Invictus
The 8 Characteristics of a Successful
Entrepreneur
The
Entrepreneur: Nature vs. Nurture
I have helped start three companies, have created and grown
several divisions within larger companies and have advised more than my fair
share of entrepreneurs on their business ventures for over two decades. As such, I have been exposed to a great many
entrepreneurs, both successful and unsuccessful. Through this exposure, I have found that the
entrepreneur, this special breed of humankind, definitely marches to the beat
of a different drummer.
There has been much debate over the years as to whether
entrepreneurs are born or made. While I
fall strongly on the nature over nurture side of this argument, it comes with a
caveat. Entrepreneurs are like gifted
athletes. They are born with the innate
talents, abilities and characteristics to be that successful entrepreneur. On the other hand, like the elite athlete,
most would-be entrepreneurs, no matter how gifted, would fail without accumulating
the proper tangible skills, training or guidance. Also like the elite athlete, the successful
entrepreneur will constantly acquire and hone the necessary skills for
success.
Sadly, though, no matter how many skills or specialties a
person accumulates in life, only select few have the natural born make up to be
the successful entrepreneur. While no
two entrepreneurs are the same, I have found that there are 8 main characteristics
shared by them all. The pneumonic
“INVICTUS” will assist us on this journey of discovery and enlightenment.
I Industrious / Hard Working
N Narcissistic
V Visionary / Foresight
I Intrepid (Resolute Fearlessness,
Unwavering Confidence)
C Communicative
T Thick Skinned
U Unemployable
S Spirit / Passion
Invictus: Strength in the face of adversity
I chose Invictus not only because its first letters
correspond nicely to the required characteristics of an entrepreneur but also because
the meaning of the word Invictus is the very personification of an
entrepreneur. Invictus is Latin for
“unconquered.” But, largely based on the
poem of the same name by William Ernest Henley and further solidified by a
subsequent movie starring Morgan Freeman and Matt Damon, it has come to reflect
the larger meaning of “strength in the face of adversity.” If I had to pick a single concept that best
embodies an entrepreneur, it would be strength in the face of adversity.
Industrious
Ben Franklin was one of America’s first and most successful
entrepreneurs. He founded the University
of Pennsylvania, established Philadelphia’s first library and fire brigade. He
invented the lightning rod, indoor stove ventilation and countless other
products. While many know of these
achievements, most do not realize that Franklin was also one of our nation’s first
franchisers. Franklin would find
qualified young men and would set them up in the printing business throughout
the colonies. The most important characteristic
that Franklin sought in a partner was that they were industrious, or hard
working.
Although many of the 8 characteristics are not listed in
order of importance, industriousness takes its rightful place at the top. To be successful in any endeavor, unless you
are a member of the lucky sperm club, you must outwork those around you. Intelligence, charm and strength are nice
characteristics to have but they are wasted without the proper work ethic to
maximize their impact. Much of
entrepreneurial success also has a luck factor or the good fortune of being in
the right place at the right time. You
can increase your odds of being successful by always working hard to seek out
the right place to be.
Narcissistic
While narcissism often refers to one’s obsession with their
appearance, narcissism also covers one’s love for their own abilities, ideas and
achievements. It manifests itself in a
self-confidence that is impervious to outside attacks. For these purposes it might as easily mean
the lack of self-doubt. One cannot be a
successful entrepreneur unless they were truly in love with their ideas and
creations. It is this love that drives
them. It is this self confidence that
creates a force field against the world’s inherent negativity towards others’
successes. Not all entrepreneurs are as
explicit in their narcissistic approach to self-promotion as Jobs, Ellison,
Zuckerberg or Disney but, this characteristic in definitely present in the
self-confidence of all entrepreneurs including less overt entrepreneurs like
Branson, Hershey, Buffett and Franklin.
Visionary (Foresight)
Almost by definition, every successful entrepreneur has
vision. But it is more than just the
ability to see that which does not exist.
Entrepreneurs have an uncanny knack to envision that which is around us
in a completely different way. Steve
Jobs saw early on that the computer was not just an exclusive toy for early
programmers. George de Mestral was able
to see that the plant burrs that stuck to his pants after hiking would make a
novel premise for a great fastener and thus envisioned Velcro™. Howard Schultz saw Starbucks as far more than
just a seller of premium coffee beans.
Intrepid (Fearless Perseverance)
“He who sticks to the
sidewalk may never get hit by a car but, he will also never cross the
street.”
