Are there certain habits, or patterns, many successful entrepreneurs share? What distinguishes entrepreneurs from everyone else?
Brent Bowers, author of 8 Patterns of Highly Effective Entrepreneurs
First: Opportunity
Entrepreneurs have an aptitude for spotting and seizing opportunity.
Second: Leadership
Entrepreneurs are compelled to be in charge, and act as natural and very capable leaders.
Third: Innovative
They have a history of innovation, and the entrepreneurial spirit has been with them since childhood.
Fourth: Adaptation
Entrepreneurs are quick to adapt to almost any situation thrown at them. They have an ability to think on their feet, and “just go for it”.
Fifth: Drive
Entrepreneurs naturally have a strong drive and determination to see their idea succeed.
Sixth: Passion
They have a passion and enthusiasm for what they do.
Seventh: Unfailing Pragmatism
Entrepreneurs act as their own best check and balance system. They take calculated risks, but never gamble.
Eighth: Setbacks Equal Opportunity
Entrepreneurs see setbacks not as failure, but as opportunity to learn and grow.
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{ 14 comments… read them below or add one }
Hmm, this article provoked me to think about the difference between risk and gamble. It seems to me that gamble is betting on something you cannot influence, while good entrepreneurs should probably take risks betting on their ability to steer through them it goes wrong.
@Josef
That’s a great way to put it. Calculated risk is what it’s all about…when you can calculate it, or control it, you’re gambling.
Thanks for coming by,
Matt
“quick to adapt to almost any situation thrown at ”
- most definitely. It’s all about the situations that we come across, bearish and bullish markets, bubbles and bursts and the list goes on. Effective Entrepreneurs are always able to adjust promptly.
Those 8 patterns mostly clicks with my idea about an entrepreneur. I would however put a question mark on 7th: unfailing pragmatism. The capacity for risk of entrepreneurs is much more higher than usual, they are often recognized by being the ones who are ready to take in. It might be that their risk is calculated but most of the time they’re also go for their “gut” or inspiration.
This simplifies the idea a bit too much. It’s hard work.
@agent_luke
Agreed, and what’s nice about being an entrepreneur or small business owner is you have the flexibility to react immediately to those situations. Big business doesn’t necessarily have that same luxury.
Matt
@Dragos
I think the real difference, and common misconception, is that entrepreneurs are “throw caution to the wind” go all in type of risk takers, and that isn’t the case with really successful ones. They are taking calculated risk – not gambling. Also, what looks risky to one person is completely sane to another. So for entrepreneurs with the traits above what they are doing may look like a big risk to someone without those traits. I’d liken it to rock climbing – I’ve never done it so it looks very risky and would be for me, but for somebody with 20 years of rock climbing experience there is hardly any risk at all.
Matt
@MGL
The intent wasn’t to over simplify and diminish the fact that running your own business is hard work, a lot of hard work! But to point out that people who are successful in business and entrepreneurship have the above traits more often than not.
Matt
Hey Matt,
I would also add what I call consistent persistence. Stick to it and don’t give up. To be successful, you need to be persistent, and be persistent consistently!
Cheers!
George
AMEN TO ALL OF THESE!
I feel lucky to be my own boss, to have made a ton of mistakes (and learned from all of em), and to be stepping “outside my box” on a daily basis…more and more success!
Best wishes to all of you!
Sarah
@Tumblemoose
Couldn’t agree more…lack of persistence has killed many a great idea.
Matt
@Sarah Rippel
I think pushing yourself out of your comfort zone a bit is so important, as well as learning from past mistakes. Take those two and add the persistence @Tumblemoose was speaking of in his comment above and you got a pretty good recipe for success!
Thanks for coming by, appreciate your comment.
Matt
thank you for a list that reaffirms who i was born to be!
- jason nadaf
I like your first one the best. They see a strong need that people want and provide it. Without that initial good idea, all the qualities in the world won’t make you successful.