So, you wanna be rich and a successful entrepreneur? Great!Whenever I coach entrepreneurs, they almost always ask one question:
"How do I become a rich and successful entrepreneur?"
As brash and bold as this question may sound, it gets to the point.To become a rich and successful entrepreneur is a driving factor for most people.And you know what, there's nothing wrong this. In fact, this desire drives innovation, productivity and the conveniences we enjoy.So you wanna be rich? Let's look at 13 revealing traits of the most successful entrepreneurs.
In my past two posts I talked about:
What's easy to miss are the traits embedded in the 26 principles.Success leaves clues, lots of them. And you should take advantage of this.[tweet_box design="default" url="http://jef.tips/13rT" float="none"]Speed up becoming a successful entrepreneur by mirroring successful people.[/tweet_box]I'm fortunate to cross paths with talented entrepreneurs, millionaires, and billionaires. We've broken bread and shared our stories.Not surprisingly, when I've researched other insanely successful entrepreneurs, the same pattern emerges.This post is the genesis of the 13 revealing traits of the most successful entrepreneurs.Here's how you can get the most out of this post:
I've yet to meet a successful entrepreneur who has all 13 of the traits I discuss.That's good news for you. If these successful entrepreneurs can do it, so can you.All this said, here are the 13 traits that of the most successful entrepreneurs.
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Insanely successful entrepreneurs are quick to challenge and change the status quo.Changing the status quo was one of my primary motivators for starting Embanet.Like most MBA programs, I found myself involved with a significant amount of teamwork. In my particular case, my team decided to meet before, during, and after class to get the most of our program.And by the way, did I mention this included weekends as well!?My MBA team stumbled upon the perfect recipe of how to become the most miserable people in our program.Tensions rose. Tempers flared. There was the talk of breaking up the group.Our grades suffered, and I felt our health wasn't far behind.And this drama was only three weeks into a 2-year program.The writing was on the wall, and it wasn't good.Insult to injury, I learned that my experience was common. What doesn't kill you makes you stronger, right?For me, the situation was unacceptable. I didn't buy into the part of this is how it is.I decided to make a change. And I did.The system I created gave my team and myself back our time, health, and happiness. We enjoyed the program and earned straight As.Imagine that!I felt no remorse in giving the one finger salute to the status quo and replacing it with a better reality.
Before we continue, I have a question for you.Take a look at the two images below.
And now, a one question quiz:The images above are from:(A) The pages of the Robb Report Ultimate Homes Magazine(B) The lobby of a bankIf you selected (A), you're in great company, but you're wrong.The two pictures above are from the lobby of Virgin Money.For those of us across the pond, Virgin Money is a bank started by Richard Branson.No introductions needed for Richard Branson.Branson, an insanely successful entrepreneur, built his empire from changing the status quo.You can read more about Richard Branson in this Kissmetrics article.From banks to cell phones to music to space, Branson thrives on challenging the status quo.Branson gives the people what they want, and in return, profits.It's a win-win.
Insanely successful entrepreneurs are decidedly determined.Not convinced?Check this out. An aspiring author found herself in this situation:
So let me ask you something.Would you have lasted, or would you have quit shortly into this miserable nightmare?Quitting was not an option for JK Rowling and her book Harry Potter.Parents and children the world over can count their blessings on Rowling's determination.For more details about Rowling's story, you can read my post.Rowling took her dream to publish a children's book and turned it into a billion dollar empire.The picture below is from an interesting article by MoneyNation. Rowling's financial success, chronicled by MoneyNation, is an interesting read.
Rowling's determination made the difference. Millions the world over enjoy Harry Potter books, movies and merchandise as a result.Nice done, JK Rowling!
Launching Embanet and growing it into a 8 figure business was no accident.Like Rowling, there were many obstacles.I found that many of my biggest successes followed the most challenging times.I had no money or resources. Determination taught me that riches comes 'resource'fulness and not 'resource's.I had many failures. Determination taught me to play the long game, be patient, and wait for my day to arrive.I had little to no progress in the early years. Determination taught me how to take my game to the next level so I could compete and win.The truth is, I wasn't ready on many levels. Determination prepared me for my success that was waiting for me to arrive.Let determination be your guide and friend.
