Do You Have What it Takes to Get Lucky?
Friday, November 6th, 2009What separates those entrepreneurs who build highly profitable businesses from those who eke out a living? A lot of people think it has to do with being lucky. I don’t think so. Neither does Larry Farrell, author of “Getting Entrepreneurial” who outlines 4 traits all highly successful business owners have:
1. Sense of Mission: Their whole focus is about creating value; they passionately believe that what they do is important. They have a strong vision of what they want to build and are extremely driven to make it happen. They do not make excuses.
2. Customer/Product Vision: They have a clear vision of their niche market, who their customers are and why they buy. They dream and talk about what they are building all the time. They are experts in both product and marketing. Having a great product is not enough – you have to be good at catching market attention. Lee Valley Tools is a superb example of this
3. High Speed Innovation: These entrepreneurs move quickly to respond to opportunity. They don’t get bogged down in a lot of research and analysis and “thinking about it”; they go for it! This mentality of speed is the simplest way to beat the competition.
4. Self-Inspired Behavior: All great entrepreneurs are highly self-motivated because they know that they live or die by the consequences of their behaviors. If they don’t create a product the market wants, if they don’t get out there and sell, if they don’t invoice and collect, their business won’t survive so they do what needs to be done.
Fiona Walsh, CEO, FM Walsh & Associates Inc., www.fmwalsh.com
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