Several qualities crucial for success

10/16/05
Brigham Young University
By By Stephen W. Gibson Printed in the Deseret News

Entrepreneurship is a process that starts when a self-motivated individual comes up with an idea, weighs the opportunities and threats inherit in building an enterprise around that idea, then works with a sense of urgency in gathering needed resources (including partners, employees and money) and proceeds to start, grow and, hopefully, harvest the results of the creation.


Along this challenging and exhausting venture-building journey are a wide variety of problems, from disgruntled employees to angry customers and from noncompliant partners to hostile stockholders. The list is endless. Yet at the end of the day, the rewards — especially self-esteem, self-determination and money — make the often downright scary trek worth it.


More than that, however, the most successful entrepreneurs I know have learned how to juggle demanding careers in new venture creation along with the equally important demands of being good spouses, effective parents and contributing citizens. They take care of business at home, at school, at church and in the community as well as in the marketplace. They have experienced success beyond the bottom line.


Based on years of observation and interaction, the following characteristics seem consistent among those I know who have experienced this success of which I am speaking.

• They understand that they are in charge. They willingly accept the opportunity to be in control of their own destiny.

• At the same time, they understand how crucial it is to build effective teams. While they don't mind being in charge, they also don't mind sharing responsibilities with others.

• They are willing to deny themselves instant gratification. Most have had to delay some of the outward trappings of success in order to plow profits back into a growing business.

• They embrace change. The ability to make changes and adjustments, sometimes on the fly, is critical to entrepreneurial success personally and professionally.

• They understand that meeting the needs of others — whether we're talking about customers and clients or spouses and children — is essential to meeting their own needs.

• They set goals. Nearly 100 percent of the hundreds of entrepreneurs I have known practice this habit in their personal life as well as business.

• They have a sense of urgency. They don't put off until tomorrow what they can effectively do today — even if that means starting each day at 5 a.m.

• They see opportunities where others see problems. There are so many discouraging moments for entrepreneurs, you almost have to be able to see the glass half full (as opposed to half empty) in order to survive.

• They aren't too proud to "borrow" good ideas. I'm not talking about plagiarism here, just the ability to know a good idea when you see it, and to be able to improve upon it by shaping it into an opportunity worth pursuing.

• They can move on. Rather than being destroyed by failure, they can pick up the pieces and get back to work, either on cleaning up the mess or moving on to something else.


And of course, they all have the quality best taught by Winston Churchill: the ability to "never, never, never give up" — at work, at home, at church or in the community.


I hope you will never give up while traveling on your own journey toward success beyond the bottom line.

author1 is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at Mr. Gibson is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at cfe@byu.edu. .