SUCCESSFUL ENTREPRENEUR
Successful entrepreneur, the how to become and what qualities are needed to become a successful entrepreneur in plain language
Some of the most visited sections on our website are the pages about how to become a wealthy entrepreneur and what qualities are needed to be a successful entrepreneur. I suppose everybody starts off by wondering what it takes to become rich; we have all had our mentors and people who have motivated us to go onto bigger and greater things.
However, whilst you can learn business skills, you cannot learn how to be an entrepreneur. The qualities needed to be an entrepreneur cannot be taught; they can only discovered within yourself. Sadly, the more of those qualities that are lacking, the less likely you are to succeed in business. And if you are not honest with yourself, and plunge ahead in the hope that you will succeed, you are likely to get your fingers burned.
First of all you should understand that an entrepreneur doesn't necessarily make a good business person, and vice versa. All wealthy business people and successful entrepreneurs are surrounded by people who have the skills and abilities they lack. David and I both have our failings and lack knowledge and expertise in many areas. However, we are surrounded by business partners whose job it is to manage those roles, and this enables us to concentrate on the things we do best.
COMMONSENSE
There is one quality that is needed to be an entrepreneur that is more important than all the others. Commonsense is a quality that you will not learn in any university because it cannot be taught. I have never met anyone who admitted to lacking commonsense, and I have met very few people who had it in abundance. In fact, I would go as far as to say that most people lack commonsense of any degree worthwhile.
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Most people would consider commonsense to be prudent and sound judgement based on the facts at hand. However, I believe commonsense goes much further than this. To me, it is the ability to make decisions based on being able to envisage all your options and being able to know which option would be the best route to follow. The more options you are able to envisage, the more commonsense you have. In my experience, most people, when faced with a business dilemma or situation where they have to make a fast or important decision, are able to envisage very few options, if any. Bad business decisions are often made in these situations. Hence my conclusion that most people have very little commonsense.
You have to be absolutely honest with yourself and decide if you are one of the minority who actually possess any level of commonsense worth mentioning. I am not talking about university degrees, college education, or any letters you may have after your name. The most stupid man I ever employed was a university lecturer with more letters after his name than I need to spell mine; he was a buffoon, a complete idiot lacking in any commonsense. He had a brain that could absorb information but he lacked the intelligence to be able to put it into practice.
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There is a lot of truth in the old adage "Those that can do; those that can't - teach, and those that can't teach - teach."
Knowledge has no value without the commonsense or wisdom to apply it. We have little interest in applicants who come to us having passed their exams and thinking they can slot straight into a role currently being filled by someone with five or ten years experience. What you learn in school or university will do little to help you in the world of business, especially if you are being taught by teachers and lecturers who have no business experience themselves. Theory and practice are very far removed from each other as many a business graduate has discovered coming hot from university into the big wide world.
Those of you who are fans of TV's "The Apprentice" will understand exactly what I mean. One hundred thousand applicants, whittled down to sixteen people who are all supposed to be the cream of the crop and not an ounce of commonsense amongst them. Most are what we would call "fucking twats" who wouldn't get given a desk here.
However, look at any successful entrepreneur and you'll find that most of them left school at fifteen without a single exam to their name and have since made a lot of money. They employ the university graduates to handle their manual tasks.
Give me someone who has graduated from the school of hard knocks, the university of life, been round the block and through the mill a few times and is still prepared to come out fighting. That is the sort of person I want standing next to me when hard decisions have to be made and extra effort is required.
TOTAL BELIEF
Total belief in oneself is another quality any entrepreneur who is looking to succeed has to have. This is not bravado, nor someone beating their chests in order to whip up motivation within themselves. This is a 100%, no questions asked, belief in your ability to succeed at what you choose to do. This does not mean you have to be good at everything: I have already explained that successful entrepreneurs surround themselves with people who possess the skills they lack. However, all entrepreneurs have to be able to sell themselves, their products, and/or their services to potential clients at all levels.
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