Brains and Guts - Entrepreneurial Traits That Don"t Come With an MBA
There are hundreds of articles and quizzes and evaluations that purport to outline the specific traits required to succeed in entrepreneurship.
Heck, I've written a few myself.
But at the end of the day, successful entrepreneurs have two things in common -- brains and guts.
Brains Having the brains to cut it as an entrepreneur doesn't require an MBA from Harvard.
In fact, while formal education is helpful, street smarts are even better.
The most successful business owners are masters of reading people, building relationships, and reading the writing on the wall.
They are eager to learn what they need to know and more.
They like to read...
at least as a means to learning what they want to know.
They are not afraid to try new things or afraid to fail.
In fact, all that failure tells them is that they need to learn more.
Common sense is an important entrepreneurial brain trait.
Selling products and services is a series of logical steps and if any are overlooked or undervalued, it will be difficult to succeed over the long term.
Attention to detail is also important.
You must know exactly why it is that your customers buy your product, and why others don't.
You must be aware of the details of every aspect of your business, even if you have employees or outsource professionals handling the day-to-day tasks.
More than anything, the brains aspect of entrepreneurship requires that you have a solid foundation of business knowledge.
For most first-time entrepreneurs, there is a lot to learn.
The basic topics an entrepreneur needs to master include the actual operations of the business idea, marketing (huge), financial management (huge), networking, legal issues, customer service issues, employment issues...
the list goes on and on.
Many business owners take the learn-as-you-go approach, but smart entrepreneurs put in the effort to learn as much as possible beforehand.
Managing your venture by trial and error is an expensive, risky way to go, and makes no sense if your intention is to build your livelihood from this startup.
The information you need is available, and the minor expense of purchasing the appropriate products before you launch will vastly increase your chance of success.
Guts In addition to brains, successful entrepreneurs need guts.
In this case, having guts means being courageous, confident, dedicated and committed to your startup.
Just going out on your own requires bravery because the world of entrepreneurship is still the great unknown for most people.
Don't expect resounding support from your family and friends...
rather plan to defend your decision just about every time you are with other people.
You must be devoted to your goals, especially those that drove you to entrepreneurship in the first place.
For many, the primary motivations for pursuing a startup are independence and financial security -- keep those in mind when the going gets tough.
You will have to believe in your own abilities to get things done and make tough decisions confidently.
You will have to fight through the times when you feel like giving up...
and you will likely have to fight by yourself.
Launching a startup is a very solitary adventure.
If it is just you, you will have to motivate yourself, and if you are with a partner, you will have to be careful that you don't bring each other down.
Entrepreneurial guts also means trusting your own instincts and persevering through setbacks and obstacles.
Work hard on learning all you can about your industry, market and business fundamentals, the trust your gut when you have to make snap decisions.
Believe in what you are trying to do and don't let anyone distract you from your goals.
Expect setbacks and have a plan for pushing through them.
Whatever you do, don't give up before you have given your venture a chance to succeed.
Entrepreneurship is inherently a test of brains and guts.
If you choose to absorb all the information you can and persist through the tough times, you will build your business idea into a thriving company.
Heck, I've written a few myself.
But at the end of the day, successful entrepreneurs have two things in common -- brains and guts.
Brains Having the brains to cut it as an entrepreneur doesn't require an MBA from Harvard.
In fact, while formal education is helpful, street smarts are even better.
The most successful business owners are masters of reading people, building relationships, and reading the writing on the wall.
They are eager to learn what they need to know and more.
They like to read...
at least as a means to learning what they want to know.
They are not afraid to try new things or afraid to fail.
In fact, all that failure tells them is that they need to learn more.
Common sense is an important entrepreneurial brain trait.
Selling products and services is a series of logical steps and if any are overlooked or undervalued, it will be difficult to succeed over the long term.
Attention to detail is also important.
You must know exactly why it is that your customers buy your product, and why others don't.
You must be aware of the details of every aspect of your business, even if you have employees or outsource professionals handling the day-to-day tasks.
More than anything, the brains aspect of entrepreneurship requires that you have a solid foundation of business knowledge.
For most first-time entrepreneurs, there is a lot to learn.
The basic topics an entrepreneur needs to master include the actual operations of the business idea, marketing (huge), financial management (huge), networking, legal issues, customer service issues, employment issues...
the list goes on and on.
Many business owners take the learn-as-you-go approach, but smart entrepreneurs put in the effort to learn as much as possible beforehand.
Managing your venture by trial and error is an expensive, risky way to go, and makes no sense if your intention is to build your livelihood from this startup.
The information you need is available, and the minor expense of purchasing the appropriate products before you launch will vastly increase your chance of success.
Guts In addition to brains, successful entrepreneurs need guts.
In this case, having guts means being courageous, confident, dedicated and committed to your startup.
Just going out on your own requires bravery because the world of entrepreneurship is still the great unknown for most people.
Don't expect resounding support from your family and friends...
rather plan to defend your decision just about every time you are with other people.
You must be devoted to your goals, especially those that drove you to entrepreneurship in the first place.
For many, the primary motivations for pursuing a startup are independence and financial security -- keep those in mind when the going gets tough.
You will have to believe in your own abilities to get things done and make tough decisions confidently.
You will have to fight through the times when you feel like giving up...
and you will likely have to fight by yourself.
Launching a startup is a very solitary adventure.
If it is just you, you will have to motivate yourself, and if you are with a partner, you will have to be careful that you don't bring each other down.
Entrepreneurial guts also means trusting your own instincts and persevering through setbacks and obstacles.
Work hard on learning all you can about your industry, market and business fundamentals, the trust your gut when you have to make snap decisions.
Believe in what you are trying to do and don't let anyone distract you from your goals.
Expect setbacks and have a plan for pushing through them.
Whatever you do, don't give up before you have given your venture a chance to succeed.
Entrepreneurship is inherently a test of brains and guts.
If you choose to absorb all the information you can and persist through the tough times, you will build your business idea into a thriving company.
