It seems when someone reaches entrepreneurial success—like when Steve Jobs invented the iPhone—we consider them to have the “Midas Touch.” It’s easy to forget the hours and hours of development and failure they endured before they achieved their goal.
Entrepreneurs who are successful not only work hard, they follow other key characteristics that help drive their success. Yesterday, Promotional Consultant Today shared five of the traits from author Stan Thornhill’s article, “The Dirty Little Secrets of Successful Entrepreneurs.” Today, we’re summarizing five more.
1. Stuff happens. Karma, fate, destiny, bad luck. It’s life, and guess what, the unexpected will happen. In fact, it’s usually the thing we least expected to be the very thing that comes to pass. Successful entrepreneurs know how to react to the unexpected. Thornhill uses the example of a business partnership. Just as newlyweds find it difficult to envision divorce, so too do entrepreneurial founders struggle with the notion that their partnership might not last forever. Building a “shotgun” clause (also known as the buy/sell provision) into a shareholder agreement is not unlike a pre-nuptial agreement in a marriage. It’s a tough conversation to have, but well worth the effort.
2. Listen to your body. We live in a society where we are expected to be on all the time and respond to emails, texts and calls all the time. However, research is continuing to show how closely our minds and bodies are connected. Don’t underestimate the value of a light snack or a power nap when it comes to making good decisions. Taking care of our organic selves results in a lot of business opportunities.
3. Spend time on the details. Understanding the intimate details of a venture is important. Using the previous example of a buy/sell clause in a shareholder agreement shows the importance of detail, which, if overlooked, can literally destroy a business. When it comes to cost and revenue drivers, lacking a crystal clear sense of what influences each one, and how costs and revenues move together (or don’t) can be catastrophic. Spend time knowing the details.
4. Learn from everything. Successful entrepreneurs have a passion for learning something new. They can learn from experiences, from successes, from failure and from watching others. Make the effort to learn something new on a regular basis using the internet, publications, industry events, mentors and even your kids. Open your mind, your heart and your eyes and ears to learning new things. It will change your perspective almost always in a better way.
5. Don’t be a jerk. Thornhill is straightforward with this point. He says that if you want to build an organization with great people, you need them to want to be part of your team. So that means be your best self and practice the basics—kindness, compassion, empathy. If you want others to be passionate about your vision, they need to like you. If talented people are in your organization despite you rather than because of you, sooner or later they’ll be somewhere else.
PCT returns on Monday. Have a great weekend.
Source: Stewart Thornhill is executive director for the Pierre L. Morrissette Institute for Entrepreneurship in the Richard Ivey School of Business at Western University in London, Ontario.
