniversary.
To save you doing the math, only 4% of all new
companies formed will survive at least 10 years. For
anyone contemplating starting a new business, or
already running a business the question of what
makes a successful entrepreneur is very important.
Successful entrepreneurs come in all shapes and
sizes. Success in business is not determined by age,
sex, race, religion, intelligence or education but
successful entrepreneurs do have a few things in
common.
There have been many answers to the question of
what makes a successful entrepreneur. Some people
think entrepreneurs are born, others that they are
made. Some see entrepreneurs as passionate leaders
with a tunnel vision that is totally focused on one
objective, while others describe them as compulsive
control freaks. Some commentators say entrepreneurs
are risk takers while others say they are risk
averse. Who are we to believe?
All of these words may describe some
entrepreneurs but they do not describe all
successful entrepreneurs. It is my position that all
pre-eminently successful entrepreneurs will have the
following traits in common.
Successful
Entrepreneurs Never Stop Learning and growing.
No one can possibly know everything they need to
know about running a business. As we all know the
world is changing at an ever increasing pace and the
only way to keep up with the change is to keep
learning and keep adapting. If you believe your
business can be the same in five years time as it is
today then I feel that sadly you are about to join
the 96% who do not survive.
As it happens all business skills and behaviour
can be learnt through study and practice. Why is it
so important that an entrepreneur concentrates upon
her own education and growth?
If at this moment you own and manage a business
turning over $1,000,000 and you wish to turn it into
a business with a $3,000,000 turnover you must first
be big enough as a business person to run a
$3,000,000 business. As the owner and manager of the
business you set the tone. If you wish to double the
size of your business start by going to work on
yourself and becoming a person who can manage a
business of that size.
Successful
Entrepreneurs are Willing to Seek Advice
Trying to reinvent the wheel on a regular basis
just takes far too long. Sure you may be able to
find the answer to every problem on your own but how
much more would you get done if you simply asked
someone who already had the answer and then adapted
it to your needs.
Thinking you have to do everything yourself is a
good way to join the 96% club. No one can know
everything and no one can do everything. Do the
things you are good at and set up systems to ensure
the rest gets done.
We will come back to the vital area of systems
shortly.
Successful
Entrepreneurs Never Give Up.
We all have bad days; we all have bad weeks and
at times we can have what seems like a disastrous
year. If you wish to be successful you will face
many challenges that will leave you feeling like
giving up at times. Give up and you fail, it is as
simple as that.
When I am having a hard time as I do from time to
time just like everyone else I read the following
poem. Why not frame it and put it on a wall in your
office?
Don't Quit
When things go wrong as they sometimes will,
When the road you're trudging seems all uphill,
When the funds are low and the debts are high
And you want to smile, but you have to sigh.
When care is pressing you down a bit -
Rest, if you must, but don't quit.
Life is queer with its twists and turns,
As everyone of us sometimes learns,
And many a fellow turns about
When he might have won had he stuck it out.
Don't give up though the pace seems slow -
You may succeed with another blow.
Often the goal is nearer than
It seems to a faint and faltering man;
Often the struggler has given up
When he might have captured the victor's cup;
And he learned too late when the night came down
How close he was to the golden crown.
Success is failure turned inside out---
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems afar;
So stick to the fight when you're hardest hit -
It's when things seem worst that you must not quit.
Anonymous
Successful
Entrepreneurs Focus on Marketing
Most entrepreneurs are not trained in marketing.
Most people start a business in a field they
understand. Accountants start accountancy practices
and mechanics start a garage. Unfortunately
repairing cars and preparing accounts will not bring
in business. If you wish to be a successful
entrepreneur you must take an interest in and become
a student of marketing.
Marketing will drive your business forward
because without it you will not have many clients.
If you need help them get some help. Successful
entrepreneurs are not afraid to seek help. Whatever
else you do you must develop a marketing focus in
order to succeed with your business.
Successful
Entrepreneurs are Willing to Test and Measure.
Whatever you are doing in any aspect of your
business you can be sure of one thing: there is a
better way of doing it, you just have not found it
yet. Successful entrepreneurs are willing to test
everything and measure the results in order to
establish what works and what does not.
Most times if you try something new you do not
know if it will work. Test small and measure the
results. If the test works then roll the new idea
out. If the test is a failure try something new.
You should constantly be trying something new and
improving both the business and yourself. Constant
small improvements will soon move you well ahead of
your competition because most of your competition
will be doing the same things in the same way in
two, three or four years time. Will you?
Successful
Entrepreneurs are Systems Orientated.
Michael Gerber teaches us that all great
entrepreneurs are systems thinkers. Your business
should not be a group of people but a system run by
people. The systems should do the work while the
people run the system. Systems will set you free.
With systems your business is not dependent upon a
few key people – including you. If someone leaves
they are easier to replace. If you wish to take a
couple of months of the business will not collapse
while you are away.
If the performance of your business is not as
good as you would like stop blaming your staff and
take a look at the systems you are using. With good
systems in place you can work as much or as little
in your business as you choose. As an added bonus
you will find the systems substantially increase the
value of your business when you come to sell.
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