What Are The Key Skills And Qualities That Every Successful Entrepreneur Possesses?

Posted by Robert Norton on

I have a free 1-hour course on the skills that must be possessed by the senior team collectively. This can be viewed here:

The personality traits that a strong entrepreneur must have include:

  1. Tenacity and the ability to ignore naysayers when they have deeper understanding of the problem the company is trying to solve
  2. Vision - The ability to see the future trend they are either creating or trying to leverage
  3. Intelligence - The critical thinking skills to properly weigh the many factors that are needed for most business decisions
  4. Leadership - The ability to convince others to follow them which comes from showing the skills and personality traits listed here
  5. Management skills to recruit and manage quality people, especially managers and people with passion to build out the needed skill sets
  6. Innovation - The ability to see beyond what the solution to the problem is today and design a significantly better one that can be delivered with a profit
  7. Focus - The ability to focus on one major problem and thing at a time and not get distracted, staying on mission for a year or two while also being flexible to pivot and adjust from market feedback.
  8. A constant ability to learn new things

This is not a comprehensive list, but I do think it is the most important traits required to build a substantial company. Starting a company is a marathon, not a sprint, and typically someone should have ten plus years professional experience before they do this.

Very few survive and do not bring highly developed professional skills to the table. Scaling a company is statistically 1,260 times harder than creating a profitable one too. That requires a team of at least 3 top people that are the visionary, operator and the sales/marketing head (depending on the business). Ninety percent of the time there was 5+ years of learning and preparation involved in any successful startup where these skills were honed. And I have yet to see a single successful company scaled without hiring some gray hair that brings the scaling experience, which is one of the rarest skills on the planet. The press love to tell the story of the boy/girl wonder who did it all. This is never true. They ignore the long build up that happened wither prior to the business or for the first few years.

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