What does it take to be a trailblazing entrepreneur? Here’s the top five qualities that entrepreneurs say helped forge their business success.
Entrepreneurs take different approaches to their businesses and have contrasting personality types, backgrounds and academic abilities. However, there are a handful of key shared traits that most say were vital to their success.
It (almost) goes without saying that passion and motivation are key characteristics of the successful. Many entrepreneurs work very hard for little or nothing for a long time before their business starts to offer financial rewards.
“Being passionate about your business is everything and if you’re to be successful, then this has to happen naturally,” says Jason Goldberg, director of online spa booking specialist SpaSeekers, whose turnover has grown from £2.5m in 2014 to almost £10m today. “The passion should be unconditional, whereby you go to whatever lengths necessary, any time of the day or night, to get done what needs to be done and more. It’s more than just a job; it’s addictive, and walking away is never an option.”
This enthusiasm needs to show across every area of the business. “The difference between a successful business and a failing business can often be in small, sometimes subtle differences that end up impacting the overall experience,” says Tobias Kormind, co-founder and MD of 77 Diamonds, Europe’s biggest online diamond jeweller, based in Mayfair. “Consumers feel this difference both consciously and unconsciously. It needs to be great throughout every touchpoint. Without passion from the staff, you just can’t get there.”
There are always obstacles to overcome in business, but many entrepreneurs consider this a challenge.
“When setting up a new business, there are going to be setbacks and uncertainty, so you’ve got to be resilient enough to work through the doubts,” says Jamie Bolding, founder of Jungle Creations, whose media company’s content gets up to five billion views a month. “It’s those who manage to battle through those setbacks and carry on who are going to make it through the start-up phase and into the stage of running a well-oiled and successful business.”
“When you break new ground, there are always naysayers trying to pull you down,” says Kormind. “Some try to actively stand in your way because of fear, jealousy or they see you as a threat. For others, it’s simply because they don’t want to challenge the status quo or they fear change. Don’t listen to them. If you believe in what you’re doing, then persevere until you succeed. The key is not to be blind or stubborn when the exact path you’ve chosen does not work; keep experimenting until you find the right way.”
Failure and learning from mistakes is often an important milestone on the path to success. If you look at the stories of James Dyson, Arianna Huffington, Steven Spielberg and Richard Branson, they all experienced setbacks before going on to become some of the most successful business people in the world.
“You need to be a realist and face challenges head-on. The key thing is to work on something you love and solve big problems”
Tushar Agarwal, co-founder, Hubble
Bolding says: “In the beginning, most of my mistakes were due to the fact I was 23 and lacked the experience that most CEOs gain over decades. But I’ve learnt from every single one. As the company grew from one person to 10, to 80 and eventually 155 where we’re at today, it took me a while to fully realise the importance of internal communications. I hadn’t appreciated the huge value it brings to people and how important it is to ensure everyone is aware of what’s going on in the wider business.”
Goldberg says that being complacent and not driving the business forward was a tough lesson and that, however well you think you’re doing, you should never take it for granted.
“In April 2012, SpaSeekers enjoyed enormous online exposure; we were working with the top digital agencies in the UK and I thought I had it cracked. Then there was an historic Google Panda algorithm update [a series of updates to Google’s algorithm, which resulted in some sites slipping or completely losing their position in Google search engine results] and we lost 60% of our sales overnight. It took years of investment and rebuilding. I definitely learned a valuable lesson that you can’t sit back even when you’re doing well; you have to keep your business evolving and you’ve got to keep your foot on the gas.”
Optimism is one of the top-cited qualities when it comes to entrepreneurial activity.
“Without optimism, you’ll never find your way out of the forest,” Kormind says. “But too optimistic, and you can fail by overextending yourself. The right level of optimism allows you to keep the vision, to keep going after failure and eventually pushing through the barrier, getting that all-important breakthrough.”
Tushar Agarwal, co-founder and CEO of Hubble, a digital platform that helps SMEs rent office space without the use of a broker, agrees that a certain level of realism is essential. “You also need to be a realist and face challenges head-on,” he notes. “The key thing is to work on something you love and solve big problems.”
Entrepreneurs should be able to spot an opportunity or come up with ideas that others haven’t. They need to know what path their venture will take and be able to visualise clear results.
“The important element to succeed is to not be afraid to do things differently, to challenge the status quo, anticipate how the market will change or, if you’re really brave, mould the market to where it should go next,” says Kormind. “If you see a gap, be quick to exploit it. But always make sure it’s not a fad and that there are solid foundations for the change.”
They will have a clear vision of what their business will be and can concisely articulate its goals, market position and how it will grow with the market.
Agarwal adds: “We designed our business model to cater to companies from start-up all the way up to established SMEs and their changing needs as they grow. We have more leased space on the platform in addition to flexible and co-working spaces so we can grow with companies as they grow themselves.”
Bolding adds that in his business, where the world of social media can be a tumultuous space, they ensure they stay ahead of the curve by diversifying their revenue stream with new ventures and internal investments. “We closely monitor all aspects of the business to ensure it’s operating to its full potential and make sure we move quickly whenever there’s a good opportunity to grow the business.”
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