Six (more) Characteristics of Highly Successful Entrepreneurs

Last time, I gave you some characteristics of highly successful people. Here are six more.

1. Always Learning and Investing in Themselves: Most successful people know they don’t know, even if they are experts. They believe entrepreneurs are made, not born. They see the learning experience as a way to build their brand. Warren Buffett is one of the most recognizable brands in the business. He has said on many occasions that the best investment you can make is in yourself. However, even he thinks he can improve his leadership skills. This from guy who leads a multi-billion dollar company: someone who when he says something, the markets hinge on every word. Entrepreneurs read as much as they can. In fact, many, including Warren Buffet, Bill Gates, and Oprah Winfrey, live by the 5-hour a week rule. They set aside one hour a day, five days a week, just for reading. Finally, don’t fear mistakes. Learn from them. Just don’t make the same ones over-and-over.

2. Not Work-a-holics: This one may surprise some people. Yes, there are times when they’ll put in 60-80 hour weeks, especially in the beginning. However, they make sure they live a balanced life: work, family, mind, spirit, and exercise. In addition, they sleep on a regular schedule! The important thing is to do what you love. After all, you’ll be spending a lot of time doing it. The joy is in the journey, not the destination.

3. Giving Back: It’s almost as if every day is Thanksgiving, minus the food. They love to spread their good fortune, contrary to the belief that they are all greed-heads. The USA gives approximately $300 billion a year to charity. Make the most of your down time by giving back, perhaps serving as a mentor to someone less fortunate.

4. Negotiate: They think in terms of win/win for all parties vs zero-sum game, where there is one winner and one loser. The end game is the fulfilment of objectives for everyone involved. Always aim big. If you want something, just ask. Here are some tips for a successful negotiation.

• Set a positive tone in the beginning

• Ask open-ended questions. Then just listen. If you have to practice your listening skills, then do it. It’s an essential skill in any business.

• Always be honest in any negotiation. Honesty is an expensive gift. Don’t expect it from cheap people. If this sounds familiar, it should. Warren Buffett has said it on many occasions.

• Aim for respect, not for being liked.

• Determine a satisfactory outcome for both sides

• Finally, find opportunities to create value and build trust.

1. Resourcefulness: Chances are you’re not going to have a big bankroll to start your business. You’ll have to make the most with what you have, which will mostly be what’s inside your head. There is no whining, no “woe is me” attitude, or it’s everyone else’s fault but mine. If you’re starting a side-hustle (a sleek new term for job on the side), save what you earn. That way when you do decide to go full-time, you’ll have some resources at your disposal. Always prepare for opportunity. You never know when it will present itself.

2. Perseverance: This is arguably the most important one on the list. Entrepreneurs don’t give up, especially after getting a bunch of “no’s”. They aren’t afraid to step out of comfort zone. Walt Disney was fired from his first job because he wasn’t creative enough. Tomas Edison failed over a thousand times when creating the light bulb. Steve Jobs was fired twice from Apple. Imagine if those three had given up after the first try. Remember, fear (of failure) is nothing more than a state of mind.

This sounds like you, doesn’t it?

Remember, the beginning to any achievement is desire. Use your imagination to turn desire into its physical component. Choose a goal and place all of your energy, effort, and willpower behind it. Willpower combined with desire is a powerful force. Use it to your advantage, and success is just around the corner.