Every successful entrepreneur I've met is a creative problem solver.[tweet_box design="default" url="http://jef.tips/13rT" float="none"]Finding and solving massive problem is an entrepreneur's key to riches.[/tweet_box]Elon Musk has a unique way of thinking that enables him to solve problems.In case you're wondering, this is the same Elon Musk who co-founded PayPal, launched Tesla, and created SpaceX.And Musk is warming up.Examples of Musk's brilliance include:
How does Musk do this?Musk attacks problems with out-of-the-box thinking using something called First Principles Thinking.Musk explain First Principles Thinking in this interview with Kevin Rose.Want to become a First Principles Thinking master? This Business Insider article by Drake Baer is a must read.Craving to learn more about the man himself? This book is a must read, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future.
"If you don't understand the details of your business you are going to fail." - Jeff Bezos
Jeff Bezos launched Amazon.com in 1994 and forever changed online eCommerce.According to this article, Amazon has:
So how did Bezos go from zero to hero?Bezos is detailed about the details.And the details don't stop at Bezos, according to this article. Amazon's ideal employee is both introverted and detailed oriented.For an in-depth look at both Bezos and Amazon, The Everything Store book should do the trick.
Jon the club!When it comes to details, I'm not your guy.So how did I grow Embanet into a 8 figure business if I'm not detailed about the details?My personal philosophy is focusing on strengths and disregarding weaknesses. After all, why waste valuable time on a weakness when I can make a strength even better.My reputation at Embanet preceded me in this area. When I was ready to hand off a project at Embanet, the team would dive for cover and hide.And for a good reason.My projects had serious implementation challenges from lack of details.Now when it came to vision, I rocked the house. Implementing the vision was a different story.Henry Ford said it best:
"Vision without execution is just hallucination."
To compensate, I ensured that I surrounded myself with detailed oriented people. The people I hired were better and smarter than me in the required areas.[tweet_dis url="http://jef.tips/13rT"]Speed up your success by ensuring you're not the smartest person in the room[/tweet_dis]
So you think only losers fail?Think again.Successful entrepreneurs have mastered turning failure into massive success.Think Abraham Lincoln, Albert Einstein, The Beatles, and Oprah Winfrey to name a few.How does a successful entrepreneur get motivated by failure?Start by reading this post. You'll learn ten questions and five strategies to transform failure into brilliant success.And while you're at it, take a look at the 'Famous Failures' picture below, compliments of TheQuotes.net
Every successful entrepreneur I've met or researched has learned to welcome failure.[tweet_box design="default" url="http://jef.tips/13rT" float="none"]From your greatest failures comes your greatest success.[/tweet_box]For successful entrepreneurs, failure is their teacher and friend. Failure provides the unbiased truth.Harsh as the truth may be, when you fail it's an opportunity to become better.
Embanet, which I built into a 8 Figure company, failed for the first thirty-six months.Some of the bigger failures included:
And I'm still warming up. The smaller failures could fill volumes.As each failure happened the frustration, pain and embarrassment were intolerable.In the beginning, it was me and my business partner who picked up the pieces. Later, there was a small team that helped.The following ten questions helped transform each failure into a success:
Although it didn't happen overnight, every failure made Embanet stronger. The results speak for themselves:
Embanet went from zero to the hero because of failure.I'll leave you with a magnificent quote from Robert F. Kennedy:"Only those who dare to fail greatly can ever achieve greatly."
Successful entrepreneurs take the risk.That said, let me dispel a common myth. Successful entrepreneurs are more adverse to risk than being big risk takers.How can this be, you ask?Great question.Successful entrepreneurs are masters are taking calculated risks.An entrepreneur's mind is a strange and wonderful thing. Successful entrepreneurs think of everything that can go wrong and address those issues.Case in point, Twitter's founder Jack Dorsey.
Issie Lapowsky has a wonderful article on Jack Dorsey and the launching of Square.You can read this post on the story behind Square.Before Square, accepting credit cards was expensive, confusing, and riddled with hidden fees.Dorsey wanted to level the playing field with an easy and cheap service for small business.Before starting, Dorsey came up with a manifesto titled '140 Reasons Why Square Will Fail'. The title was a humorous one playing off Twitter's 140 character limit.The manifesto was anything but light-hearted. For every reason Square should fail, Dorsey and the Square team had an answer.Square was not a shot in the dark.Square was a calculated risk.As of this post, the market cap of Square is $6.3 Billion.Not bad for a calculated risk.
