Henry Sedgwick

A study recently completed by investigators at Marquette University, in collaboration with the University of Michigan, indicated that 3 percent per year of the population in Wisconsin between the ages of 20 and 55 took some tangible steps toward starting a business, i.e., incorporating, renting space, hiring an attorney, etc.

That would translate into over 7 million nationally. Perhaps too subtle for statistical studies to measure are the qualities that are helpful to success in entrepreneurship. Here are some character traits that are typical of real winners I've known.

Industrious. As an employee, you work hard, usually because your boss sees to it. As an entrepreneur, you don't have a boss. But you have a lot of work to accomplish and, at least in the early days, won't be able to hire much, if any, help. It's common for founders to work sixty- or eighty-hour weeks. In fact, it's become a sort of display of pride for entrepreneurs to brag about their long working hours, just as some big-business executives boast about how many people they've fired. Although there comes a point where working to exhaustion is counter-productive, there's no question that starting a business involves a lot of very hard work. It helps if you're naturally industrious. Those of us who aren't need a lot of willpower.

Rugged. Working long hours without holiday or vacation under heavy stress puts a severe strain on your health. This is one reason businesses tend to be started by fairly young people. Before you begin, take steps to get into shape, and make plans to stay in shape. No matter how busy you get, be sure you take time to eat properly-- regular meals, no junk food--and consider taking vitamin supplements. Another priority not to be neglected is exercise. It's essential for your health. Also, a good, vigorous workout helps clear the mind. It gives you a refreshing break from constant worry and improves your decisions.

Stubborn. From the moment you first express your idea for a business, people are going to start trying to talk you out of it. Family, friends, coworkers, boss, investors, cofounders, employees --any or all of these may try to persuade you to abandon or modify your project. The ability to resist such pressures seems to be an invariable characteristic of the true entrepreneur. If you listen to the pessimists, you'll never get started. If you quit when the going gets tough, you'll never succeed. Are you stubborn enough? Of course, there are disadvantages to being too stubborn!

Objective. Being willing to face facts--including unpleasant facts - is an invaluable asset. You may see a contradiction here: How is it possible to be both stubborn and objective? The successful entrepreneurs we've met combine both traits. On the one hand, they disdain opinions, even the opinions of experts. On the other hand, they have the utmost respect for reality, and the self-discipline to change their own opinions when change is required by the facts.

Independent. An obvious qualification for the business founder is the ability to go it alone. It's hard for managers from a big-company background to adjust to the small-business environment. They miss the facilities, the staff, and the resources they had come to take for granted. They may also miss the camaraderie and support. It's lonely at the top, even if it's the top of a very small organization.

It's lonely at the top,
even if it's the top of a very small organization.
Resilient. It's a very rare start-up that doesn't have at least one major crisis during its early growth. You're likely to experience some serious setbacks at one point or another. How do you respond to failure? Can you absorb a heavy blow--or several blows in succession--and bounce back?

Creative. Although starting a business doesn't take a genius, it does seem to require a certain amount of creative spark. A purely me-too or imitative business seldom does well in the market. A good business idea ought to have something innovative about it--a new product, an unusual marketing approach, a unique location. Once you've started, you'll have an ongoing need for original solutions to the many large and small problems that will come up.

Responsible. When small-business CEO's talk among themselves, they often use a put-down that reveals the naked essence of the entrepreneurial character. Whether they are referring to an academic expert, an expensive management consultant, or a big-company executive, one hears the dismissive phrase: "She's never had to meet a payroll." This really sums it up. The entrepreneur is responsible in an absolute sense, like the captain of a naval vessel. Many people will be counting on you--your investors, your cofounders, your employees, your customers. If you run your company aground, there will be nobody else to blame and no excuses will be accepted.

As my colleague Ronald Merrill says: "Reluctance to take on the tough jobs, or disdain for menial tasks, is not becoming in an entrepreneur. When there's danger, you lead from in front. When there's unpleasantness, you lead from below. When I was running Reaction Design Corporation, the company had five employees--three chemists, an administrative assistant, and me, the exalted president. No janitor. Guess who got down on his knees to scrub the toilet?"

---

Henry Sedgwick is co-author of New Venture Handbook by Harry Sedgwick and Ronald Merrill (recently featured in Inc. magazine), and a counselor at The Five O'Clock Club.

---

Grab your FREE Home Based Business
Resource Kit from JDA Publishing.

Fill out the form below and you will receive.......

DISCOUNT!! on Website Design FREE!! 7-Day Internet Marketing Course FREE!! Beginner's Guide to Starting a High Income Business on the Internet. FREE!! eCommerce Start Up Checklist. FREE!! Web site Traffic Generating System Save!! money with $12.45/mo Internet access FREE!! Web Builder Letters Subscription Plus much more...!!

	Your Name: Email Address:

The Only thing that will stop the growth of the internet is a very large asteroid....." Scott Farrell

---

Home ::  Articles ::  Current Newsletter ::  Services
Privacy ::  Ask Jodi !! ::  Pricing ::  Free Courses

---

©Copyright 2004, JDA Publishing