Most of the technical work of business ownership can be taught and learned very quickly, and can be taught in a classroom. But for those of us who own or have owned a small business, we know that the technical work of a business is not what makes that business work. There is much more involved than the nuts and bolts. So I wanted to provide you with what I believe are the 7 most significant intangible attributes of a successful business owner and entrepreneur.
Passion - That inner drive that turns your dreams into reality. This is your burning desire.
Vision - Some say “I’ll believe it when I see it.” The entrepreneur says “I believe it, therefore I will see it.” Throughout history, vision has allowed those facing seemingly unbeatable odd to claim their victory.
Preparation - I’m not talking about being ready for a sales call or preparing your books for tax season. Although these things need to be done, I’m talking about the mental preparation needed to get you through the “No’s” so you can get the “Yes.”
Courage - Courage is not the absence of fear. Courage is feeling the fear, grabbing it by it’s haunches, beating it into submission, and going anyway.
Perseverance - No great accomplishment comes without obstacles. How well would your workout program go if you only used the 3lb. bar? Use your obstacles as you use a weight room. With the wrong application, 200lbs can kill you. With the right application, it will turn you into the Arnold of the business world.
Integrity - Those who truly achieve know that it is more important to do the right thing than the popular thing. You can build your accomplishments on a personal system of uncompromising values and unwavering standards.
The Dream - At your most ambitious, when you see no obstacles, but only opportunities and you cast the vision of what you can achieve. This is Your Dream!
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August 1st, 2007 at 1:23 am
I want to post a quick note on your point number 6, Integrity. I think this is really important, and luckily these days entrepreneurs are starting to pay more and more attention to it.
Some don’t, and I have an interesting story on this: My father-in-law bought a led powered flashlight from a booth at a fair. The sales guy told him that it doesn’t have a battery in it, and that it works so that you just shake the lamp and it generates the energy required to use it.
That sounded good, so he got the lamp. In the instructions it said that you can use the lamp for 5 minutes and then you have to shake it again.
Well, he turned to lamp on. 5 minutes passed, an hour passed, then a day passed. And the light was still on.
This got him suspicious and he called the owner of this business. The guy on the phone started by saying:
- well… they might have loaded it at the factory…
- but your sales people told me that there is no battery in this thing
- oh well… let me tell you something: if I’m totally honest, there is actually a rechargable battery in there
- so, your guys lied to me?
- well… not really… there is a battery, but you can still load it by shaking.
- I’ll try it out: I’ll keep the light on until the battery runs out
- Oh, I wouldn’t do that if I were you
- Why not? The shaking will bring the battery back to life, right?
- Hmm… Yeah, go ahead.
After this conversation my father-in-law was totally convinced that the whole thing is a hoax.
I’m not sure what’ll happen in his test when the battery runs out. Maybe the lamp actually works by shaking. Or maybe he’s right and when the battery runs out, the lamp is dead.
To me the key point here however is that if the guy would initially have said that: “yeah, there is a rechargable battery which is charged by shaking the lamp” there would have been no doubt about his integrity (at least until the battery runs out). But by saying that “there is no battery” he already started on the wrong foot.
Lesson: Honesty pays off, at least if you are trying to build a business that lasts for longer than a few weeks or months.
August 1st, 2007 at 7:19 am
Very good point! I think people underestimate the value of character and integrity!