Episode 15 (Blog Edition): 5 of the Most Important Attributes You'll Need to Succeed in Business

Before taking the plunge into Entrepreneurship, many people wonder if they're the right fit for the profession. There are also many that take the plunge without a second thought of if it's right for them or not.

Not being the right fit for Entrepreneurship is one of the main reasons why Entrepreneurs fail.

Notice I specifically said “Entrepreneurs fail” and not “businesses”… Remember in my blog post entitled, “If 70% of small businesses fail in their first 5 years, why should I be an entrepreneur?” I mentioned that the number of failed businesses doesn't reflect the number of failed Entrepreneurs. I discussed that the Entrepreneur gave up on the business causing the business to fail and not on themselves as an Entrepreneur.

When someone doesn't have what it takes to be an Entrepreneur, they fail, or in other words, they quit and take up a different profession.

Let me add that there is absolutely no shame in that.

Let’s look into 5 attributes of an Entrepreneur.

Passion

Everyone takes their first step towards Entrepreneurship because they have a desire. That desire is born inside of them and they begin to do their research and the ideas begin to flow.

Successful Entrepreneurs have passion for what they're doing. Passion is what brings the Entrepreneur through the hard times, the obstacles, the disappointment, the tears, etc. Being passionate about what they do is what makes it all worth it.

I, personally, have experienced when I'm not passionate about a project. It gets set to the side. Other things seem more important and get in the way. Laziness sets in, and it's not because the person is inherently lazy. It's a lack of passion and motivation.

I've also experienced the flip side of the same coin. I've found what I'm passionate about and it feels like there isn't enough time in the day to do everything I want to do. You lose sleep just daydreaming about what you'll do next to further the project. You even dream about it while you sleep. You basically eat, sleep and drink your passion. Time flies while working on a passion. Solving problems is fun when you keep your eye on your passion and your end goal.

Determination, Grit and Discipline/Self-Motivation

These traits can naturally flourish when there's passion. As mentioned before, when you're passionate about what you're doing, it's basically all you want to do. I include this section to clarify and be more specific in these areas.

It's very easy to lose sight of your dreams, passions, and goals. When one is determined, has true grit and discipline, they work even when they're “not feeling it”. They do it because that's who they are. They're the kind of person that works on something no matter what. They're really good at not letting anything get in the way. They're the ones that put in the long hours and work when no one else is. They're the ones that are up late into the night or early in the morning trying to solve that one problem, and they never give up.

Great Leadership Skills

You're a great leader when you're not afraid to get your hands dirty. You're the type of person that shows your employees how to do something instead of just telling them to do it. You lead from the front by example instead of cowering in the back and blaming the businesses mistakes on your employees. You're willing and able to take the responsibility for everything that happens in the business, good or bad. You acknowledge the fact that, at the end of the day, you ARE the one responsible for everything.

Being a leader doesn't just mean having employees and treating them well. Being a leader also has to do with how you treat your customers/clients and partners. Are you the kind of person people like to be around and talk to because you make them feel like their opinions matter? This is a sign of being a great leader.

Vision

A successful entrepreneur doesn’t just think about tomorrow, next week, or next quarter. They look beyond that. They have a vision of what their business will look like in 5, 10, or more years into the future. They start with the end in mind.

They have a clear picture of how they want their business to be and they reverse engineer that to create a plan of action to get there. They plan on a regular basis and make sure they're always on track to meet their goals and achieve the business of their dreams.

No business is ever really done, but these entrepreneurs have the ability to see their business in such a way that some would say that it is done. This usually comes in the form of a certain size of business with a certain amount of departments for example. The entrepreneur knows what the business needs to succeed and when they reach their goals, they set even bigger ones.

They know when and how to Simplify, Eliminate, Automate, and Delegate

The E-myth Revisited by Michael Gerber is a great book that illustrates having the end in mind. Especially when he's talking about drawing up a chart with all of the positions of the business and putting your name on all of them. The book then goes on to talk about filling those positions with other employees. In other words, it talks about delegating those tasks.

A successful entrepreneur knows themselves. They know what they can and can't do. They know they can’t do everything all the time, especially if they want to grow their business and become business owners instead of full-time job owners, a concept also outlined in The E-myth Revisited.

Tim Ferriss, Author of “The 4 Hour Work Week” talks about the concept of simplifying your business' processes, eliminating those things that your business is doing that doesn’t bring in any or much of an ROI, automating using systems and software, and delegating by reaching out to freelancers or agencies so that essential tasks are taken care of by people that are specialized in those tasks.

Delegation, or in other words, outsourcing is a great way to get those essential tasks done and for the entrepreneur to focus on what they do best and what they love the most. It can also make working on your business optional. This gives the entrepreneur the option to step away from their business if they so desire.

Conclusion

I've only touched on a few attributes of a good Entrepreneur. In the podcast episode found above, we go over these attributes in greater detail and get Dana's perspective as someone who has what it takes to be a successful entrepreneur, so give that a listen as well. From here, you can go a step further into deciding for yourself whether or not you have what it takes to be an Entrepreneur. Maybe you'll have to start a business and take the path of an Entrepreneur to discover whether or not it really is for you.

If you find you match the description of a successful entrepreneur as outlined above and in the podcast episode and you're interested in getting your business to the point where working on it is optional, then I would like to invite you to look into outsourcing your content creation through us. Take a look at our services to see if they're right for you and your business.

What inspired you to be an Entrepreneur? Let us know in the comments below! And don’t forget to subscribe for more great content!