What differentiates successful entrepreneurs from bad ones? Here’s three crucial requirements all successful entrepreneurs share.
Do you agree? We’d love to hear your comments.
1. Successful entrepreneurs recognise their lack of management skills
The very thing that makes an entrepreneur is the very same thing that makes them bad managers. A manager is responsible for ensuring a set of tasks are completed in the most efficient manner. It’s about the here and now, rather than tomorrow. If you are an entrepreneur, operational day to day running feels like being shot in the head with an elephant gun. Successful entrepreneurs understand this and are able to not only employ the right managers, but crucially, delegate.
2. Successful entrepreneurs know when it’s time to move on
A new business starts and grows like a rocket. The entrepreneur is lauded for growth, for creating a great service/product and for the impact in the market. An offer comes in from a larger competitor to buy the company, but the entrepreneur resists. Great entrepreneurs intuitively know when to to move on. They sell at the right time. Those who are not so intuitive, or ignore their inner voice, hold onto their creation much like a mother holds onto her teenager as they leave for university. It’s time to let go, yet sentiment rules.
3. Successful entrepreneurs protect their confidence at all costs
The company was launched in a blaze of passion, excitement and confidence. Growth is the best feeling in the world. Yet some time down the line the growth has slowed and belief dissipated. Has the unrelenting pressure of long hours and competitive pressure sucked the very life out the entrepreneur? Did they lose sight of themselves? Did their focus move to what and how they were doing it, rather than why? Maybe your business is failing, or has failed. Maybe you sold at the wrong time. Your confidence is shattered. Truly great entrepreneurs shake themselves off, and start again. Sure, you may be bruised, and it may take some time, but do you feel the spark to do something new once more? What’s stopping you?
Welcome Insight works with entrepreneurs, owner managers and those in senior positions to sharpen personal and business skills. We do this through a range of services including high end leadership development, executive coaching, business coaching, mentoring, support, training and development workshops. If you are in a senior position why not call me? What might you gain?