There is a question that many recruiters will ask themselves in the quiet of their minds when scanning through the myriad of resumes trying to short list candidates for a role “does this person have what it takes?”
It’s also the first question an investor will be thinking as you make the pitch to raise capital or your first client will think about if you can actually deliver on what it is you say you have and the truth is – you will ask this question of others time and time again as your business moves from start-up to established.
So what are the magical traits of an entrepreneur and how are they different from others? What makes them stand out in the crowd above the many hundreds of others who may have the same idea but not the ability to pull it off?
Here are some traits the team here at EntreHub have been collecting that you may want to ponder!
#1 Entrepreneurs are always passionate about what they do but know when passion needs to take a back step
Yes it is true we often think we have the best idea in the world but the reality is that as time goes by and we attempt to execute the idea it isn’t quite as big as we thought! The trait of passion goes hand in hand with knowing when to move on. While many entrepreneurs are in start-up mode they are passionate and determined for what they have. Steve Jobs, Michael Dell, Steve Wozniak , Larry Page and Sergey Brin were all passionate believers and all knew when it was time to move onto the next idea
#2 Entrepreneurs start not with a solution but by being confronted with a problem
For the vast many start-ups that don’t quite make it through the first five year cycle they come to realise an inevitable truth – that developing something because you think it would be a great solution isn’t always the best start. In fact, many successful entrepreneurs start with a problem they have confronted in their direct personal life or experience and so they look at ways at how they might solve that problem thereby coming up with the idea that has made them break through. Remember Michael Dell? He identified a problem in the way the distribution process operated that kept PC costs high and who can forget the foundation of Google by Larry Page and Sergey Brin who began with a research project looking at the problems and complexities of the mathematical properties of the world wide web.
#3 Entrepreneurs know they don’t know it all
One of the lessons that both Steve Jobs and Steve Wozniak realised early on is that in order to get the business off the ground they needed help from someone who knew all about the money – or at least how to raise it. In Steve Wozniak’s own words:
“We went to venture capitalists and we couldn’t speak like businessman neither one of us had any business experience or any business schooling.” “We ran into this guy called Mike Markkula, he was an angel (in terms of investor) and he came across and he figured that this was going to be a big thing .. he knew how to run businesses…”
Just like many others they knew that they would need to acquire the skills necessary to allow Wozniak to leave his job over at HP and for enough money to be raised to fund Apple. So, successful entrepreneurs know what they know and partner or acquire the talent to fill the gaps that they have.
#4 Entrepreneurs are hooked into market trends
Some consider market trends as being the dark art of marketing and sales but the truth is – if an entrepreneur is not tapped into what is happening out in the market then the potential of failure is very high. No matter how large or small your market you need to be across the demand cycle of consumers whether it’s for a physical product, technology (such as an APP) or a service. The great thing about understanding market trends is that if you are just slightly ahead of the curve then you could become a trend setter as opposed to a trend follower.
Of course there will always be others but in our estimate these are the top four!
Author: Matthew Tukaki, Co-Founder of the EntreHub
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