10 strengths of outstanding entrepreneurs

The way to get started is to quit talking and start doing. —Walt Disney

What strengths, ways of thinking or good habits do we need to help us do well in business or in our profession, even in politics? In studying and analyzing these strengths, we can use these data to boost our own qualities and rectify our weaknesses.

There are many lists and opinions on what truly are the characteristics of the world’s most accomplished entrepreneurs. In the forthcoming September 2014 issue of Inc. magazine, Leigh Buchanan has a thought-provoking article entitled “Inside the Mind of the Entrepreneur,” which lists the 10 most important strengths of America’s entrepreneurs behind the Inc. 500 roster of companies. It’s their yearly ranking of the America’s fastest-growing private companies. The 500 had a breathtaking median growth rate of 1,828 percent, which is all the more astounding in the context of the US economy, which has slowed down in economic growth in recent years.

Who are these CEOs of the Inc. 500 companies? Over 90 percent of these CEOs are also their companies’ founders, 72 percent are serial entrepreneurs, and 21 percent founded their first business before age 20. These people describe themselves as “unemployable,” but for the reason that other firms cannot contain them.

According to the magazine, this year’s list measures revenue growth from 2010 to 2013. To qualify, businesses must have been established and generating revenue by March 31, 2010. Also, these companies had to be US-based, privately held, for profit, and independent — not subsidiaries or divisions of other companies — as of Dec. 31, 2013. Minimum required 2010 revenue is $100,000 while minimum for 2013 is $2 million.

Here are the top 10 strengths of America’s best entrepreneurs in the Inc. 500 companies, with the magazine’s descriptions, plus my own comments:

1. Risk taker. “Enthusiastically takes on challenges, highly optimistic perception of risk, takes rational approach to decision making to mitigate risk.”

Risk taking need not be suicidal or an irrational deathwish, but actually calculated risks.  Personally, I think that entrepreneurs need to listen to others like accountants, finance people and even the contrarians in order to balance their overzealous risk appetite, because nobody has a monopoly of wisdom and information.

2. Business focus. “Emphasizes profits, goals, and metrics; aligns employees with company goals.”

This is one strength that I observe many of the world’s billionaires and even world champions in diverse fields from the arts to sports possess —  an all-consuming focus. In fact, I think some of the world’s best entrepreneurs still dream about their business projects or deals in their sleep.

3. Determination. “Tremendous work ethic, confronts and overcomes obstacles, undeterred by obstacles and roadblocks.”

Iron determination is one strength I have observed in countless top entrepreneurs here in the Philippines or abroad, whatever their daunting or seemingly insurmountable difficulties. Sometimes, I suspect, the more formidable the odds and the crises, the more energized and challenged they become.

4. Delegator. “Readily delegates authority and responsibility, proactively collaborates, recognizes and draws on others’ abilities.”

I think that in much of Asia, even here in the Philippines, this is still one inherent weakness of many first-generation entrepreneurs or founders of businesses used to calling the shots in an almost dictatorial or authoritarian fashion. The way to delegate is to train your people, hire or invite talented people to join your companies or organizations, even people better educated than you are. 

5. Knowledge seeker. Acquires business-relevant, in-depth information; uses knowledge as a competitive advantage; anticipates information needs.” Whether entrepreneurs or any other professionals, we all should study non-stop.

6. Creative thinker. “Thinks past boundaries, generates ideas, explores options, thinks through problems.” Think not only out of the box, think that there is no box.

7. Confidence. “Presents well, takes initiative, believes in ability to build businesses.” I believe before anyone can conquer any field or arena out there, he or she should conquer one’s self first and build up an unshakable self-confidence.

8. Promoter. “Speaks boldly on behalf of the company, communicates company vision effectively.” I always tell my college students and also in audiences where I’m invited to speak that effective communication is a magical advantage for any profession and what better way to hone your communication skills than by non-stop reading.

9. Independence. “Self-reliant, handles multiple tasks well, strong sense of responsibility.” Entrepreneurs need to be self-reliant, not emotional cry babies.

10. Relationship builder. “High social awareness; develops mutually beneficial relationships; open, positive demeanor.”

It is tragic that there are some “successful” people who seem not to care about their family, their communities, their civic responsibilities, their society, they are not truly successful in my personal reckoning.

I strongly believe that many of the world’s finest entrepreneurs, professionals and leaders can be good relationship builders if we develop our emotional quotient or EQ.

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