Even though I hold strong opinions on the topic, there are often not enough data points to back up the conclusions drawn by the writer. Budding entrepreneurs need to know what it takes to succeed in starting a business. I hope this piece will give some insight into what you want and need in leadership for existing entrepreneurs.
1.Great entrepreneurs combine vision and execution.
Many people think of entrepreneurs as visionaries and big-picture people. Although this is true in some cases, it may not be accurate for others. However, the best entrepreneurs I have worked with can combine their “vision” and the ability to get things done. I would advise entrepreneurs not to spend too much time creating business ideas. When you go to market, most ideas will need to undergo significant revisions. Highly goal-oriented entrepreneurs are highly focused on their goals, which combines their big picture strategy with a laser-focused focus on execution and results.
2.They can locate back doors.
Great entrepreneurs are problem solvers, analytical thinkers, and creative problem solvers. I’ve met very talented entrepreneurs who aren’t trying to be unusual or unconventional. Instead, they think creatively and differently. It’s no secret that there is a “cult” of the entrepreneur in this country. It is part of this that people who create successful businesses from scratch are given an almost magical quality. This is something that I would be reluctant to do. The most successful entrepreneurs are not saints or mystics. They are creative, resourceful, and imaginative people who go the extra mile and explore new angles. They can often find backdoors or keys to locks that are not visible to others.
3.They are open to working long hours.
Facebook became a billion-dollar company in just a few years. It started as an idea in a dorm. This is an exception, not the norm. It is hard work and exhausting to build a business. It is exhausting. The success rate is low. It takes time to create momentum. For those who haven’t tried, the amount of work required is overwhelming. The reality is that entrepreneurial success rarely looks like “The Social Network.” It’s more like “All at Sea.”
4.They can either build or sell.
One of two categories tends to be the most popular for promising entrepreneurs: those who can either sell or build great products. A few of them can do both, which is rare. Companies depend on their products and their ability and willingness to market and sell those products. A company must have at least one of these pillars to succeed. Steve Jobs was a great communicator, but his expertise lay in products. Bill Gates may have been a technical expert, but he was a marketing and sales specialist. Scott Cook is an Intuit product entrepreneur. Donald Trump is, amongst other things, a sales entrepreneur.
5.They can make complex data more manageable and even actionable.
Even the most complex business problems are often reduced down to three to four essential components. Promising entrepreneurs can identify the most critical factors to a decision and a business. Shark Tank is a comedy show. They are quick to get to the success points or failures of the business almost every single time. No matter what industry they you are in, they can quickly identify the two or three critical issues that determine the success or failure of the business.
6.They are highly effective with people.
Americans admire people who push the boundaries. Without getting too philosophical, this is a trait that goes back to revolutionaries who founded our country. Even though we might disagree with them, we tend to admire those who represent fringe elements. This group includes entrepreneurs. Many media portrayals will lead you to believe entrepreneurs are successful because or despite their “outlaw” antisocial tendencies. This portrays the entrepreneur as a lonely or unmotivated person. Let’s look at it briefly. The key to growing a company is getting people to cooperate. It’s improbable that you will be able to create a successful business without working well with others. It does not necessarily mean that successful entrepreneurs do not have flaws. You will notice that truly great entrepreneurs can work with people. If they didn’t, the level of success would be much lower.