Here are 20 qualities that define successful entrepreneurs
Many desire to be an entrepreneur, it's always exciting to chart one's own vision, be your own boss & create wealth. Idea, concept or product alone cannot assure success. The success is directly proportional to qualities that define the entrepreneur.
- Is a salesman, knows the critical difference between price & value
- Driven by speed of execution, creates time budgets, set deadlines & values time more over money.
- Ability to say "I do not know"
- Have an opinion & respect opinions
- Eye on what's missing, understand what & where are the gaps
- Knows how to reward, build team & has the attitude of gratitude
- Leverage the power of numbers to engage investor by continuous improvements with measurement of business metrics.
- Get into tough conversations, be expressive & can say "No"
- Religiously confirms planning commitments, minutes & instructions in writing, leaving no room for assumptions
- Lead from front, network with people effectively & navigate through obstacles efficiently
- Brevity & clarity in communication & negotiations
- Attitude of zero tolerance, no overlooking of facts, problems & errors
- 13.Values courtesy principles by giving the deserving respect to all & working hard to earn the respect, reputation & recognition
- Does not frequently use these words "Usually, Maybe, Confused, Worried, Suspect, Probably, Likely, Might, Won't, Need"
- Understands quitting is not equal to failure, not afraid of rejection while shameless self promotion
- Accessible to team, customer, investors & loves to be in market than office
- Avid listener, craves learning with sponge like nature to absorb knowledge
- Not pursuing every possible opportunity in the world but stay focused on the precise goals
- Enthusiastic, motivated & contagious personality
- Understand ambiguity, perseverance & risks associated with entrepreneurship journey
There is no scientific study on above list or it's a comprehensive list nor it's foolproof list. The references above are based on my personal journey as an entrepreneur having built businesses, successfully exited them. The majority of insights are from angel investing in 45 odd companies wherein I met entrepreneurs from diverse backgrounds & businesses. Today it's my check list of attributes for the quest to invest in right entrepreneurs, than right ideas.
This article was first published on BWDisrupt.com.
By: Sanjay Mehta | Angel & PE Investor, TiE Board of Trustees Mumbai, Technology Evangelist, Investment Advisor