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Top 7 traits of successful entrepreneurs you should adopt

Modernizing your brand doesn’t require wearing a hoodie, but times are a changin’ and here’s how to keep up without sacrificing your professionalism.

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young executives

young executives

No hoodies required

When someone says successful entrepreneurial traits that could inject youth into your company, who do you think of? If you said Facebook founder Mark Zuckerberg, you’re in the majority, and you’re probably wondering if you should start wearing hoodies, jeans and flip flops to the office or drinking Red Bull and vodka while you work late into the night.

No, if only being a success in business was that easy! There are dozens of traits that successful entrepreneurs have, but these are seven traits that are adoptable, actionable and can be used in any company or organization to inject youth, innovation or just sheer enthusiasm into the culture.

1. Passion

Everyone says entrepreneurs are passionate, you’ve probably heard this so many times you’re annoyed that it is on our list, but hear us out- passion is more than getting excited about a product, it’s more than burning the midnight oil. Passion is that drive that fuels you in the morning, it’s the belief that you can make a difference in the world with what you are doing, it is the idea that the reason behind what you do is so much more than a paycheck. Passion is found in doing work that you would do even if you won the lottery.

Actions to take: if you or your organization lacks passion, ask yourself why you do what you do? Who do you serve? Why does it matter? Even an agricultural association should be able to write down that they are more than their mission statement, that they spend every day devoted to elevating best practices and connecting even the most rural areas as they protect the rights of farmers, ranchers from Tyson to the tiny organic farm. Ask why. Then, ask why again until you get legitimately excited about going to work tomorrow.

2. Honesty

Transparency has been a hot buzz word in recent years, even used by the Obama administration as they campaigned for office. Being honest isn’t about putting your balanced check book on your blog, it is about being authentic, it is about being honest with yourself about what you are capable of and being honest with your team or your customers when you have fallen short. The secret ingredient to honesty that is always, always, always overlooked in every industry is humility. Honesty sometimes requires apologies, and it requires the ability say that you’re incapable of doing something.

Actions to take: look at your email inbox right now and select the email you’ve been dreading answering. We all have one. Instead of spinning something or putting a press release polish on a response, try some honesty. You’ve let that person’s needs fall through the crack and you apologize and here is what you are going to do to make it right to earn their trust. Or, your dreaded email may be to a client that you have to tell you simply don’t have any news for and although you know they desperately need news, nothing on their account has changed but here is what you are actively doing to help and you will devote yourself to it. Or maybe you need to respond to an email asking for your time and be honest with them that their cause is important to you but your plate is full right now and you aren’t able to devote the attention to them that they need.

3. Informed

Think of the most successful person you know. Do they read books? Do they read the newspaper? Do they read email newsletters and blogs? Or are they already done learning and they’ve quit. Of course they haven’t stopped learning, all successful people have an inherent desire to cram as much knowledge into their brains as possible and it isn’t always work related. Being well informed means you’re in touch with trends and ahead of the curve, you’re raising your competency level every day rather than resting on your laurels.

Actions to take: read at least one physical book each month about business or your industry and subscribe to a monthly print magazine that you read from cover to cover. Subscribe to as many digital magazines (like this one of course) and blogs that your time can possibly handle and read during your down time (on the subway, in dead still traffic, while on hold, etc.). Be a sponge and take in as much information as your brain can possibly handle, then push yourself to cram in more.

4. Accessible

Being accessible is tricky because you’re busy, your day is packed, and we just loaded more on to you by demanding that you read more, we get it. But, every young entrepreneur returns emails quickly and (this is tricky) is kind. The most popular brands and leaders are the ones that remember your name and treat the bagger at the grocery store the same as their investor, as if they are important – not because they’re a lead, but because they are passionate people that will talk about their company at any chance they are given. When you always push people off on to your secretary, they feel unimportant and as if they have no value – successful entrepreneurs work a lot of hours, but much of that is because they are accessible.

Actions to take: if you haven’t turned on email notifications to your phone, do so right now. It will be annoying at first, but as your typing speeds up and you get used to responding quickly, you’ll get the hang of it. If you already have alerts and ignore them, stop it. That kid bagging your groceries is only 16, but he may be a coding genius that could be your next great innovator, and that young startup emailing you asking for coffee may not get that coffee, but may get an email conversation with you that ends in his investing in your company. Inaccessibility implies you’re important than other people, and even if you believe that to be true, stop it.

5. Competitive

There is this notion that entrepreneurs, especially tech entrepreneurs are not competitive simply because they ask for feedback frequently and they are often laid back. Injecting youth into your organization doesn’t mean being cut throat, but it doesn’t mean playing hacky sack on the front lawn every day. Entrepreneurs know that at any time, someone could be 30 seconds behind them with the next big thing and that they have to have to hustle (in a good way). Remaining competitive means studying other companies and not assuming that because they’re smaller or older that they don’t have any market share you can snatch up. Competition doesn’t mean seeing red when your competitor does well, it means pushing yourself harder.

