Seems like a simple question no? Of course it actually is not. In my third book, The Entrepreneur’s Growth Startup Handbook (John Wiley & Sons), an early chapter seeks to provide the surprisingly elusive answer to this query. First I clarify that we are not talking about someone who quits their job to open a Subway franchise or local barber shop. Here we focus on those who are ready to take on building something substantial and significant. The crazy ride that is building a company from scratch is not for the faint of heart. And even if you have the talent or ability in your industry, is your makeup such that you can handle the ups and downs, the stress, the dedication and passion that are necessary to make a business succeed?
In my 30+ years of building some successful (and some a bit less successful) businesses myself and working with hundreds of entrepreneurs, I developed what I believe are the nine key personality traits that make it more likely you will be successful in your endeavor. I developed this list before I looked online to see what others had posited, and was surprised at both the similarities and differences. Here are the nine (more detail of course in the book!):
- Big dreamer
- Natural leader and decision maker
- Obsessive passion and drive
- Macromanager
- Rational optimist
- Healthy fear of failure
- Little fear of risk
- Controlling but not freakish
- Disciplined personal and business life
What do you think? After going through these in more detail, the book explores the seven most likely reasons businesses fail and how to prevent and treat them – from getting the right partners, investors and employees to psychological issues like how to avoid burnout or boredom, what to do when the next great idea comes while you are still pursuing the first, and how you really make work-life balance work.
