Ever wonder why some people seem to always do well in businesses while others fail? I have met many serial entrepreneurs that are perennial winners when buying or starting businesses. We often ask are there worse businesses or worse business owners? Most reply the latter, there are worse business owners.
Here are ten of the traits that each of these serial successful entrepreneurs has:
1. They work hard. Sometimes they are the hardest working person in their company. Many times I have seen people outwork others that are smarter.
2. They know how to treat their employees and customers. I have not seen many mean people last in business. At award ceremonies you always see the winner thank their people and clients. You cannot build a big business alone; believe me it helps to be nice first.
3. They personally deal with issues. And they are often not very nice about it. Hard on problems, soft on people.
Often they are obsessive about customer service.
4. They are not afraid to get dirty. They are not afraid to work alongside their employees when the bad stuff hits the fan. Roll up your sleeve kind of people win!
5. They know how to lose. They know when to call it quits, take the loss, admit they’re wrong, and move on from a bad idea or decision.
6. They are never satisfied and often have a tough time acknowledging a win. There is never an end to the game. Constantly pursuing a better
way, efficiencies, and not afraid to tweak and experiment.
7. They trust their employees. They delegate well and don’t micromanage. They promote from within and invest in people. They can handle and manage imperfection in performance.
8. They have resources. Sorry to say, it is nearly impossible to start with no money and make it. Most of the time it takes money to make money!
9. They give back and share their wealth and knowledge. They never forget where they came from, and keep grounded and usually are humble.
10. Finally, they take risk!! You must take risks to win in business. The key to success is to understand your odds and minimize the downside of any endeavor or decision.
Of course there are exceptions to these rules. Steve Jobs is an example. However, I can name many of our local entrepreneurs do have the above traits. Wayne Huizenga, Mike Jackson, Mike Maroone, Jim Moran, John Offerdahl, Terry Stiles, Peggy Nordeen, Keith Koenig, and Howard Dvorkin to name a few you might know.
In the end, if you want to be successful in business, you need to have many of the above traits. it’s never too late to practice and learn them!
Andy Cagnetta owns and operates Transworld Business Advisors. He joined the company as a sales associate and later purchased it. Transworld is an international franchise business and franchise brokerage, with thousands of businesses for sale and franchisees in the United States and Internationally.
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