By Yksnip Nevets (management consultant and industrial
philosopher)
It is in the danger filled streets of the new and unknown
that the entrepreneur thrives. While
others are afraid of being struck down by the traffic of failure, the
successful entrepreneur welcomes the challenges that come with dodging the
vehicles of doubt, challenge and adversity.
The road of the successful entrepreneur is dangerous to cross and leaves
many an unworthy pedestrian to end up as a footnote in the annals of
professional road kill.
Intrepid means resolutely fearless. It is an almost pathological sense of
invincibility that keeps the entrepreneur moving forward when common sense
dictates otherwise. Walt Disney went
bankrupt in his early ventures and then had his first successful cartoon,
Oswald the Rabbit, stolen from him. His
fearlessness to continue on led to the creation of his next successful cartoon,
Mickey Mouse. Milton Hershey failed at
upwards of eight businesses before finding his sweet success in the form of
caramels. Most people would have stopped
at one or two failed ventures (actually, most people would have been afraid to
start even one venture). But that is why
most people are not successful entrepreneurs.
Communicative
“A really good idea effectively communicated is better that
a great idea that languishes in obscurity.”
By Yksnip Nevets
The venture capital floors of Silicon Valley are paved with
business plans of potentially great ideas that never got funding or support
because they were never communicated properly or, even worse they were communicated
improperly. Good communication skills
come in many different forms and are not limited to great business plans or
PowerPoint presentations. A good
entrepreneur has the ability to paint a picture of potential; the potential of
how great their idea can be. How they do
this may be different for each entrepreneur.
It could be as formal as a fully populated business plan or it could manifest
itself in a passionate verbal description that leaves potential partners and
investors in awe. In certain cases, many
an entrepreneur has let their product do the talking. For this to be successful, the inventor has
to make sure their product is speaking to the right audience.
No matter what the form of communication, a common
communication strategy of the ultimately successful is to communicate often and
in many case more than just one way.
Thick Skinned
It is said that Marconi, the inventor of the radio, was physically
taken by his “friends” to a mental hospital for forced evaluation after he
shared with them that he had invented a way to send communication signals
without the use of wires.
For as long as there have been entrepreneurs, there have
been critics, naysayers, doubters, detractors and all other forms of road blocks. Many an aspiring entrepreneur has lacked the
fortitude and has succumbed to these counter-forces and, as a result, their
idea died a premature death. The
successful entrepreneur has the ability to block out the negativity of doubt
and fear and push on. The really
successful entrepreneur finds improvement opportunities between the lines of
criticism and uses it to make their idea and businesses even better. The outside world often misunderstands this
attitude for arrogance or narcissism (see narcissism above). And there may be a bit of that, too but, if
the entrepreneur is not so sure and absorbed in the certainty of their
creation, there is no way the world will follow suit.
Unemployable
“The truly successful are those with the impatience to
accept their current lot in life but possess the patience to put in the hard
work and preparation to improve it.”
By Yksnip Nevets
Mark Cuban recently credited his entrepreneurial success in
his failed attempts at working for others.
It is not that entrepreneurs cannot get jobs and do them very well. It is the restlessness of always wanting more
that prevents the true entrepreneur from remaining for extended periods of time
in the indentured servitude of others.
Often this is magnified by the deep down feelings that they are smarter
or better than those for whom they work (see narcissism above). This is never a recipe for a harmonious work
relationship and an impediment to a long tenure.
Spirit and Passion
“Goals without passion are like Ferraris without gas. Sure they look great in the driveway and
impress the neighbors but they won’t get you anywhere.”
By Yksnip Nevets
As Industriousness took its rightful place at the top of
this list, it is spirit and passion that have the final words. All the other attributes of the successful
entrepreneur would fade into obscurity without a blood boiling drive that fuels
their every action. Often, this passion
manifests itself as narcissism (see narcissism above) or arrogance (see Trump,
Cuban or Ellison). But for the
entrepreneur, the appearance of arrogance is nothing more than their passion
escaping from the artificial boundaries of their physical being. Yksnip Nevets also said that you are as the
world sees you but your potential, both good and bad, lies in the way you see
yourself. While most of the world is
trying to get the world to catch up to their potential as manifested in the way
they see themselves, it is the entrepreneur whose self-esteem and passion sets
the pace for how they are viewed by others.