Actions to take: pick one competitor and track your company’s performance against theirs. This could be in dollars, in client acquisition, in investment, or in other results. Keep this at your desk and manually write down the key performance metric you’re charting. Writing it manually will commit it to memory and make you commit to the reality that there are competitors no matter who or where you are. Even Zuckerberg has major competitors.

6. Positive

Have you ever noticed how magnetic truly successful entrepreneurs are? They may not all dress well or be well spoken, but there is something about them that inspires others, and often it is that passion but moreso, it is an unrelenting positive attitude about their company and not a smiling-through-their-teeth kind of positivity, but an I-built-this-wonderful-company-from-the-ground-up and a this-company-is-my-baby kind of positivity. Want that youthful feeling at your company? Be a leader that inspires and motivates rather than asserts authority.

Actions to take: Tomorrow, when you go in to the office, go to the employee’s office that is the lowest on the totem pole and ask what they think of a project they are working on. See if they exude positivity about your company. If they are unenthusiastic or if there is a glimmer of boredom in their eyes, it isn’t their fault, it’s yours. A genuinely positive attitude about a company’s mission is contagious and should shine in everything a company does, no matter how menial. If your staff is bored, you need to stop what you’re doing and inspire those around you by telling them why the company exists, what’s in its DNA. This isn’t a pep talk, this is a culture injection that needs to happen asap.

7. Open

That hip, collaborative environment in Silicon Valley (where everyone has an open door and they toss ideas around openly and get pumped up about a tiny tweak to the website) is real and you can have it too. As a leader, are you open to criticism from staff, customers, press or yourself? Are you open to rejection? Some leaders struggle with this and believe they know best and one in a trillion leaders are right (ask Steve Jobs who never used focus groups rather used his young staff’s ideas mixed with his gut instinct on product marketability). Good leaders ask people they trust for input, but great leaders are open to feedback from everyone, no matter how small.

Actions to take: if this is hard for you, remember that rejection is part of business. Start small. Email a friend in your industry that doesn’t work with or for you and ask for their feedback on the latest changes to your company. It can be a website redesign, a staff change, a simple press release or a new service offering. Practice with someone you trust and build from there with the goal of not being defensive when you get an email (because you’re now accessible, right?) that says your website sucks, rather ask critics what they would do differently.

The takeaway

By being passionate, honest, informed, accessible, competitive, inspirational and open, your company will have the vibrant feel of a brand new startup and inject youth into your company. It all starts with you and what your motivation every morning is, so cram your brains full of information and find a way to tap into the reason why you got into this industry to begin with, then let it flow through everything you do.

Business Entrepreneur

Here’s why you shouldn’t start a startup

(BUSINESS ENTREPRENEUR) Building your own startup and being your own boss sounds tempting, but be sure you make these considerations before starting out.

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Man at a whiteboard outlining his startup plan.

2020, a year for our generation that will most likely be marked in infamy for decades to come. At least I hope that this is the bottom of the barrel, because if there’s even further to go… Those fallout shelters are starting to look homey.

A lot of people, myself included, are looking for different options for new careers. Maybe it’s time to place some faith in those back-burner dreams that no one ever really thought would come to fruition. But there are some things about starting up a new business that we should all really keep in mind.

While you can find any number of lists to help you to get things going, here’s a short list that makes beginning a new business venture a monumental effort:

  • You need to have a unique idea with an impeccable execution. Ideas are a dime a dozen. But even the goods ones need the right business-minded person behind it to get things going for them.
  • Time, time, and more time. To get a startup to a point where it is sustainable and giving you back something that is worthwhile, takes years. Each of those years will take many decisions that you can only hope will pan out. There is no quick cash except for a lottery and you have to be extra lucky for those to get you anything. This whole idea will take years of your life away and it may end in failure no matter what you do.
  • You have to have the stamina. Most data will show you that startups fail 90% of the time. The majority of those are because people gave up on the idea. You have to push and keep pushing or you’ll never get there yourself. Losing determination is the death of any business venture.
  • Risk is a lifestyle. To get anywhere in life you have to risk something. Starting a business is all about risking your time and maybe your money to get a new life set up. If you can’t take risks for the future then you can’t move up in the business world.
  • Bad timing and/or a bad market. If you don’t have a sense for the market around you, which takes time and experience (or a lot of luck), you won’t make it. A keen business sense is absolutely necessary for you to succeed in a startup. Take some time and truly analyze yourself and your idea before trying something.
  • Adaptability is also a necessity. The business world can be changed at the drop of a hat, with absolutely no warning. Rolling with the punches is something you have to do or every little change is going to emotionally take a toll on you.
  • Lastly, not all of this depends upon your actions. If you start something that relies on investors, you’re likely going to get told “no” so many times that you’ll feel like it’s on repeat. Not everything is dependent upon your beliefs and whims. You need to be able to adjust to this and get people to see things from your point of view as well. But ultimately, it’s not all about you, it’s also about them.

