The Traits Of Very Successful Entrepreneurs

I spend a lot of time with entrepreneurs that I can learn from – people with more experience then me, bigger businesses than me – because I am learning on the job and their experience is invaluable.

I have noticed a lot of shared traits that I thought I would share with you that WITHOUT FAIL they all have. Because everyone who owns a multi million pound business does the same 8 things therefore I would suggest to YOU if you’d like similar success, then you might want to start doing the same.

Number one – they have a plan. They know what they want, what they want from their business, and where it is going. This day, this month, this year and in 5 years time. Every day they leap out of their beds knowing exactly what they are doing, and how it contributes to their plan, and they work it. Daily, weekly, monthly.

Number two – they do not suffer fools. I love the phrase to be ‘ruthlessly intolerant of incompetence’ – it’s the way you have to be. Particularly when it comes to employees or suppliers then we need to be swift in removing their pernicious influence on our business. I can’t tell you how many people I endured, sometimes for YEARS, because I was a flipping soft touch, and I allowed those people to f-up my business previously, and I endured it. Bad for business and bad for me.

Number three – successful entrepreneurs listen, A LOT. You’d think in a group of entrepreneurs it would be a battle for centre stage. Instead it’s far more an opportunity to listen and learn. Whether it’s a Mastermind, a Forum meet or a round table discussion, more is learnt from the time you listen than the time you talk. So entrepreneurs really listen.

Number four – these achievers have their finger on the pulse. They really know what’s going on with their business – where it’s going, how the team are, what the figures are. Now the business ain’t always healthy – but they KNOW what areas need adjusting and are WORKING to remedy those bits. But they are on it, always.

Number five – they are obsessed. Seriously every meeting I go to is like the WA – Workaholics Anonymous – all members utterly obsessed with their businesses all willing to talk business all the time. It’s great – it’s an absolute passion – not just their craft – whether they be multi million pound grocers, builders or couriers – they are all 100% obsessed with their business.

Number six – they are honest to each other. Humble, self critical, willing to learn and improve. I have seen far more tiny small business owners who do not have the ability to be honest about their limitations than I have seen big business owners. Big business owners have the ego to say when they have f-ed up – and indeed share those experiences to help their peers not make the same mistake.

Number seven – great entrepreneurs have great day-to-day management. Without fail they have a great management team so they do not get stuck in the day to day. They work on the big stuff. And just so you know this is an area I particularly need to work on. I still do far too much stuff – but I am working on my management team and by the end of June this year I reckon I will be in this happy position also.

Finally – number eight – they don’t just work on the business, they work in it too. Now this is VERY controversial – as many a business tome will talk about making yourself redundant, and working on strategy instead of doing the business purpose – i.e. purveyor of vegetables, builder of homes or despatcher of packages – however WITHOUT fail the big successful entrepreneurs I know parachute in regularly to see what its like on the shop floor. It’s tied in with keeping their finger on the pulse, but it’s also out of a passion for what they do.

How much of these traits do you have and or do? Any you can swipe and deploy to make your business more successful? Let me know how you get on. Have a great week.