Although the word entrepreneur is often equated with immense success, not everyone becomes a successful business owner. Some people take a good idea and create a wildly successful business, while others have great ideas and fail. So why do some people succeed and others fail? Some entrepreneurs seek assistance from a startup studio, which work with founders to pinpoint problems and transform their idea into viable, scalable business. Since startup studios work with many factors, they have deep insight into what makes a successful startup founder.
There are many factors that help a company succeed, including the founder itself. There are characteristics that many successful founders have in common, which give them an advantage when it comes to launching a business. While some of these characteristics may not be inherent in all entrepreneurs, if you are aware of them, it’s easier to practice aligning your mindset with these beneficial qualities consciously. Let’s take a look at these 5 key characteristics, as well as how startup studios can help entrepreneurs get their businesses off the ground and keep them going.
- Motivation
Motivation is a key characteristic that successful entrepreneurs share. Successful entrepreneurs are more likely to be self-motivated and stay focused on their business goals. Moreover, they can anticipate problems and often have contingency plans in place for when something goes wrong. There are many obstacles that an entrepreneur can face during the process of launching a company.
In addition to being motivated, successful entrepreneurs motivate those around them. True leader recognizes the value their team brings, and they provide guidance and encouragement to aid in their professional development. Successful entrepreneurs not only position themselves for success, but they also put their team in the best position to reach their goals. This allows the business to grow organically, as the entire team is aligned and equally invested in the business’s success.
How this fits in a startup studio
Startup studios provide opportunities for founders and team members to professionally grow along with the business they’re helping build.
- Versatility
Most successful entrepreneurs don’t allow failure to limit their decisions, as they understand that failure is a necessary component of achieving success. Successful entrepreneurs are also equipped to navigate these failures, as they’re extremely versatile. Versatility allows entrepreneurs to work around the limitations placed in front of them, no matter how unfavorable.
How this fits in a startup studio
Startup studios are collaborative and creative, creating a constant flow of disruptive ideas.
- Self Awareness
A valuable characteristic for founders is recognizing that you’re not (and can’t be) an expert at everything. However, founders benefit from the ability to assemble a team that has the skills and expertise they lack. Founders that have a deep understanding of their strengths and weaknesses allow them to delegate tasks to a member of their team who can complete the work more efficiently. Being self-aware enough to know when, where, and how much additional support you need is a skill that defines a great entrepreneur.
How this fits in a startup studio
Startup studios provide access to teams with expertise in a variety of disciplines. Having a multi-talented team allows founders to focus time and attention on the items where their contribution is most valuable.
- Strategic & Tactical Thinking
Strategic thinkers can plan and think critically to make difficult decisions, which is an important skill for entrepreneurs to possess. Then, considering all possible options, they choose the one that yields the best results. To become more efficient and intelligent in operations, founders must have the ability to understand and recognize opportunities. Maintaining a high level of visibility into tactical elements of the business helps ensure entrepreneurs are not overlooking threats and opportunities the business faces.
How this fits in a startup studio
In a startup studio setting, founders and team members work closely together on the foundational elements of the business. Understanding what goes into a successful startup and how all of the pieces must work together in tandem is a critical element of building a smarter business.
- Charisma
Arguably, one of the most important qualities is charisma. Most highly successful entrepreneurs are charismatic, as they inspire others and promote a commitment to their vision. Charisma often comes with believing in your idea to the fullest extent. This results in being willing to put your time, resources, and energy into this idea. The result? Gained interest from those around you.
If you still doubt the importance of charisma, take a look at what the CEO of Google has to say:
“If you’re changing the world, you’re working on significant things. You’re excited to get up in the morning.” — Larry Page, CEO of Google
How this fits in a startup studio
Many skills can be learned over time, but to inherently embody charisma gives you an advantage that likely means the difference between success and failure. Successful entrepreneurs are passionate about their product or service and relentless in their pursuit. They are confident in their vision and know they have the skills, network, and know-how to make it happen. They invest wholeheartedly in the process of pursuing their dream by surrounding themselves with like-minded individuals who share their passion. While many founders build their businesses independently, startup studios are an exciting opportunity for people with these qualities to work in a highly collaborative environment. Check out Startup Studio Insider to learn more about the startup studio model.