Successful entrepreneurs are passionate about trying new things.Founding Father Benjamin Franklin was a master of trying new things.A few of the many inventions of Franklin include:
Here are some great books about the man himself, Benjamin Franklin.Like Benjamin Franklin, Steve Jobs was a master of trying new things. Jobs' brilliance was making existing things better.Jobs passion for trying new things led to devices you likely use and love:
The passion jobs had for trying new things brought us:
Check out the article '10 Things to Thank Steve Jobs For' for Jobs' contribution to society.While you're at it, you can read the history behind Apple's products.And why not learn the full story on Steve Jobs with these books.And all from a passion for trying new things.On a personal note, Embanet went from a 7 figure company to 8 figures was from trying something new.In fact, it was a single service that was responsible for the transformation.What's the one service, you ask?We combined student marketing, enrollment services, hosting, course conversion and technical support.Was Embanet the first to develop the services?Not a chance. And on the marketing front, we were late to the game.Our lethal weapon was our ability to package everything together. Our service had little risk to our clients, was easy to use, and addressed a massive problem.Like Dorsey with Square and Jobs with Apple, we took something that existed and made it better.Rockstar results because we tried something new.
Successful entrepreneurs forgo sleep and pay when on the hunt to make it big.Nothing speaks to your commitment when you take a pass on sleep and pay when pursuing your vision.If being an entrepreneur were easy, everyone would do it.Behind the success of your favorite entrepreneur is a story of sacrifice. A sacrifice that likely had little to no sleep and pay.What I'm about to share is not to pat myself on the back or sing my praise.I'm no different or special than countless entrepreneurs who do what it takes to get things done.My sacrifices during the early years of Embanet include:
Being an entrepreneur is not for the faint of heart.I'll be the first to share that this level of sacrifice is neither healthy nor sustainable.Although this is required in the early days, your goal should be to get back your life as soon as possible.
Successful entrepreneurs are obsessively curious and creative.What would you say about pairing bacon with vanilla ice cream?That pairing could only come from the obsessively curious Ben Cohen and Jerry Greenfield.I'm talking about the legendary Ben & Jerry's ice cream company.
Ben and Jerry cobbled up $4,000 each to launch Ben & Jerry's. The bank threw in another $4,000.This $12,000 in start-up money turned into a $120 million dollar a year business.Ben and Jerry channeled their curiosity and creativity for food and ice cream into an empire.In April 2000, Unilever bought Ben & Jerry's for $326 million.This article shares how only in Ben and Jerry style, the company remains true to its roots.Unleash your curiosity and creativity.Hold no shame in asking those questions you're afraid to ask.Your future business empire and its legion of raving fans will thank you for it.
Successful entrepreneurs have a mastery of money management.Despite popular opinion, your most valuable currency is time, not money.Successful entrepreneurs are masters of managing their money. As a result, successful entrepreneurs are buying themselves time to figure things out.Case in point, Sergey Brin and Larry Page of Google fame.
Long before Brin and Page were billionaires, they mastered money management.Steven Levy's book, In The Plex: How Google Thinks, Works, and Shapes Our Lives, is a gold mind of examples.Google has always had the need for speed. One of the ways to achieve this is through many servers.Not one or two servers. But hundreds of thousands of servers, if not millions.Most companies follow the status quo, the antithesis of Rule 1, and buy expensive servers. Companies like DELL and IBM are only too happy to fill the order.Not Brin and Page. The book, In The Plex, shares, "Larry and Sergey proposed that we design and build our own servers as cheaply as we can."Google's first CIO, Douglas Merill shared that the disk drives Google purchased were "poorer quality than you would put into your kid's computer at home."Cheap parts mean high failure rates. Server failures are the nightmare for an IT manager. Most companies aim for a failure rate of 4% or lower.Google's hardware failure rate was almost 300% higher than industry norms at 10%.So how does Google achieve speed and reliability with cheap hardware?Brin and Page created systems that worked around the failures.Brilliant.Mirror other successful entrepreneurs and master the art of money management.
