from Entrepreneur.com 10 March 15 enhanced by Peter/CXO Wiz4biz
If you were pressed to describe the typical entrepreneur, which words would you use? Passionate? Dedicated? Optimistic? Do the following traits, characteristics & quirks describe you? Well then, you might be an entrepreneur (at heart, if not yet in practice).
1. You take Action !!! Barbara Corcoran, founder of The Corcoran Group and co-star of TV’s Shark Tank, says people who have a concept – but not necessarily a detailed strategy – are more likely to have that entrepreneurial spirit. “I hate entrepreneurs with too detailed Business Plans,” she says. “Invent as [you] go.” In fact, she believes that those who study business may be prone to over-analyzing situations rather than taking action.
2. You’re Scared. “Many entrepreneurs judged as ambitious, are really insecure underneath,” Corcoran says. When evaluating potential investments, she adds, “I want someone who is scared to death.” Those who are nervous about failing, can become hyper-focused and willing to do whatever it takes to succeed. If you feel insecure, use that emotion to drive you to achieve your business goals.
3. You’re Resourceful. “One of my favorite TV shows growing up was MacGyver,” confides Tony Hsieh, lifelong entrepreneur & CEO of Las Vegas-based Zappos, “because he never had exactly the resources he needed, but would somehow figure out how to make everything work out. Ultimately, I think that’s what being an entrepreneur is all about.” It’s not about having enough resources, he explains, but being resourceful with what you do have.
4. You “obsess” over Cash Flow. Prior to founding Brainshark, (sales productivity software), Joe Gustafson boot-strapped a venture called Relational Courseware. “All I ever thought about was cash flow and liquidity,” he admits. “There were 7 times in [the company’s] 8 year history, when I was days or hours away from payroll and didn’t have enough cash to make it. In the early days, you could step up and put expenses on your personal credit card, but that can only go so far,” he says. “You need cash.”
5. You don’t Ask for Permission. Stephanie Bourque, founder & CEO of Incognito Software, says true entrepreneurial types are more likely to ask for forgiveness than permission, forging ahead to address the opportunities or issues they recognize. “Entrepreneurs are never satisfied with the status quo,” she says. She discovered she was not destined for the corporate world when her new & better ways of doing things were interpreted as unwanted criticism by her bosses. Now, she says, “I wish my employees would be more independent,” because it shows they are on the lookout for opportunities to improve themselves or company operations.
6. You’re Fearless. Where most avoid risk, entrepreneurs see potential, says Robert Irvine, chef and host of Food Network’s Restaurant: Impossible. True ’treps are not afraid to leverage their houses and run up their credit card balances to amass the funds they need to create a new venture. In some ways, he says, they are the ultimate optimists, because they believe that their investments of time & money will eventually pay off.
7. You welcome Change. “If you have only one acceptable outcome in mind, your chances of making it are slim,” cautions Rosemary Camposano, CEO in Silicon Valley. She says that if you are willing to listen, your clients will show you which of your products or services provide the most value. Smart entrepreneurs constantly evolve, tweaking their business concepts in response to market feedback.
8. You “love” a Challenge. When confronted by problems, many employees try to pass the buck. Entrepreneurs, on the other hand, rise to the occasion. “Challenges motivate them to work harder,” says Jeff Platt, CEO of the Sky Zone Indoor Trampoline Parks. “An entrepreneur doesn’t think anything is insurmountable. He looks adversity in the eye and keeps going.” Candace Nelson, founder of Sprinkles Cupcakes, agrees. Despite naysayers who questioned her idea for a bakery in the midst of the carb-fearing early-2000s, she persevered and now has locations in 8 states. In fact, she was one of the first entrepreneurs in a business that became an ongoing craze, sparking numerous copycats.
9. You consider yourself an Outsider. Entrepreneurs aren’t always accepted, says Vincent Petryk, founder of J.P. Licks, a Boston chain of Ice-Cream Shops. They may be seen as opinionated, quirky & demanding—but that is not necessarily a bad thing. “They are often rejected for being different in some way, and that just makes them work harder,” Petryk says. Rather than copying what most other Ice-Cream Shops were doing, including buying from the same well-known suppliers, Petryk forged his own path for J.P. Licks, developing made-from-scratch desserts in bold flavors.
10. You Recover Quickly. It’s a popular notion that successful entrepreneurs fail fast & often. The trick is in the speed of recovery: If you fail, resist the urge to mope or feel sorry for yourself. Don’t wallow. Move on to the next big thing immediately.
11. You Listen. Actress Jessica Alba, co-founder &CEO of The Honest Company, (which sells baby, home and personal-care products), notes that “It’s important to surround yourself with people smarter than you and to listen to ideas that aren’t yours. I’m open to ideas that aren’t mine, because I think success takes communication &ollaboration &, sometimes.”
12. You “focus” on What Matters (when you figure out what matters). “Entrepreneurs fail & try again,” says Micha Kaufman, co-founder and CEO of the fast-growth online freelance marketplace Fiverr. During Fiverr’s launch, instead of trying to deal with “an endless number of potential challenges,” Kaufman and his team focused on “the single biggest challenge every marketplace has: building liquidity. Without liquidity, there is no marketplace.”
Comments: Is there any Traits you would add to these Mindsets?