Episode 29 Characteristics of Successful Entrepreneurs. Last week in episodes 25 to 28 we learned how your personality type will impact on the way you grow your business. The who drives the how.
We talked about four personalities that can be found in entrepreneurs.
The Driver, The Explorer, The Crusader, The Captain
The Driver is product focused. Identifies his own self with the products success The archetypical driver, the driver’s driver Steve Jobs. Obsessed on product design
The Explorer is focused on the problem or puzzle. Tend to be systems thinkers Attracted to complexity How to connect with friends at college was the problem facing Mark Zuckerberg
The Crusader thinks about the mission and a business builds up around the mission.
Ben Cohen and Jerry Greenfield, founders of Ben and Jerry ice cream founded their business in a disused gas station in Burlington Vermont. To engage their customers, they used to show free movies and hand out free ice creams.
The Captain is focused on the team. They see themselves as managing through we rather than me. Does not mean they are indecisive or do not have a clear vision on where they want to go When Jack Ma had the idea for Alibaba he gather 17 friends in his apartment to get their thoughts on his idea.
Whatever personality you have, you can be a successful entrepreneur. In this episode we will consider the characteristics that many entrepreneurs possess.
1. Curiosity Successful entrepreneurs have a sense of curiosity that leads them to continuously seek new opportunities. Rather than settling for what they think they know, curious entrepreneurs ask challenging questions and explore different avenues.
Entrepreneurship is described as a “process of discovery.” Without a drive to consistently ask questions and challenge the status quo, valuable discoveries can be overlooked.
2. Structured Experimentation With curiosity comes the need for structured experimentation. As new opportunities arise, an entrepreneur must conduct market research and run tests to determine whether they’re worth pursuing.
Business is ever-changing. It’s nearly impossible for entrepreneurs to be prepared for every scenario they encounter. They need to know how to evaluate situations and adapt so their business can keep moving forward when unexpected changes occur. 3. Adaptability Business is ever-changing. It’s nearly impossible for entrepreneurs to be prepared for every scenario they encounter. They need to know how to evaluate situations and adapt so their business can keep moving forward when unexpected changes occur.
4. Decisiveness An entrepreneur has to make difficult decisions and stand by them. They’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.
Being decisive doesn’t mean having all the answers; it means having the confidence to make challenging decisions and see them through. If the outcome turns out to be less than favorable, deciding to take corrective action is just as important.
5. Confidence Accomplished entrepreneurs exude confidence and are their business’s biggest advocates.
Whether pitching to investors, communicating with clients, or making conversation at an event, the way they talk about their business and its potential can influence how others see it, too. Showing a lack of confidence can deter investors or lead customers to question their buying decisions.
6. Team Building A great entrepreneur is aware of their strengths and weaknesses. Rather than allow shortcomings to hold them back, they build well-rounded teams that complement their abilities. In many cases, it’s the entrepreneurial team—rather than an individual—that drives a venture toward success.
7. Risk Tolerance Many things can go wrong when launching a venture, but many things can also go right.