What are the characteristics of successful entrepreneurs? I love representing clients who are starting a new business venture. It’s always exciting to hear about their vision and plans to implement it and I am always happy to walk them through the legal requirements of this process so that they have the proper structure and building blocks to make it happen. After fifteen plus years working with clients pursuing their dreams of creating a successful business venture, I have developed a sense of characteristics that are helpful to start and run a business.
1. Passion and Energy
My most successful clients are busy people; they possess the capacity to work long hours and don’t seem to ever tire of putting time into their business because they are passionate about creating and building it.
“You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey
2. Ability to take Responsibility
My most successful entrepreneur clients take responsibility for their actions and decisions even in the face of failure. They don’t blame their employees or anyone else; instead they take charge, correct their business mistakes and move on.
“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs
My most successful clients are confident in their ability and their vision to make it happen. Whatever their relationship is with trust and or faith, they also strongly believe in themselves and their ability to achieve their goals.
“When the going gets tough, the tough gets going.” My most successful clients persevere without letting obstacles or unexpected failures slow them down – they reboot quickly and carry on.
“Nothing in the world can take the place of persistence. Nothing is more common than unsuccessful men with talent. The world is full with educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc
5. Goal Setting
My most successful clients have the ability to set clear goals for themselves and continue to map out their achievements against these goals and set new goals as their business matures – some of my most successful clients set daily, weekly, monthly, and yearly goals. One question I always ask, even as we are just setting the legal structure in place to create the business is- how do you see this business in five years time?
6. Ability to take Risk
As we all know, business is a risk and to undertake it, you have to be daring. Successful entrepreneurs are risk takers; they gamble their time, energy and resources in pursuit of their vision and goals.
“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty
7. Intelligent Use of Feedback
My most successful client entrepreneurs take feedback seriously. They surround themselves with smart teams and solicit and listen to customer’s feedback – always seeking to improve.
“Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates
“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett
My most successful entrepreneurial clients have thought about and set out principles that they do not compromise. They hold themselves and their employees to these principles and they have usually integrated them into their company – and this integrity permeates their business - from their initial vision through to their back door (so to speak).
“Real integrity is doing the right thing, knowing that nobody’s going to know if you did it or not.” – Oprah Winfrey
- Intelligent Use of Resources
Sometimes, entrepreneurs are faced with the challenge of building a business with limited capital or other resources including personnel and space. When building a small business startup from scratch, there is a need for efficient use of limited resoures - and my most successful clients seem to thrive making things happen on a shoe string budget. Clients who track and manage their budget and other resources always seem to do well.
10. Treat People Well
My most successful clients are a joy to work with – their employees are happy to work for them and their customers are pleased with the service they receive from the company. – "Do onto others as you would have them do onto you ..." – actually works.
I saw this when I was looking for an illustration for this blog post and so thought to add it here - it is always a joy to work with my entrepreneurial clients - energizing and inspiring so - here is to you:
If you have questions about a business idea that you are exploring my initial consultations are complimentary - and its always good (easier ) to start off with a solid legal foundation - so don't hesitate to contact me for an appointment or teleconference. Click here for my complimentary Legal Guide to starting a business.