What it Takes to Be a Successful Entrepreneur

On a podcast this week I got asked the question, “Based on your experience what does it take to be successful entrepreneur?” I gave a two-minute answer that hit—at a high level—the following three topics:

1. Never stop learning
2. Always do what is right
3. Think outside of the box

Given the setting, I felt OK about the answer, but as I went to bed that night, I kept thinking of other things I could have included. As I thought about it further, I decided I needed to answer two different questions to feel great about my original answer:

• Question #1: What is the meant by the terms “entrepreneurship” and “intrapreneurship”?
• Question #2: What are the characteristics or traits that beget great entrepreneurship?

I believe it is important to answer question #1 first as it presents the context for applying the answer to question #2. Some people think of entrepreneurship strictly as the process of starting a new business or “launching a startup.” Although I understand this use of the term, my experience tells me that entrepreneurship does not need to be about a new business or a startup. In fact, I know more entrepreneurs who work within established businesses than I know working in startups. Further, one of the challenges I see in large companies is the resistance to new ideas, thinking outside of the box and being innovative. As I look back, I see one of the challenges I experienced in my career is people not wanting to reinvent themselves, but rather just make incremental improvements in what they have always done. So I do not see the size or age of a firm as having anything to do with entrepreneurship.

To me, entrepreneurship is more about the creation of value. To me, an entrepreneur is a person who has the ability to identify an opportunity and turn it into value.

So Steve Jobs, along with Steve Wozniak, were entrepreneurs when they started Apple and began selling their invention, Apple I. They created a new company and they were a startup, but what about Steve Jobs over the rest of his career with NeXT, Pixar, iMac, iTunes, iPod, iPhone, iPad, etc.? He was an entrepreneur. Some people have tried to use the word intrapreneur for an entrepreneur who works in a large company. But when asked “what do intrapreneurs do?” they answer, “they are entrepreneurs.” So from my perspective, independent of the size, type and age of a company, the company and the people in the company who identify an opportunity, creatively pursue this opportunity and create value from this opportunity are entrepreneurs.

Given this context, here is my answer to question #2, “What are the characteristics and traits that beget great entrepreneurship?” (in alphabetical order):

• Adaptable: Learns from mistakes and is able to work around obstacles. Flexible and able to deal with uncertainty and manage risk.
• Confident: Comfortable dealing with ambiguity. Self-assurance with the path forward. Disciplined, has a focus and clarity of what needs to be done and how to do it.
• Creative: Curious, makes keen observations, has a deep knowledge base and strong intuition upon which to invent ideas and solutions. Sees problems as opportunities.
• Fortitude: Strong work ethic and is tenacious. Goal-oriented and enjoys hard work. Persistent and not easily discouraged. Optimistic with a positive attitude.
• Leadership: Sincere, genuine and enjoys challenges. Excellent communicator who builds teams, instills confidence and is responsive. Executes on plans and makes crisp decisions.
• Passion: High energy and enthusiasm. Sets the pace and is dedicated to success. Motivates people and is optimistic, courageous, committed and proactive.
• Persuasive: Explains ideas and objectives clearly while building consensus. Strong sales capability. Uses empathy and advocacy to influence others.
• Responsible: Accountable and fulfills obligations. Mindful of their role and duty. Determined to plan and execute efficiently and effectively.
• Values: High personal integrity. Trustworthy and honest. Treats all people with fairness and dignity. Loyal, predictable and does the right thing.
• Vision: Based upon a strong market awareness and foresight, has a clear picture of the future. Sets forth goals of optimism, hope, excellence and breakthrough possibilities for tomorrow.