A successful entrepreneur is not born: he or she is created. While many will have sweet dreams of being a millionaire, few will actually get there. Why? Luck has nothing to do with acquiring the traits of a successful entrepreneur. Those born into fantastic wealth have still foolishly invested their fortunes in unrealistic ventures that left them penniless in the end. Just ask Huntington Hartford, heir to the former national A&P Grocery store chain. His millions amounted to a pittance from failed investments and lavish spending.
The Common Traits Of A Successful Entrepreneur
No matter where they start, if you took the top 20 most successful men and women in business today, you would find they have more than just a few things in common. If you boil down all the things they will tell you about how they became successful, you’d find these 5 common things they can attribute to being a successful entrepreneur. What are they? Glad you asked.
They Have A Plan – We’re not just talking about a business plan, these people have a plan for life. They know where they are going and how to get there; personally and professionally. Their days are planned, their vacations are planned, their family time is planned, everything is planned. Why? Because of the old adage: Failing to plan is planning to fail.
How well is your day planned before it starts? How about your week? If you are not planning yourself then you are likely not planning your business either. Think carefully about blowing off this very important tool for success. Write it down, put it in an app. Do whatever you can to build a roadmap for success.
They Have Mentors – No one with any marked success could possibly say they got there solely on their own and they had no one they ever looked up to or asked for advice. The best athletes in the world still have coaches and training programs they follow to the letter. Every successful entrepreneur has a mentor or mentors they go to on a regular basis.
The worse thing you can do as an entrepreneur is think you have attained all of the knowledge you need and are therefore unteachable. Do yourself a favor, reach out to former bosses, professors, coaches, anyone who helped you mature in your success and stay in touch. You need them. Which brings me to my next point…
They Continue To Learn – I sat at a national convention one sunny afternoon in Houston about 5 years ago and listened to Tom Monaghan. Don’t know him? He is one of the co-founders of Domino’s Pizza. He started by buying a failing pizza shop and continued to help it fail until he and his brother finally got it off the ground. He had many pearls of wisdom to share that day but the one thing that struck me the most is how much he read.
He shared that he read at least one book a week. That is over 52 books a year! How many books have you finished lately? I can assure you that my book reading accomplishments are nothing like Mr. Monaghan’s. What did he read? Books that would teach him something. He didn’t waste his time on fiction. He wanted to learn. As I have listened to countless entrepreneurs being interviewed over the years, they all share a common trait: they read to learn and they do it way more than the average person. Speaking of Tom Monaghan, he taught me something else that day…
A Successful Entrepreneur Shares The Wealth – After years of success and a lot of accumulated stuff, Tom was burdened by the fact that he had so much while others went without. He then set out on a journey of downsizing his life and giving the monies he received from the sale of his private plane and rare car collection to the charities he cared about.
He is not alone in this either, Warren Buffett and Mark Zuckerberg, as well as plenty of others, give most of their wealth away. These men have all learned that leaving a legacy is much more valuable than leaving a fortune.
Have you failed to share your wealth by not properly investing in your employees? How are their benefits looking? Would you be proud to tell others what you are providing to them? If not, consider a PEO to help you offer the kind of benefits you can be proud to share with others. A PEO costs a lot less than you think and it sure is a solid investment in your relationship with your employees by putting money toward their future and well-being.
They Value Their Employees Thoughts And Opinions – One thing that matters most to an employee is feeling as though they are worth something. When employees feel valued, they stick around, even through tough times. They have a personal stake in your success when they feel as though their employer has their best interests at heart.
I was just listening to an entrepreneur on a podcast today who was sharing what he learned by listening to his employees. Chances are, your employees have a great handle on the pieces of the business you have charged them with. Ask them how it is going. What would they change if they could? What are you customers saying? Take the time to listen, your reward will be much more than you expect.
Be A Successful Entrepreneur Your Employees Can Brag About
Following these common traits of a successful entrepreneur will help you be well on your way to greater success. Some of these you may already be doing, some not. Doing all of them will create a momentum of success that others would want to tell people about.
It is a great learning experience in your journey as a successful entrepreneur to find some business coaches online and listen to what they have to say. Youtube is a terrific resource to find these invaluable nuggets of wisdom. For providing HR solutions and benefits to your employees at a price you can afford, look to a PEO broker like PEO Spectrum to help you navigate the solution that best fits your needs.