For the longest time I was afraid to jump into business. I thought that there was a "formula" that I hadn't learned yet or some techniques I needed to brush up on. I always second guessed myself due to my lack of a formal, college, education (I'm sure you can tell that from my horrible grammar).
While I am still wet behind the ears when it comes to running a business, or multiple businesses, successfully I have learned quite a lot in the last 6 months while actually building and running multiple businesses. It got me thinking tonight, what is the makeup of an entrepreneur? What is it that motivates people to take huge risks while chasing their dreams?
The most important thing I learned, and I suppose I always knew, was that "Fortune favors the bold." Sure you need a little savvy to you and you should be able to talk, and understand, shop (business lingo, etc.) but the real secret is being bold. Get out there and do it!
The "formula" that I have learned is that building relationships is key. How deep your contact list is can define how successful you will become. Aside from being bold, this is absolutely the most important aspect of business. I am not just talking the gazillionaire angel investor, but all relationships are very important. Down to the people you buy your hardware from or the company you pay to clean your office. A solid foundation is built on strong relationships. Seminars and "meetups" have a whole new meaning to me now. (Quick note: I'll be attending the TechCrunch meetup on April 10th in Hollywood if any local folk want to come meet and say hello! update: I wrote this post earlier in the week and didn't get around to posting it. I was at the meet up last night and met a lot of cool people!)
While the two items above seem obvious, I never truly "understood" them until recently. I have a whole new appreciation for them. There are other aspects I have learned, or am starting to learn, as well but none are as important as those two.
Here are some qualities that I think all serial entrepreneurs have:
Boldness - I really can't stress this enough. Don't let your fears or insecurities get in your way. Jump into the game or go home. Period!
Networking Ability - Except for the lucky few of us, we all have trouble striking up conversation with random people at events. It is important how ever to branch out a bit and start meeting people. Like I said above, building relationships is key to virtually any new business!
Patience - All good things come to those who wait...
Impatience - But come on.. we can't be waiting around all day! Find the right balance and decide based on the situation when you have waited long enough.
Management - Of people, projects, time and todo's. Something I am still adjusting to is being someone's boss and, at least partly, responsible for their livelihood. You have to learn to manage a lot of different tasks when you are running a business.
Confidence - Be strong, confident and even a bit cocky. You may come off as a little arrogant but you will be respected for it. You will be required to make decisions and quickly, so be sure of yourself. If you don't believe in yourself, then no one else will!
Determination / Motivation - Find whatever it is that motivates you and use that to push you to that next level. Fortune, Fame, Recognition, "I told you so's", etc. Whatever it is that is fueling your desire, use it to your advantage.
Well there you have it. My list of qualities that I seem to notice in all the serial entrepreneurs I know. While I am on my way to becoming a serial entrepreneur myself, I don't consider myself there just yet. But hey, I just got started.. Give me another 12 months ;)