I have spent much of my career as an entrepreneur and mentoring early stage start-ups. In that time, I’ve witnessed several entrepreneurs achieve great success with game-changing ideas while others less successful.
While many factors play into the success of a company, I have noticed that successful entrepreneurs share some common characteristics when building their businesses. I work with several start-ups globally, either advising or mentoring the founders and their teams. I have also observed that their success is rooted from certain traits and qualities. There achievement level in a short period of time is truly amazing. For example, Change, Stork Express, Everoad, BuyCo, PortCast, Cybaseal, Dronamics, Vyorius.
Passion & Resilience
“Half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance” – Steve Jobs
Passion and determination should be the driving force. Businesses such as Apple, Amazon, Facebook were not built overnight. Similarly, entrepreneurs may face several challenges in their journey – however, it’s the passion and persistence which lifts them off the ground.
One of the key factors I look for in entrepreneurs is the energy they possess. Their grit, tenacity, determination and the conviction in their idea. When I see these characteristics, it compels me to be equally invested in the project and willing to take the extra mile. It’s important to not only aspire for success, but to be able to put that passion into practice. That determination to work hard and not give up, no matter what setbacks stand in the way.
Take for example one of my personal inspirations, Jack Ma. As a young man Jack was not a studious boy, he failed several exams and was rejected by his favourite universities numerous times. He even applied for 30 jobs after graduating school and was rejected from each one. However, he knew he wanted to build something great – to create China’s first e-commerce company. He described his vision to 17 of his friends who although aware of Jack’s past failures, saw the passion and grit. Each of them invested in Jack’s new company and enabled him to build what would become the world’s largest e-commerce company – Alibaba. And the rest is history.
For all those young entrepreneurs who may be losing hope, always remember, success is born out of failure, sometimes all you need to do is to just push through, try again in a different way.
Be a risk-taker
What is life without risks? It can be quite nerve-wracking to take chances with a newly established business, but at some point, entrepreneurs need to take the leap of faith. Uncertainty and the idea of failing should not stop an entrepreneur who is hungry for success. They should see risks and challenges as opportunities to take the business to the next level
It is worth remembering that while taking risks can be very beneficial to your business, it should not be akin to a gamble. Having a good level of both IQ and EQ before taking these risks can do wonders to your company. Thorough research should be done, and while you may not be sure of the outcome – you have to be confident in the decision you make. If done correctly, that calculated risk for your business could be the reward you’ve been waiting for.
Bringing onboard the required experience
Running a business is a little more complicated than housing one big idea. In reality, it involves looking at several different areas, some of which may be unfamiliar. Successful entrepreneurs always remain curious about new things and hiring experts would enable your business to benefit from new methods of working. Sometimes, even having experts on your team will allow you to make more educated decisions when taking the risks you will inevitably need as an entrepreneur.
Successful entrepreneurs remain keen on learning new skills and traits to improve themselves and their business. This could come by enlisting the help of your mentor. A mentor will be able to impart knowledge and techniques that he or she attained through years of hardship. A mentor can assess and advice on refining a particular product or service, with the aim of taking the business to the next level.
Personally, I am drawn to entrepreneurs who are frank, transparent, practical and ever willing to learn. In today’s times, the value of humility is often underestimated. Having spent more than 20 years guiding entrepreneurs through various stages of the business cycle, I can say one thing, the trick is to never get carried away. Don’t allow progress or setbacks to derail you from your goal. It’s easy to get overconfident and lose balance after achieving some victories and milestones along the way. Likewise, it’s also common to get drawn into losing morale and self-esteem when faced with hurdles and challenges. Staying focused is sometimes easier said than done. It’s like walking on a tightrope – one step at a time, and not a single step taken for granted.
Principle is priority
Businesses exist to make profits, that is agreed. However, it is essential to understand the importance of integrity. A survey by Forbes found that honesty was ranked higher than other leadership traits like decisiveness and stability. As a business leader, your reputation is everything, and it stays with you. Maintain a level of respect when working with others, be it, vendors, customers or employees. These days it’s less about selling and more about helping customers and providing value. Just as in all relationships, a person’s character is a determining factor. Character reflects the style of your business and affects your ability in retaining vendors and customers. It is critical in getting the support of not only your team members but investors as well. By operating with a reliable and consistent moral code, you will attract the right type of talent to your business.
Always think ahead
What would the state of your industry be like in 10 years? Would your service still be needed in the next 20 years?
A survey by Accenture showed that 93% of executives found that innovation is critical to a company’s long-term success. To be innovative, you have to be forward-looking. Successful entrepreneurs need to continually challenge themselves and look for ways to better the company and themselves. Think of ideas on how to keep operations, products and services fresh. What can you improve on? What needs to be changed? These are the questions an entrepreneur should continuously have at the back of his mind. Innovation in entrepreneurship has led to the creation of many successful businesses today.
Success does not come to those who only rely on their qualifications or connections, but to those who find the right opportunities and harness their expertise towards achieving their goals. I’ve always encouraged entrepreneurs to have a positive outlook and conviction in their business.
Acteva Stars 