Everyone knows that the chasm between an entrepreneur and a successful entrepreneur is a deep one — but how do you make sure that you wind up looking more like the latter and less like the former? Honestly, it depends on who you ask.
If you ask Richard Branson, the founder of Virgin Group, the most prominent trait that most successful entrepreneurs share is a willingness to keep challenging themselves. "I see life almost like one long university education that I never had — every day I'm learning something new," he said.
The late Steve Jobs, co-founder, CEO, and chairman at Apple Inc., said that courage was one of the most important traits a startup founder could have: "Don't let the noise of others’ opinions drown out your own inner voice. Have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
Jeff Bezos, founder and CEO of Amazon.com, said that one of the traits he considered to be most important in an entrepreneur is a willingness to put yourself out there, even if it sometimes (or oftentimes) means falling flat on your face. "I knew that if I failed, I wouldn't regret that," he said when talking about the early days of his company. “But I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day.”
This is all well and good, but at the same time, you're probably not founding a company with the intention of being a billionaire. You probably don't have your mind set on changing the face of personal computing, and you probably weren't interested in changing the face of internet commerce forever.
So at that point, what ARE the traits you should focus on in your quest to become a successful entrepreneur? Read on to find out more.
Successful Traits for Successful Entrepreneurs
Recently, we sat down with a series of financial professionals who work closely with startup founders and other successful entrepreneurs on a daily basis. We asked them a very straightforward question: "What is the most prominent trait you find in your most successful entrepreneur clients?"
Their answers were varied, but they are worth paying attention to for all small-business owners.
Elliot Kravitz, ATP of EMC Financial Management Resources LLC, said, "My most successful entrepreneur clients seem to be the ones that devote their time and energy to the project. Often I will find others that will pass off their dream to someone else and expect them to build it for them. That rarely happens. Nobody is going to build your dream better than you will. If it is your passion, even better."
He said that while delegation is certainly important, it isn't required to the point where you have to hand off your dream to someone else.
Tiffany Whitfield of Enterprize Income Tax and Financial Services said, "The most prominent trait that I find in successful clients is the knowledge of marketing, passion for their field of work, and determination." Michael Fischer, CPA, CITP said something similar, indicating that his most successful founder clients have an "understanding of their key performance indicators, along with other qualities like good cash flow management."
Indeed, there is something to be said for having a working knowledge of how a business is supposed to function in a literal sense.
Kim Justice of Tax & Accounting By The Bay said that she often sees "loyalty to their employees, vendors and subs" as a common trait among all of her most successful clients. "This is forever true after 22 years in the business," she said, adding that nothing seems like it's going to change to end that anytime soon.
But it was perhaps Joshua Standley, EA, ABA of DKK Accounting who said it best: "The most successful entrepreneurs are the ones who never give up. They have an underlying passion for what they are doing and, more importantly, they believe in it."
He acknowledges that this is often easier said than done, but that's perfectly OK. "They may have failures, but they learn from their mistakes and move on," he said. "They have sacrificed to get where they want to be and have put in long hours."
He finished his thoughts eloquently, saying, "The difference between success and failure is not giving up. It's as simple as that. When you give up, you're done. When you fail, learn and move on, and you are one step closer to your dream."
It doesn't matter what type of business you're running or even what industry you're operating in. If you take one single piece of advice away from any of this, let it be that one.
About Lee Reams II
I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.
