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  • Steven Woda

The Three Qualities of Great Entrepreneurs

Entrepreneurship is one of the most exciting things that you can choose to do as a profession. It is also tough to be an entrepreneur. Entrepreneurship is definitely not for the faint of heart. I ran across this quote recently, and I thought it perfectly describes the attributes of successful entrepreneurs.

"Top people, especially entrepreneurs, seem to have these three qualities: First, they learn more things. Second, they try more things. Third, they persist longer than anyone else."

I can’t source this quote unfortunately because I did not write it down at the time I originally heard it. However, I did find it mentioned on the NVTC website with a quick Google search. The quote is right on point. I could not have said it better myself.

Great entrepreneurs are extremely curious people. They are constantly seeking to learn about new stuff. That is how they innovate and develop new ideas. That is also how they successfully manage their ventures.

Great entrepreneurs know that although the goal is always success, failure is to be expected as well. If you try twice as many things as your competitors, you are twice as likely to hit on the right formula. This requires creativity, speed and action. It also requires a confidence to weather those pesky failures. Again, great entrepreneurs continue working the problem until they find a solution.

Most of all, great entrepreneurs never quit. They keep at it much longer than most folks. They fail, but they get right back up and try again. In my opinion, persistence is by far and away the most important quality that great entrepreneurs possess.

These also happen to be the qualities that I most admire in the folks that I hire to work in my organizations. In start-up ventures, entrepreneurship cannot solely be the role of the founders. Every employee needs to be entrepreneurial. In my opinion, I would take an entrepreneurial employee over others almost any day.

The entrepreneurs thrive in startups. They plow new ground, and take ventures to a place they could not have been imagined before. The "big" resume folks typically do the same things that worked in their last organization. Unfortunately for them, most great startup ventures are doing something completely new. That requires entrepreneurship.

You show me a team of talented entrepreneurs working well together as a team, and you will probably also be showing me an organization that has a great chance at success.

While I am on the subject, let me also recommend a book for you to read that illustrates my last point. "Entrepreneurial Marketing: Lessons From Wharton’s Pioneering MBA Course" by Len Lodish, Wharton professor and marketing guru, is one of my favorite books. For marketers, I believe Entrepreneurial Marketing is required reading. The following article will give you a brief overview of the book as well as an introduction to Len and his philosophies on teaching marketing to the MBA students at Wharton: Cheaper-Better-Faster.

Enjoy and have a great weekend!

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