Everyone knows a good entrepreneur needs to be unrelenting, but what happens when that persistence becomes stubbornness? There is often a fine line between a winning and non-winning attribute, as Harvard MBA and Cue Ball CEO Anthony Tjan has made clear on his Harvard Business Publishing blog. Here is his take on the traits that can make or break an entrepreneur.
The good
1. Smarts
Intelligence comes in many forms, and the best entrepreneurs have a bit of them all. Tjan says successful ones need “street smarts, intuition, emotional and conceptual intelligence as much as –and often more so than — book smarts, analytics and managerial intelligence.”
2. Guts
If entrepreneurs let their lack of funds, staff and other resources stop them from moving forward, then the world probably wouldn’t have too many people going out on their own. “Entrepreneurs don’t worry about the resources they lack, but about the resourcefulness required to get the big idea done,” states Tjan.
3. Luck
Even the most industrious entrepreneur will be dealt circumstances beyond her control. As Tjan writes, “Requisite elements of fortuitous timing, serendipitous encounters or inexplicable higher connections come in handy.”
The bad
1. Letting your persistence morph into stubbornness
Persistence can sometimes overshadow other important traits, like clear judgment. “Be persistent in your vision when you are sure you are right and have some proof to back that up, but also acknowledge when you need help or redirection,” Tjan writes.
2. Failure to delegate
Tjan says it’s almost necessary to be a control freak during the early stages of building one’s company. However, once a company expands, not delegating will hinder even the most resourceful entrepreneur’s growth potential.
3. Putting loyalty before performance and organizational needs
While loyalty has its virtues, Tjan explains how many entrepreneurs let it cloud their vision.”As a start-up becomes a full-fledged business, an entrepreneurial leader has to be prepared to deal with difficult and inevitable personnel situations where business decisions need to be made for the interest of the company and not personal or historical reasons,” he writes.
Entrepreneurs could probably add dozens of other traits that have contributed to their successes and failures, but these are worth keeping in mind for those who have already swung out on their own or are thinking about making that leap.
Finish line image by Flickr user Cole 24, CC 2.0
