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.
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?
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.
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.
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.
- 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.
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.
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.
- 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 commentAlan Manly
Burger King in the UK has taken a unique approach to Christmas, releasing a Christmas carol sung by a car satnav. The campaign, by London agency Bartle Bogle Hegarty, includes an almost eight-minute remake of Chris Rea’s hit “Driving Home for Christmas”that it’s retitled “Driving (Thru The) Home (Of The Whopper)”. The hypnotic track provides […]
New research has revealed that businesses are not acting quickly enough to preserve customer trust following a data breach, and that failure to effectively engage customers in a way that matches their expectations will result in irreparable long-term damage to brand reputation. Porter Novelli Australia, in partnership with Quantum Market Research, has conducted research to […]
Beauty brand Sephora has divided the internet after posting an ad for an adult toy to its global Instagram page which has more than 20 million followers. Since posting the advert, Sephora has since stopped allowing comments on the post, but thankfully (for B&T readers) we managed to grab a few before that happened. The […]
New research has revealed the most controversial TV commercials which have sparked outrage across the US, with big names such as Pepsi and Dove making the list. The findings, compiled by journey advertising platform illumin also includes a new ranking that identifies which states have made the most complaints about TV commercials over the past […]
A recent survey Pilot conducted shows that shame remains a solid barrier to men seeking professional help for sexual performance issues, so they started a campaign encouraging men to put it all out there, loud and proud. Pilot is a digital healthcare clinic, and since 2019, Pilot has given over 100,000 Aussie men convenient access […]
Creative agency FRED & FARID Shanghai has partnered with the international brand Guinness to make a mark on the Chinese market by envisioning and developing “A Whole Universe” – a visual odyssey honouring one of the most iconic beers. There are briefs that one cannot turn down, like the one to introduce the most iconic […]
Craig Reucassel (left) of The Chaser and dear friend of B&T, will take over hosting duties on ABC Sydney breakfast radio, with James Valentine returning to afternoons and Indira Naidoo handing over control of her evening show to producer Renee Krosch. Reucassel has produced three seasons of War on Waste for ABC TV since 2017 and last […]
New-generation media agency 27 Degrees Media has been appointed to manage digital media for national tyre retailer Tyreright in one of its first Australian client signings. Lead Image: Loan Morris – 27 Degrees Media CEO Under the partnership, 27 Degrees Media will be responsible for all digital media strategy, planning and buying, along with influencer […]
The Works has announced the launch of ‘Question Everything’ a new brand platform and campaign for their newest client, Archie Rose. As a nine-year-old independently owned and operated Australian multi-spirit distillery, Archie Rose has garnered a devoted following among existing customers, with a reputation primarily built on white spirits – particularly gin. However in line […]
Brisbane performance agency farsiight has announced the launch of its new market positioning, Growth for Good, in response to a changing business landscape, marking a departure from a “growth at all costs” mentality that has defined the industry in recent years. Agency founders and brother duo, Josh and Ben Somerville, envision Growth for Good as […]
Australia’s largest privately owned transit media supplier, GoTransit Media Group, now offers unprecedented options for transit advertising in Newcastle – on both land and sea following their successful tender to supply interior advertising inside the popular Stockton Ferries. The national transit media company is already well acquainted with the thriving NSW market, having successfully operated […]
Heritage and People’s Choice have launched People First Bank, the new name for positive change in banking Australia’s largest customer-owned bank has unveiled its new brand, announcing that Heritage and People’s Choice will be unified under the new name of People First Bank. Chairman Michael Cameron said the highly anticipated new brand offered a compelling […]
L’Oréal Groupe Australia and New Zealand have announced one of the largest investments to the Great Barrier Reef Foundation to pioneer new coral restoration efforts in the region. L’Oréal Groupe Australia and New Zealand have announced today a new partnership with the Great Barrier Reef Foundation (GBRF), to help coral reefs withstand the devastating impacts […]
Effective immediately, S4Capital’s operating brand Media.Monks, a digital-first marketing and advertising services company, has appointed Matthew Godfrey to lead its APAC Content practice. With over 15 years of experience leading innovative businesses in the Asia-Pacific region, Godfrey will support a best-in-class senior leadership team across the region as EVP, head of content, APAC. He joins […]
Chandra Sinnathamby, Adobe’s director, digital media B2B strategy & GTM, Asia-Pacific, explains how the tech firm is empowering its small business customers with new AI tools, including its Adobe Firefly tools. In today’s fast-paced digital landscape, small businesses face numerous challenges when it comes to creating captivating content that resonates with their audience. Despite the […]
Summer mornings are heating up with Triple M again in 2023, thanks to the star-studded line-up of Harley Breen, Candice Warner and Tom Tilley, who are joining forces each weekday morning from 6-9 am for Triple M’s Summer Breakfast show. Airing from 4 to 15 December in Sydney, Melbourne, Brisbane, Adelaide and streamed live on […]
The Hit Network has announced its summer line-up for 2023, kicking off on Monday, 4 December, featuring The Jimmy & Nath Show, Hamish & Andy podcast, Nights with Seany B and special return celebrations for Christmas Day and New Year’s Eve. Hit’s cheeky radio duo Jimmy Smith and Nath Roye of The Jimmy & Nath […]