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10 Traits of Successful Entrepreneurs

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10 Traits of Successful Entrepreneurs

As a human capital strategist who has worked with entrepreneurs from all industries and company sizes, I’ve pinpointed shared attributes that separate growing companies from stagnant ones. Helping organizations identify and develop impact performers has given me a unique insight into the minds of various entrepreneurs, specifically how they approach their business holistically. While each entrepreneur has a product or service they’re passionate about, how he or she approaches plans for growth is always very different. I watched many owners continue behaviors that worked in the infancy stages of their business but hasn’t been successful long-term.

1. Adopt a growth-oriented mindset.

There’s an open-mindedness to the modern-day innovator that’s based more on facts than on emotions. They embrace the power of scientific data to make well-rounded decisions and are always consulting experts. Those that don’t tend to view any belief system outside their comfort zone, even if it’s backed by empirical data, as new-age hooey. Billionaire Richard Branson, founder of Virgin Group, exercises a management style that doesn’t go by the book. He focuses on the value his employees bring to the table rather than criticizing their faults.

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2. Be a ferocious learner.

Not only do successful entrepreneurs read everything they can get their hands on that relates to emerging trends in their industry, but they also encourage a company culture of curiosity, which leads to workers who are more productive, innovative, and engaged in their roles. Those that don’t, however, are often stuck in the past, and their lack of awareness on changing market needs often moves their business backwards. Bill Gates, co-founder and CEO of Microsoft, for example, places a major emphasis on enriching lives through learning. Because he believes in a holistic learning process to expand the mind beyond one’s specialty, he recommends books ranging from nonfiction to information technology.

3. Approach everything from a “we” lens rather than an “I” lens.

They treat the business as a living entity that must be protected and cared for at all costs. They often eliminate themselves from the equation during staff meetings to focus on team members and maintain an open-door policy. Those that don’t see the world only in relation to how it affects them and considers new or opposing ideas as a direct attack on their egos. Tony Hsieh, CEO of Zappos, is concerned with delivering an unmatched customer experience through an engaged and positive company culture. He’s so committed to the cause that he compensates employees who decide they aren’t satisfied in their roles.

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4. Hire the right person, not the best person.

I’m not talking about the obvious pick here. I’m referring to the candidate who best aligns with the company’s strategic growth plan and demonstrates the soft skills required to fit into their unique company culture versus the “friends and family plan.” They’re also not afraid to develop creative new job titles that reflect organizational needs rather than traditional titles that no longer represent the direction the company is moving in. Although they may not be the most qualified, they coach them to do a great job and make a personal commitment to their success. Kevin Ryan, an internet entrepreneur who founded several New York-based businesses, including Gilt Groupe, Business Insider, and MongoDB, gave up all other duties as CEO in favor of identifying impact performers who fit his company culture. Why? Because he believes that recruiting is the most important responsibility a leader has.

5. Change is a process, not an event.

They set up small milestones that naturally fit into the big-picture company plan, monitor progress on growth, implement next-phase steps appropriately, and demonstrate flexibility. Those that don’t usually have a massive 3-ring binder strategy plan that sits on the top shelf of a filing cabinet collecting dust. Marissa Meyer accepted the role as President and CEO of Yahoo! with high hopes that she’d turn things around. However, she recognized that several steps needed to be taken in order to see serious results. Since then, she led Yahoo! to acquire Tumblr in a $1.1 billion acquisition, rose profits from the previous year (2013), and implemented positive human capital changes, such as extending maternity leave and employing performance reviews.

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6. Create shared vision and mission statements.

The company vision and mission statements are repeated often and are written in a language that everyone in the organization can understand. They remind their staff to be living representations of the vision and mission every day. Those that don’t usually refer to a half-complete oral statement that reinforces the disjointed approach the company takes when it comes to their internal customers (staff members) and external customers (clients). Burt and John Jacobs, co-founders of Life is good, Inc., successfully built their vision and mission into each and every t-shirt they sell. So much so that their customers have embraced their simple message of optimism, leading to about 4,500 retail stores in the U.S.

