Jun
21

10 Traits That Make a Successful Entrepreneur

You’re sitting in your college dorm and come up with a new way laundry can be done.

You’re at your office desk and come up with a brilliant way to increase productivity with a new tool.

You see a troubled child walking by you on the streets and think of a program to help children like him in your neighborhood.

These scenarios are not atypical of ideas that can be easily acted upon if there is ambition and integrity behind the idea. Unfortunately, most of these ideas quickly become forgotten because you’re “too busy” or don’t know how to raise money or don’t have the time or effort to put into it.

This is what sets an entrepreneur apart from others: they have the passion, desire, devotion and hard work to put into a new business idea. Entrepreneurs are paving the way to disrupt or enhance currently technologies to make today’s economy function more efficiently.

This is not to say that those who do not act on their ideas do not have any of the qualities above, it is to say that entrepreneurs are another breed of business owners who are willing to take a chance and risk on a whimsical idea.

Risk…

That is the big word in everyone’s mind when thinking of entrepreneurship. It is something that most are not brave enough or willing to act upon. Yes, it is a big commitment you take upon yourself when you say, “You know what? Yes, I am going to act on this idea and make it happen!”

I have had the privilege to speak with several entrepreneurs in the Boston area upon joining a recent start up. Most say that initially they deemed their ideas ‘stupid’, ‘miniscule’, ‘unprofitable’ etc, etc. However, they did not just drop the idea. They kept it in their mind, culling over ideas, discussing it with others, until they could convince themselves that this idea was valid and worth a shot.

So…

What are the top ten traits of a successful entrepreneur?

1. Persistence
2. Vision
3. Hard work
4. Social skills
5. Risk taker
6. Passion
7. Time
8. Supporters
9. Money management
10. Ability to admit mistakes

Give or take a few of these, most entrepreneurs have ingrained these values which have allowed them to be outside the box, not just step outside the box, and take a risk on an idea they believe in.

Do you have any traits to add to this list? Know a successful entrepreneur and want to share their story below? Leave your ideas in the comments section below.

Mar
23

Generation Y Entrepreneurial Mindset

This is a guest post by Brant Choate. Brant currently runs the GYJoe blog which is a community for Gen Y and other generations to battle out their differences on topics of education, business, marketing, advertising, and general life principles.

Entrepreneurs used to be one in a million. Times have changed. It’s almost impossible to go throughout a week without brushing up against an “anti 9-5er” who’s looking to make their mark on the world.

We have reached the point where those who are not willing to be entrepreneurial in some way or another are falling behind the curve. While a large corporation wants your full attention and certainly doesn’t want you distracted with a side business, nobody is complaining about the valuable experience that Gen-Yers are developing all on their own.

As a Gen Y entrepreneur I come across all different types of entrepreneurial people. Here’s the categories:

1. The Idea Makers

These people can’t even sit down for lunch without covering their napkin in scribbled out ideas of how they’re going to make their first million. I have a couple of friends who carry around massive notebooks full of all of their ideas. No offense to this bunch, but they normally aren’t the ones that have many skills to carry out their ideas.

2. The Stealthy Nerds

Locked away in their parents’ basements…we’ve all heard the stories. Programming skills are their main assets. Don’t be misled by the lack of social skills and all night World of Warcraft marathons. Ever heard of Bill Gates or Mark Zuckerberg?

3. The Mommy Blogger

Every time I go to a business conference I always end up sitting down next to one of these nice people. There’s a lot of misconceptions about this group. Among the top is that they don’t make any money. Last time I checked, business is all about eyeballs. The more you have, the more potential you have for money. Networking skills are this groups greatest asset.

4. The Social Mediaite

Inspired by the likes of Darren Rowse, Gary Vaynerchuk, and Chris Brogan. You’ll frequently hear things like “I gotta get 100 more friends on Facebook” or “I’m almost up to 20,000 followers on Twitter!”. This group will use their quick connections to make business magic.

5. Starry-Eyed Future Millionaires

You’re gonna hear things like, “This idea has $100 billion in potential sales within the first year and the sky’s the limit after that!” Money is the main motivation for this group.

6. The Lifestyle Designer / 4 Hour Work Week Followers

Tim Ferris has inspired a whole new brand of entrepreneur. If you’re not familiar with the 4-Hour Work Week, Google it. The goal of this group is to create an automated business that will allow them to travel the world with no strings attached.

7. The Corporate Haters

Disenchanted with the old-school corporate lifestyle, this group is out on a mission to “stick it to the man”.

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