What It Takes To Be A Successful Start-up & Entrepreneur

key_to_successDoing my research before another trip to Sydney Australia over the Christmas break, I came across some information which I’d like to recap as a good summary of the attributes you’ll want to nail for a successful 2015 campaign.

You could say that these talents are necessary for anyone that wants to achieve great success and or wants to be a great leader, but they are especially true for successful entrepreneurs.

Attributes for a HOT Startup

In the article 19 Hot Australian Startups to Watch in 2015, the author highlights what can help predict a successful start-up.

1. Solving a Real Problem: We really need to believe it’s real and significant pain to someone.

2. Team and Execution: We look for teams that are strong both technically and commercially with evidence they can execute.

3. Scalable Customer Acquisition & Service Delivery: Have they worked out how to cost effectively acquire new customers. Can they scale service delivery with minimal effort, if they are doubling users every month, do they have to recruit 100 new staff each month or press a button and launch 30 virtual cloud servers? Most businesses are not built to scale, either the product, people or the process will break.

Nail these 3 attributes & you’ll achieve High Growth.

10 talents of successful entrepreneurs

From the Gallup article on the 10 Talents That Drive Entrepreneurial Success, Gallup has identified the behaviors observed in highly successful entrepreneurs.

  • Business Focus: You make decisions based on observed or anticipated effect on profit.
  • Confidence: You accurately know yourself and understand others.
  • Creative Thinker: You exhibit creativity in taking an existing idea or product and turning it into something better.
  • Delegator: You recognize that you cannot do everything and are willing to contemplate a shift in style and control.
  • Determination: You persevere through difficult, even seemingly insurmountable, obstacles.
  • Independent: You are prepared to do whatever needs to be done to build a successful venture.
  • Knowledge-Seeker: You constantly search for information that is relevant to growing your business.
  • Promoter: You are the best spokesperson for the business.
  • Relationship-Builder: You have high social awareness and an ability to build relationships that are beneficial for the firm’s survival and growth.
  • Risk-Taker: You instinctively know how to manage high-risk situations.

Call to Action

How many can you claim to check-off as having onboard? How are you going to surround yourself with complementary resources to cover areas where you fall short?

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