These are just a few ways that starting a startup could stress you out. So, while the future could be bright, stay cautious and think twice before making any life changing decisions.

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Business Entrepreneur

Restaurants: Going digital is simple with these tools

(BUSINESS ENTREPRENEUR) In 2020, restaurants going digital is critical. Luckily, it’s also easy, safe, and may even save you money.

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Restaurants prepares delivery or to-go food for safety

So, you own or manage a restaurant and you have yet to “digitize” your menu for COVID-era safe ordering? No problem! Transitioning your menu and service to the virtual realm has never been easier. There are a ton of options for restaurants to choose from to keep your customers feeling at-ease, your front-of-house staff happy, and the whole service experience streamlined for all parties involved.

A free app with over 500 restaurant partners and 5k+ active users, AAHI is a user-friendly platform that uses QR codes to share menus and NFC for contactless payments. AAHI boasts a 25% order increase for participating restaurants and who can say no to that, especially during these tough times. Additionally, you’ll be cutting down on operational costs by around 30% (better tech equals less need for servers!), and your laid-off staff will be able to collect unemployment if they need to.

Another free (up to 200 views a month) app with an emphasis on curbside pick-up is Orderlina. Customers scan a QR code, which takes them to the same menu they would see if they were going to eat in, making it an integrated experience. A bonus is that the app links your menu to your social channels. I always say, free marketing is never a bad thing! Plus, you’ll be more likely to gain followers and receive micro-content from satisfied customers. Win-win!

Especially with winter right around the corner and outdoor seating becoming an increasingly limited option (especially depending on where you live), everyone in the industry is eventually going to have to make the shift to digital – the question is when. Physical menus have become a thing of the past. Not only are they potential vessels for spreading COVID-19, but if you are using disposable paper ones, you’re undoubtedly creating unneeded waste. Same goes for the exchange of cash, or card payments that require contact. Good riddance!

The common goal across the entire industry right now is to stay open and bring in capital in whatever capacity possible, while also maintaining a healthy staff and a pleasurable, safe experience for patrons. That’s going to require some adjustment and creativity compared to service pre-COVID. By converting to digital, you are putting your best foot forward into the uncertain future for the restaurant industry.

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Business Entrepreneur

Scientifically check your risk for burnout with this free quiz

(BUSINESS ENTREPRENEUR) This new tool lets you take a free self-assessed, science-based burnout test to give you an idea of how much self-care you need.

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Woman with face on table suffering burnout in front of computer.

Concerns of keeping self-care and mental health in a positive spot – specifically in relation to burnout – have been a hot topic of discussion. While COVID-19 has exacerbated these concerns and stress levels, the issue of burnout has been around for quite some time.

Work burnout is often discussed within terms of work-life balance. Simple ways to avoid that crash are enforcing a hard stop on reading or responding to emails at a certain time of evening, or to continuously clean your workspace. Easier said than done, but it is critical.

But sometimes you have to look at the nitty gritty. Sometimes you have to ask difficult questions about your job and your personality in order to understand how burnout is impacting you. This can now be done with Global IT Burnout Index, a free, science-based assessment to tackle your stressors before it’s too late.

This is geared towards people working in tech (as the website reads, “burnout in tech is high and real”), but is useful for any industry.

To begin, you simply start the quiz and answer a few questions about yourself and your job (e.g. “I find it difficult to relax after a day of work” and then you answer based on how strongly you agree or disagree).

There are 10 total questions, and no personal information is asked (no name or email). It is open data, meaning it will help people on the other side better understand burnout; but, it’s totally anonymous.

The quiz takes no longer than 2 minutes. At the end, it will give you a number out of 6 measuring your burnout rate. The higher the number, the more likely you are to experience burnout.

Burnout has the ability to manifest physically and mentally, and can take a toll on your body and mind. Knowing if you’re experiencing high amounts of activity that can lead to burnout can help you know if you need to take precautions to change things in your life or job.

For those of us working from home, the situation is a Catch-22. You aren’t currently forced into a stressful commute. But it’s harder to pull yourself away when 5pm (or whatever your end time is) rolls around.

For people in the office or on site, it’s the same thing. You get to socialize (safely, obvi) with your coworkers, but there’s those on-site pressures.

No situation is perfect, but understanding if you’re in a situation where you could use a change or some help is incredibly important – especially these days.

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