At Embanet our net profits were 53%.You read that right.The bottom line was 53%.For every $1 generated, Embanet kept $0.53.Below are the tactics I used to achieve such high profits:
Successful entrepreneurs ooze passion.And when it comes to passion, Steve Jobs nails it when he says:"... people with passion change the world for the better."The 1997 Apple video, Think Different, says it all.Jobs could write the book on passion for design and the user experience. Where everyone was comfortable with the status quo, Jobs hated it (See Trait 1).Think lifeless and boring computers. Visualize clunky and ugly operating systems.Remember those?Or do you remember that beautiful eye candy otherwise known as the iMac?
Jobs oozed passion. And it was Jobs' passion that set Apple apart and positioned it into the company it is today.What's your passion?Now don't get me wrong. Passion isn't always enough.But Passion is THE starting point.Your goal is to find the intersection of where your passion is in the middle of solving a massive problem.And if that problem affects a lot of people who will pay you to take their pain away, you're on to something.Read my post that outlines exactly how you can find and solve massive problems.
I have a quick story for you. I wish my story were fiction, but sadly, it isn't.After the sale of Embanet, I started another business in health care.My business partner was the same one from Embanet.On paper here's what you have:
This company had everything Embanet didn't have. On paper, this company is set to hit a grand slam.So what happened, you ask?The company went out of business.The company sold for pennies on the dollar.Seven figures of investment lost.Why?Neither my business partner nor I had the passion.Speaking for myself, I was greedy. I went into the business for the money.[tweet_box design="default" url="http://jef.tips/13rT" float="none"]Following the money instead of your passion is the perfect formula for true failure.[/tweet_box]That was one expensive lesson.Successful entrepreneurs pour their passion into a massive problem, solve it, and prosper.
Successful entrepreneurs soak up information like a sponge.Let me share another story to illustrate.Once upon a time, there was an entrepreneur who achieved massive success. This entrepreneur changed the world through technology.This same entrepreneur was hanging out with a friend one day. As it happened, the friend lost a sale. It wasn't anybody's fault.The entrepreneur couldn't believe what he saw and vowed to solve the problemIn fact, the entrepreneur didn't care that he knew nothing about this industry.Instead, the entrepreneur was determined to change the status quo by thinking creatively. (Traits 1, 2 and 3).The entrepreneur welcomed failure, was passionate about trying new things and took risks. (Traits 5, 6 and 7).Passion, being curious and lack of sleep and money led to the solution. (Traits 4, 8, 9 and 11).You already know this entrepreneur from Trait 6.And buyers and sellers the world over who use Square for credit card payments have Jack Dorsey to thank.True to form, Dorsey, soaked up information like a sponge about financial services.Although Dorsey was new to the industry, he figured it out. And in the process, Dorsey ripped the industry apart with Square.Think about it. An outsider with zero experience and knowledge forever changed an industry.How do you soak up information like a sponge?Here are a few suggestions:
Knowledge is power when applied.May you learn and prosper.
Successful entrepreneurs are decisive under pressure.John D. Rockefeller gives us a gem of a quote:"Don't be afraid to give up the good to go for the great."Every successful entrepreneur I've met or researched is decisive under pressure. Tough decisions made. Risks were taken.Not making a decision is making a decision. And the outcome is likely one that won't have you smiling.[tweet_box design="default" url="http://jef.tips/13rT" float="none"]Your make your destiny by what you do, or don't do, when under pressure.[/tweet_box]Every entrepreneur I've discussed in this post is decisive under pressure.JK Rowling of Harry Potter fame didn't cave to the pressures of publishers to change her book.Against all the odds, Elon Musk brought the Tesla electric car to market.And the list goes on.Not every decision you make works out.In this article, Amazon founder Jeff Bezos is the first to admit,"I've made billions of dollars of failures at Amazon.com."Win, lose or draw successful entrepreneurs are decisive under pressure.
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So, you wanna be rich?In this post, I've shared 13 revealing traits of the most successful entrepreneurs.These 13 traits have helped to create rich and successful entrepreneurs.As an entrepreneur, you'll work hard.But learn how to work smart. Wherever possible, mirror the 13 traits of successful entrepreneurs.Work with the traits that play to your strengths.For the traits that give you difficulty, don't despair. Surround yourself with people who thrive in this area.Remember, where's there's a will there's a way.And speaking of a way, what's the first action you'll take for your business now that you know these 13 traits?Here's to you and your success!Your Raving Fan,Jeffrey FeldbergQuote of the Day:“All great achievements require time.” -- Maya Angelou