Have you ever wondered what sets some entrepreneurs apart from all the rest? If you think it's luck, hard work, or being in the right place at the right time – Yes, these things matter –but there is much more to successful entrepreneurs than that. The truth is that success for an entrepreneur isn't just about having a great idea or even putting in long hours; it requires certain skills and characteristics to make sure your business stands out, survives, and thrives. In this article, Jay Holstine will discuss what exactly those skills are so you can determine if they're necessary qualities for the next venture you pursue.
Jay Holstine Lists Skills That Differentiate Successful Entrepreneurs From The Pack
1. Vision: Every entrepreneur must have a clear and achievable vision of the future they want to create, says Jay Holstine. They should be able to explain it in a few sentences and display the confidence necessary to lead their team down the path needed to realize that vision. Having an inspiring mission statement, objectives, and tangible goals can help reinforce that vision internally, as well as with potential customers or investors.
For example, Apple famously had the goal of creating technology accessible to everyday people. While Steve Jobs was certainly talented and charismatic, many attribute his success in leading Apple from a start-up to arguably one of the world's most valuable companies to his clarity of vision (Apple Inc., 2020).
2. Adaptability: As conditions change, successful entrepreneurs must recognize when it's time to pivot and adjust their strategies. This requires a level of self-awareness that enables them to identify the strengths, weaknesses, threats, and opportunities within their own organization. Flexibility often proves essential in today's fast-paced business environment (Growthink, 2019).
For example, Facebook was able to truly capture its user base by allowing third-party developers access to the platform in 2007. While this move required a great deal of trust in a largely unregulated industry at the time, it paid off significantly as thousands of apps and games appeared on the platform over the years (Harvard Business School Online, 2020).
3. Risk Management: Taking risks is an important part of being an entrepreneur, but successful founders know when to take those risks and how to manage them. This requires the ability to assess potential risks and their likelihood of occurring, as well as the potential costs involved. Good risk management also requires keeping up with industry trends and having contingency plans in place if things do not go according to plan (Growthink, 2019).
For example, Amazon famously invested heavily in its own customer service system despite most retailers entrusting that responsibility to third parties at the time. While this move was risky for a company without significant profits, it proved essential in creating a unique customer experience that helped propel the company toward becoming one of the world's largest online retailers today (Harvard Business School Online, 2020).
4. Leadership: Lastly, successful entrepreneurs must be able to effectively lead their teams and inspire those around them. According to Jay Holstine, this requires an understanding of people, the ability to delegate tasks, and the recognition that all members of a company have valuable roles to play in its success. Many successful entrepreneurs have also mastered the art of communication and can articulate their vision with enthusiasm and passion (Growthink, 2019).
For example, Elon Musk is known for his bold leadership style that has led many companies, such as Tesla Motors or SpaceX, from concept to reality. Despite often working on ambitious projects under tight deadlines with limited resources, he has always managed to stay focused on his goals and works tirelessly towards achieving them (Harvard Business School Online, 2020).