6 traits of legitimately successful serial entrepreneurs
Entrepreneurs are driven by excitement and passion, but also strategy. If you aren’t detail-oriented, you won’t last; if you struggle with taking on daily to-do’s, you’ll need to ramp up your game. Serial entrepreneurship is not for the faint of heart.
Here then are six characteristics of successful serial entrepreneurs:
1. Little interest in titles or recognition
These business owners have nothing to prove. They might not even drive a fancy car. They also tend not to judge others on their appearance, but rather, on their business decisions.
2. Dedicated to the cause behind each startup …
… not to the idea that they’ll be able to take long vacations, buy bigger houses, or become socially affluent. If this had been their motivation, they never would have succeeded.
3. Obsessive about the details
Warby Parker spent six months choosing a name while planning the rest of their launch. They tossed out over 2,000 ideas before settling on their now-iconic brand name. (Warby Parker is currently valued at $1.2 billion and is a 6-year-old company.)
Like Warby Parker, entrepreneurs never rush the production of something just to “get it out there.”
4. Decisive about who the company is …
… and about whom it serves and how it serves. Successful companies never bother trying to serve everyone. They define their target market and hone in on it from day one. This means they also don’t add services or products to their company that wouldn’t be a perfect fit for their target audience.
Some businesses add more services thinking that they’ll make more profit in the end, but serial entrepreneurs understand that the more specialized and specific a company is, the faster it will grow.
5. Able to react quickly and decide slowly
Business requires entrepreneurs to stay on their toes, but that doesn’t mean they have to make decisions on the fly. In fact, doing so indicates that they don’t have a firm grip on the business.
Instead, seasoned entrepreneurs know that small changes can have a big ROI, like tweaking a process or revamping an existing process, rather than creating a new one.
6. Able to set goals that are reachable within 90 days
Any goal that is set beyond 90 days is simply a vision (Todd Herman). Why? Because science has proven that goals set further away don’t feel real to us and we will subconsciously procrastinate toward it rather than working toward it.
It takes someone with guts and confidence to say, “Ninety days from now, the company will be here _________, and I’m going to make that happen by _________.”
Click here to sign up for the free IB ezine – your twice-weekly resource for local business news, analysis, voices, and the names you need to know. If you are not already a subscriber to In Business magazine, be sure to sign up for our monthly print edition here.