7. Develop company-wide behaviors and job-specific behaviors.

These successful entrepreneurs create behaviors for the company to prescribe to as a whole in order to reinforce an empowered, positive, and innovative work culture. But they also recognize that each role requires it’s own set of behaviors in order to produce high-functioning top performers. Those that don’t write down behaviors for the company and for each role leave the guesswork to their staff members, often leading to high turnover rates, poor results, and lower levels of engagement. After Danny Wegman became CEO, the modest upstate New York grocery chain, Wegmans, which now has 85 stores in the Mid-Atlantic and New England regions, has ranked among the top 10 on Fortune’s annual “100 Best Companies to Work For” for eight consecutive years and was recognized with its reward for Best Grocery Store by the Food Network. Danny didn’t leave anything to chance, ensuring that he instills the company-wide behaviors that employees of all levels prescribe to, resulting in a superior customer experience we’re fondly reminded of when we hear, “Did you find everything you’re looking for?”

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8. Build a culture of accountability.

They also understand that the happiest employees are the ones who know their place within the workforce and how their work contributes to the company’s overall mission. Expectations are clearly written in their job description and reinforced in meetings with superiors. When employees understand exactly where they stand and what needs to get done, not only do they feel more fulfilled at work, but they’re also more successful at their jobs. Because they’ve built an infrastructure that supports growth and innovation, everyday isn’t a cluster@#$% where fires need to constantly be put out. Business owners that don’t hold their employees accountable simply don’t move forward. Tory Burch, Chairman, CEO, and Designer of Tory Burch LLC, has created a multi-billion dollar fashion conglomerate. Her secret is that she encourages her employees to work smarter, not longer. She argues that it’s not about the quantity of work; it’s about the quality. By focusing on the results that matter rather than time put in, she has created a successful and supportive work culture.

9. They provide employee development at all levels.

They commit to a hybrid-training approach from entry-level to upper management because they recognize that everyone doesn’t have the same strengths and others need customized training programs to grow and succeed long-term. Those that don’t usually must find talent elsewhere to fill higher-level jobs rather than promote from within. More importantly, the new hire is usually a mirror image of their own personality rather than one that compliments the business. Jim Collins, American business consultant, author, and lecturer on the subject of company sustainability and growth, made it his business to educate growth-oriented companies on the vital importance of employee development.

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10. They never give up, even on their darkest days.

Tenacity is the number one trait successful entrepreneurs have in common. Being negative or blaming others for failures is the worst approach for getting to the root of any issue. James Dyson, founder of the Dyson company, was fiercely committed to inventing the best vacuum cleaner on the market. Dyson never settled for mediocrity. He became frustrated with his Hoover Junior’s diminishing performance so he created 5,127 models before he reached perfection, truly emulating a “no quitter” mentality.

It’s no coincidence that these entrepreneurs are consistently more profitable and accomplish the strategic goals they set out for their companies.

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Last Updated on August 25, 2021

Why Personal Branding Is Important to Your Career

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Why Personal Branding Is Important to Your Career

As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

According to Celinne Da Costa:[1]

“Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

What Is Your Personal Brand?

“Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

Your Personal Brand Is Essential for Your Career Success

In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

According to Castrillon,[2]

“One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

“if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

5 Key Steps to Creating Your Personal Brand

These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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1. Set Your Personal Goals

What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

2. Create Your Unique Value Proposition

Create your unique value proposition by asking yourself these four questions:

  1. What are your personality features? What benefit do you offer people?
  2. Who are you and why do people enjoy working with you?
  3. What do you do and what do people want you to do for them? How do you solve their problems?
  4. What makes you different from others like you?

The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

3. Write Your Professional Story

Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

4. Determine Which Platforms Will Support Your Personal Brand

Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

5. Become Recognized for Sharing Your Knowledge and Expertise

A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

Other People’s Stories

Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

“your story is what you have, what you will always have. It is something to own.”

So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

Featured photo credit: Austin Distel via unsplash.com

Reference

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