8 Key Qualities Of The Best Entrepreneurs

What keeps you awake at night? It’s the question asked of every CEO. But for entreprenuers, there’s an even more relevant question. To really get into the entrepreneurial mindset, it’s better to ask: What gets you out of bed in the morning?

The first question focuses on one’s deepest, darkest fears and anxieties, of which there are no shortage in our world today. But the second question reveals who’s keen to do something about them.

When successful entrepreneurs describe what moves them, the words vision, values and positive social impact come up time and again. And the way they flip the question — from sleepless nights to bright sunny days ahead — reveals an indomitable opportunity mindset, always choosing to see the glass half full where others only ever see it as half empty.

That’s the first quality of an entrepreneur, but it’s far from the only one. Here, the eight qualities entrepreneurs need in order to build successful companies and achieve next-level innovations:

1. Adopt an opportunity mindset. Every half empty glass is also half full: your job is to reframe problems and find creative solutions. Entrepreneurship offers the possibility to take on the great challenges of our times, from climate change and poverty to physical and mental health. The magnitude of the problems is equal to the scope of opportunities.
2. Take the long view. Innovation takes time. Think beyond the next quarter. Consider giving employees equity stakes to embed a long-term value orientation for sustainable innovation. Innovative solutions to big problems will not happen overnight, and it’s important to be prepared for the long haul.
3. Reduce social distances. Hierarchy doesn’t help those at the top hear from those who make the difference. Check in with people and bring everyone along with you. Reducing social distances and empowering those closest to customers are key to nurturing a collaborative ecosystem for innovation – and make for better workplaces in the process.
4. Collaborate. Not only internally but with industry partners, universities and R&D centers, and not just with people but with artificial intelligence. Don’t be the Lone Ranger: innovation is more powerful when everyone works together. You will need to surround yourself with people who have complementary skillsets and strengths, and who can challenge you when necessary.
5. Develop resilience. Experiment, fail fast and learn from mistakes. Have agile processes that enable you to pivot quickly in light of new learnings. There will be lots of naysayers discouraging you along your entrepreneurial path. Don’t be disheartened but let their criticisms serve as the impetus for ongoing improvement.
6. Learn self-awareness. Know your limits. Do you understand your strengths and weaknesses? Are you consciously bringing the best version of yourself to work, playing to your strengths and bringing in new capabilities that compensate for your weaknesses? Self-awareness will help you know which complementary skillsets you need around you.
7. Walk the talk. Prioritize ethics in your decision-making and make sure everything you do is aligned with your values. Idealizing a kind of entrepreneurship culture that’s all about hustle is misguided. Building a successful company for the medium and long term is about something else.
8. Show spirit of service. Have a purpose beyond generating good returns, delivering for investors, employees, suppliers and other business partners. There are other stakeholders to serve. How can you serve people, improve lives and make the world a better place? Having that purpose also makes it easier to weather the inevitable turmoil of the entrepreneurial life.

Even if you’re armed with qualities, that doesn’t mean new ventures won’t fail. Startups sometimes do, because they run out of cash, because there’s no market for the innovation, or because they get beaten by the competition, among other reasons.

Source: Forbes.com