The Decoding of the Successful Entrepreneur – Here’s the Secret Formula

Did you hear about the report that was conducted by Ernst & Young, Nature vs. Nurture? Decoding the DNA of the entrepreneur, that looked at the “makeup” of successful entrepreneurs. Good information!

I am definitely in agreement with the report that there is a wide perception that entrepreneurs make a lot of money and live this grand lifestyle. Most entrepreneurs do not live the rich and famous life of Ralph Lauren, Oprah Winfrey, or Bill Gates.

Nevertheless, successful entrepreneurs share the same qualities that these three individuals have. They are able to transform their business idea to a successful enterprise by possessing great leadership and business skills.

The goal of the report was to look into the minds of some of the most successful entrepreneurs to gain a better understanding of the intrinsic and extrinsic attributes such as mindset and abilities that makes one a success.

Excuses, Excuses Be Gone!

Based on the key findings of the report, I was inspired because I realized I too possess  a lot of  the qualities inherent in being a successful entrepreneur. I have four out of the five. I am sure you do too!

Some of the key findings  were:

Entrepreneurs are Made Not Born – Most successful entrepreneurs acquire the skill sets and experiences necessary to run a successful enterprise through traditional employment. They started out in a traditional place of employment and learned great skill sets that they were able to parlay into their business once they made the transition.

For all of you that are still employed and don’t think you can successfully make that transition, think again!

Entrepreneurship is rarely an one off decision- Successful entrepreneurs are usually serial entrepreneurs. They start companies, build them to a certain capacity, and sell them. Then, they start the process all over again.

Here’s the one I haven’t quite mastered yet, but I am working on it!

Funding, People, and Know-How are the biggest barriers to success – 60% of the successful entrepreneurs interviewed said financing was their number one concern.  These findings were very similar to the ones that were reflected in my Aspiring Entrepreneur survey.  This demonstrates that it doesn’t matter if you are just starting out as an entrepreneur or have been in the game for quite some time, your issues are the same.

Most importantly, these barriers do not have to be an impediment to your success. It is quite evident that most successful entrepreneurs have found a way to overcome them so you can too.

Entrepreneurs share common traits- Successful entrepreneurs have a strong internal locus of control. They believe they control their own destiny.  They also are very optimistic in the face of adversity and have a strong tolerance of failure.

Most successful entrepreneurs have failed several times before they finally get it right. Oftentimes, we never hear that side of the story! We just hear the success part.  Tavis Smiley just wrote a book, FailUp, that discusses his failures and how they led to his successes. Check it out!

Traditional companies can learn from entrepreneurial leaders – Most successful entrepreneurs give large incentives to their employees to spur innovation. They develop a culture of intrapreneurship for their employees.

If you are in a work environment that doesn’t support intrapreneurship, create your own personal action plan to develop some of the skills you need to be a successful entrepreneur.

When I was a pharmaceutical sales representative, I ran my territory like a business because I already had a vision that one day I would have my own business. I tried different marketing strategies, measured my return on investment, utilized by strategic partners, and etc.

I had an AHA moment reading this report.  I have all it takes to attain the extraordinary success as an entrepreneur. It isn’t rocket science. It takes applying our experiences, skills, and persistence to our entrepreneurial dreams until we reach the level of achievement we desire.

I can’t think of reason WHY you can’t be a successful entrepreneur as well. If you want to take the leap, go for it! If you’ve already taken the leap, Congratulations!

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