Seven Key Traits Of Successful Entrepreneurs

Seven Key Traits Of Successful Entrepreneurs
SHARE
THIS



Alan Manly (pictured below) is the founder and CEO of Group Colleges Australia and author of two books, The Unlikely Entrepreneur and When There Are Too Many Lawyers There Is No Justice. In his latest guest post, Manly offers his top tips to take your entrepreneurial skills to the next level…

Starting a new business venture is not for the faint-hearted. Like a rollercoaster, there’s plenty of anticipation and excitement as you gear up towards the big launch. Everything feels great. You’re surrounded by excited people who want to get involved or invest. Enthusiasm abounds as the business takes off, but as time goes on and the market adjusts to your presence, things get a lot tougher. These inevitable lows can be incredibly lonely.

Alan Manly-1

It takes a special combination of traits to successfully navigate these ups and downs of – and it might surprise you to learn that not all of these traits are positive. So what are the key traits of a successful entrepreneur?

  1. Passion

Passion is the magic ingredient that elevates a good idea into something super clever. It’s impossible to distract a true entrepreneur from their idea when they are in passion mode. If taken too far, this passion can lead to an unhealthy obsession, so it’s important to keep yourself in check and maintain a balanced life.

  1. Risk-taking

Although no venture is without risk, willingly putting the family home or any other major asset on the line without proper consideration just irresponsible. In the extreme, this sort of reckless disregard can have harsh legal consequences. Maintain a healthy fear of failure and you’re less likely to take risks that jeopardise your personal or business assets. If you are considering such a move, do some thorough soul-searching and get expert financial advice.

  1. Ego

All entrepreneurs are egotistical. It goes with the territory. After all, it’s their vision – why shouldn’t it be done their way? An entrepreneur who’s not egotistical enough may compromise too often to please others, resulting in an inferior result. But things can quickly go south when an entrepreneur fails to involve the team in key decisions, is reluctant to give others credit or is insensitive to their needs. Tread carefully. It’s a very fine line.

  1. Emotional discipline

Keeping your cool is a great asset when it comes to a crisis, important presentation or social event. It helps you steer the ship through stormy seas. If the captain starts to panic, the passengers will too. So minimising the display of emotion is definitely a strength when it comes to business. But leaders who control their emotions too tightly can be accused of lacking empathy and failing to appreciate the feelings and concerns of others. It’s important to get the balance just right to ensure the stability of your team.

  1. Charm

How could charm be anything but positive? A leader with plenty of charm is great at finding out what is on people’s minds, manoeuvring the conversation in a certain direction and leaving others feeling that they are understood. What could be better?  Sadly, there is a point where manoeuvring becomes manipulating and that’s never a good thing. A successful entrepreneur knows where the line is.

  1. Wit

Having a quick wit is essential. The ability to verbally dance around the most penetrating of questions will get an entrepreneur out of all sorts of situations. The quick-witted entrepreneur is able to leave the audience laughing even when bad news is everywhere. Wit becomes deviousness when the joke is at another’s expense, and that doesn’t look good on anyone.

  1. Market knowledge

Every entrepreneur has the advantage of having researched the market for their product for the ubiquitous business plan. An enthusiasm to understand and share this knowledge is vital when attracting new customers or investors. Bore a hapless individual with a lengthy conversation about market trends, however, and your strength has just become a weakness. A little knowledge is dangerous, but revealing too much too enthusiastically to an uninterested person is just annoying.

All entrepreneurs have strong positive traits, but it is possible to have too much of a good thing.  The key to finding a balance is self-awareness. Monitor your own emotions and understand how they affect you, your colleagues and your business decisions. If you can master that, you’re halfway there.

 

 

Please login with linkedin to comment

Alan Manly

Latest News

Vision6 Launches First-Ever National Brand Campaign “Simply Reliable”
  • Advertising
  • Campaigns

Vision6 Launches First-Ever National Brand Campaign “Simply Reliable”

Australian owned and operated email and SMS marketing software company, Vision6, announced the launch of its first-ever national brand campaign and new brand platform “Simply Reliable”. Founded in 2001, Vision6 was one of the first email marketing software providers in Australia and has since been relied upon by thousands of Aussie businesses and organisations for […]

JCDecaux New Zealand Grows Its Team To Lead Street Furniture Tender
  • Media

JCDecaux New Zealand Grows Its Team To Lead Street Furniture Tender

Out-of-Home media company JCDecaux New Zealand has appointed business growth specialist Adam McGregor in preparation for its bid to win upcoming local government street furniture tenders across the country. With contracts for the provision of street furniture including bus shelters across New Zealand up for renewal from late 2022, they collectively represent the biggest advertising […]

ABC iview Goes Virtual With Fetch TV
  • Media

ABC iview Goes Virtual With Fetch TV

Fetch TV has announced that ABC iview will soon be available as a dedicated Virtual Playlist Channel on the Fetch platform. Virtual Playlist Channels (VPCs) were developed by Fetch to promote content discovery, and to provide a clear bridge between the traditional world of linear TV and the growing availability of on demand content via […]

Jackie Gillies Joins The Acast Creator Network
  • Media

Jackie Gillies Joins The Acast Creator Network

Jackie Gillies, businesswoman, psychic medium and cast member of The Real Housewives of Melbourne is bringing her sassy, inspirational and adventurous spirit to her new podcast Shine It Up, With Jackie Gillies, which launches today via Acast. Hosted and distributed by the creator-first podcast company Acast, the show will offer listeners inspiration and motivation to […]

Hungry Vax, Jabstar, JAB Hi-Fi: Aussie Designers Give Iconic Logos A Pro-Vax Revamp
  • Media
  • Technology

Hungry Vax, Jabstar, JAB Hi-Fi: Aussie Designers Give Iconic Logos A Pro-Vax Revamp

Crowdsourcing platforms DesignCrowd and BrandCrowd are promoting vaccination efforts in a unique way, launching a logo redesign contest among their networks of designers. The initiative saw iconic Australian brands such as Hungry Jack’s, Jetstar, JB Hi-Fi, and Bunnings undergo a redesign.  “We thought it would be fun to see some other iconic Australian brands back […]

Harper’s Bazaar Australia Appoints Jillian Davison As Editor In Chief
  • Media

Harper’s Bazaar Australia Appoints Jillian Davison As Editor In Chief

Jillian Davison has been named editor-in-chief of the recently relaunched Harper’s BAZAAR Australia. She will oversee all content, development and creative direction across the iconic magazine’s digital and brand platforms. Davison (pictured) succeeds Eugenie Kelly, who recently stepped down to pursue other opportunities. The announcement was made by Maureen Jordan, publisher of Harper’s BAZAAR Australia […]

72andSunny Unveils First Campaign For Plant-Based Drink Brand Australia’s Own
  • Advertising
  • Campaigns

72andSunny Unveils First Campaign For Plant-Based Drink Brand Australia’s Own

Freedom Foods and 72andSunny Sydney have launched the first advertising campaign for Australia’s Own range of plant-based beverages. The campaign introduces a new visual world and identity for the brand and captures the healthy, positive feeling you get when spending time in nature and when consuming Australia’s Own certified-organic, plant-based beverages. As well as featuring […]