Many may ask themselves, “Do I really have what it takes to open my own business and be a successful entrepreneur?“. This excerpt from an interview between Brad Sugars and Dale Beaumont gives you the essential characteristics of success that Brad has encountered in his own years of coaching entrepreneurs and business owners.
Brad Sugars is Chairman of Action International, currently the 16th fastest growing franchise in the World and World #1 Business Coaching Company.
What do you think are some of the essential characteristics of a successful entrepreneur?
In short, I believe the most essential quality of a successful entrepreneur is to have ‘balls’. In other words, they have to have the confidence to take a leap into the world of risk in order to achieve their dreams. While I’m thinking about it, here are a few other points I think will be useful:
- The great idea – The great idea doesn’t have to be a great product or service, but just a great way to deliver it. You could be selling black socks, you just need to do it better and in a different way to everyone else. Differentiation is the key to a successful business because people take notice when things are done in a unique way to what the rest of the market is currently doing.
- The great people – This is by far the most important ingredient. A great jockey can get an average horse to win, but an average jockey can stop even a great horse from having any chance of success. The people you surround yourself with are a reflection of the amount of success you will have. And the last thing that you need is…
- A little bit of money – If you can’t run at a profit from day one, then things are going to be tough later on. The only reason you should need extra capital is for fast expansion. So make informed decisions and borrow from people that you trust, if need be. I have had plenty of challenges in dealing with all of these things. I have suffered a lack of cash, a lack of good people and a lack of knowledge. I have had partners take my money, senior employees hold us to ransom, legal fights and people slinging mud at me in the media. But when it all comes down to it, I can go home and my family is there waiting for me.
At that point, I realise that it’s all worth it. At the end of the day, if you can overcome the challenges that are thrown at you, then you are going to be a success.
For more on this and What it Takes to Be a Successful Entrepreneur check out Secrets of Male Entrepreneurs Exposed!