1. Communication Skills
A successful entrepreneur has excellent communication skills. When most people think of communication they think it means talking but it’s actual more than just that. Communication has a considerable amount of listening and responding to a response versus talking to another person and you both compete with each other to get your message across.
An example of a person who has poor communication skills is someone who:
- Waits until the other person stops talking before relaying their own message
- Rudely interrupts a person to get their message across
- Provides no reasonable response to the message they’ve just received
An example of a person who has excellent communication skills is someone who:
- Actively listens to what a person is saying
- Has good posture and gives eye contact when speaking to someone
- Communicates without sounding abrasive or monotone
2. Willingness to Fail
You wouldn’t expect to learn a new language after taking one class so why would you expect to operate a lifetime of business investments and ventures without having a few setbacks along the journey?
If I have the opportunity to hire one person and one candidate is always Mr. Right because they study consistently but have never applied any of the education towards something or choose the other candidate who also studies but applies their knowledge but sometimes experiences failures and keeps trying to find a solution, I’m going to hire the second candidate.
Examples of successful entrepreneurs that have/had a willingness to fail:
- Asa Griggs Candler, Founder of Coca-Cola Corp. only sold 25 gallons of cola syrup in his first year of business. Now the Coca-Cola Corporation sells 1.9 billion drinks per day
- Henry Ford, Founder of Ford Motor Co. failed at selling any cars in his first few years of business in the late 1890’s because his automobile was clunky and expensive for the consumer. Then he released the Ford Model T and it quickly become the world’s most popular automobile by the early 1900’s.
- Bill Gates, Founder of Microsoft Corporation failed at starting his first business, Traf-O-Data. The firm completely flopped but then Gates was inspired to create Microsoft as he saw the future in the personal computing industry and wanted to develop the operating systems and software that would be provided with personal computers.
3. Discipline to Take Action
One common trait among successful entrepreneurs is they are certainly not lazy or procrastinators. They are well disciplined in what they do and because they value their time, they are able to remain disciplined enough to stick to a routine that works for them.
Having a structured life may come across as a strict lifestyle without many freedoms but it’s actually the total opposite. The way to best enjoy the freedoms in life is to not waste your time on mediocre activities. Entrepreneurs plan out their days so they can make time for what matters most to them.
4. Money Management
The biggest problem that roughly 80% of the world’s middle class population faces is poor money management. Unless you are not living in poverty, your ability to create wealth is abundant if you are disciplined with money.
Ever heard the expression, “money comes in like a turtle and goes like a rabbit” well there is some truth to that. Most people get paid on Friday but are broke by Monday and the cycle continues for over four decades before they retire. Rich people don’t live like this. The rich save their income and turn that money into assets that produce cash flow.
Here’s an example of how people spend money
A successful entrepreneur understands these bottom line principles when it comes to money and are willing to take calculated risks towards achieving these assets for themselves or their businesses.
When Steve Jobs announced the first iPhone back in January of 2007, he knew that the product would be extremely risky, but he realized a problem in the mobile phone industry and wanted to create a product that would change the world. Apple had the capital to take such a risk because their company was earning revenue by selling consumers laptops and desktop computers. Steve Jobs realized there was an opportunity presenting itself and he was prepared to take advantage of it because he not only had a vision but had adequate capital to realize it. Nowadays, the majority of Apple’s annual revenue comes from iPhone sales and only a small portion of revenue comes from their Macintosh lineup.
5. Creative Thinking
The world is a big place and with it there are millions of ambitious entrepreneurs in the world. The United States has roughly 27 million entrepreneurs and each day about 1500 of them turn into millionaires each day. So it’s totally possible to reach such a success if you are willing to come up with something that is new and provides value.
People often think they have to become the next Mark Zuckerberg and while I applaud people for trying to re-invent the next Facebook or WhatsApp, it’s important to note that not all successful entrepreneurs are people who invented something revolutionary but rather something that provided a solution to a problem.
In one of my favorite episodes on the hit show Shark Tank, one contestant named Johnny Georges had presented the seed investors with a product that would drastically reduce the waste of water while growing trees on farms with an invention he came up with called the Tree T-Pee.
The product would help farmers save thousands of dollars a year on water costs and would also provide a more eco-friendly solution to the tree farming industry. Georges didn’t set out to create the next big social network but he provided a product that may not have been the “shiniest, coolest, new thing around” but it went on to sell millions of units across the globe and turned his small business into a large scale operation. The revenue he made in his first year alone turned a small town farmer into a millionaire.