Gallup has identified the top traits of entrepreneurs in a recent survey.
Inc Magazine has a great article about these qualities as it relates to their Inc 5000. In 1985, when my wife and I were building our bakery business, we too were chosen to be on Inc Magazine’s fastest growing companies from that year.
The most important way of describing entrepreneurs is that they begin – they do something. They act. They start. These qualities are like ligaments that connect the ten muscular traits below. Entrepreneurs are doers.
Here is my take on the top ten qualities identified in the Gallup survey.
Delegation. If you work in your business, you aren’t working on your business. Entrepreneurs learn to delegate tasks to people with different skills then they possess. They recognize at some point that they can’t do it all, so they need someone with more expertise in finance, HR or marketing.
Confidence. Few successful entrepreneurs succeed without a firm belief in themselves. They dive in head first and keep forging through failure, problem, and challenge. Without faith in themselves, it is hard to get others to follow. Many entrepreneurs have a slightly overdeveloped confidence gene.
Knowledge. Smart entrepreneurs know something others don’t understand. It may be raw intelligence but often it is more than that because it helps them form a fresh understanding of a problem. Taxis worked fine for most people, but many were frustrated at having to wait to flag one down or the hassle of having cash. Logan Green and John Zimmer from Lyft saw this problem as an opportunity. Knowledge is linked to an observation of a problem to be solved and involves both IQ and EQ.
Independence. Savvy entrepreneurs count on themselves to solve problems. They see an opportunity, and go and get the job done. They don’t rely on others to achieve the goal at hand. An independence streak isn’t in contradiction to being a delegator, because they need help. Independence streaks tend to run long and wide through business owners who have a predisposition toward action.
Risk. Most people starting businesses aren’t risk takers but risk managers. They find creative ways to minimize the chance of failure by experimenting with the smallest, viable audience with a minimum viable product. They do take risks, but they don’t tend to bet the farm on one idea.
Selling. The best entrepreneurs are great salespeople, but they are never in selling mode. They understand how trust and relationships are the keys to making an environment ripe for a sale. They give their potential customer confidence and persuasive reasons to work with them, without twisting arms.
Determination. If there are one characteristic of entrepreneurs, they never quit. They keep moving forward no matter what the failure, rejection or a headache. They get up each day determined to advance their work forward knowing that if they work on the right ideas, they will ultimately be successful. They often have the word persistence tattooed on their body.
Profitability. Great entrepreneurs who make lists like INC magazines 5000 are mindful of profitability, not vanity revenue numbers. They understand valuable market share, not share for bragging rights. They are smart with spending putting money into places that can provide a return. They know that some expenditure can’t be precisely measured, but in general, they keep a close watch on margins, overhead and variable expenses.
Relationships. The best of the best entrepreneurs are in the relationship business. They understand that partners, employees, customers, and investors must have strong ties built on a trust foundation. They nurture these relationships and tend to be very socially aware of their ecosystem.
Disruption. Most entrepreneurs can see challenges from a fresh vantage point. They don’t sit on the fence but take a strong position. Instead of viewing the world like everyone else in their category, they sit on the floor and look at problems from unexpected places. The entrepreneurs with wild successes challenge everything. Someone recently said to me that sacred cows make the best hamburger and I think entrepreneurs, (at least the carnivorous type), understand this view.
Did I miss any other qualities from the entrepreneurial universe?
Are you an entrepreneur who needs marketing advice? You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free and we can explore if working together makes sense. Try my new chat feature on my site if you have a quick question.
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