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10 Traits of Successful Entrepreneurs

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.

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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Published on September 18, 2018

17 Proven Tactics for Motivating Employees and Building a Stronger Team

17 Proven Tactics for Motivating Employees and Building a Stronger Team

Have there been instances when you noted a drop in your team’s productivity or observed a behavioral change in someone who used to be an excellent performer?

Before you blame the team for not being motivated enough or worse still, choose to ignore these warning signs, look inwards and ask yourself if YOU are doing enough to keep your team motivated in the first place.

Motivating employees is extremely crucial. As the leader of the pack, it is your responsibility to ensure each and every member of your team feels valued, driven and motivated.

After all, you cannot expect a bunch of disengaged and demotivated people to deliver results and grow your business, can you?

Here are 17 surefire tactics for motivating your employees and building a productive team:

1. Show your appreciation

In the whole race to achieve external business goals, leaders often forget to value their most important assets — their employees.

The least you can do to boost performance and morale is to appreciate your employees, recognize their efforts and give them credit when it is due.

Whether it’s sending a personalized note, recognizing achievements publicly during team huddles or even rewarding top performers at the end of every month, you will be surprised to see how these small acts of appreciation can go a long way.

2. Communicate effectively

Effective communication can do wonders in motivating employees. Who is a strong communicator? Someone who knows what they are talking about and are able to convey their message accurately.

Communication is a lot more than just language and talking. Factors such as eye contact, active listening, hand gestures and postures also say a lot about a person’s communication skills.

3. Be open to dialogue

Gone are the days when leading through fear and putting on the tough, distant leader act would work.

New age leadership is all about instilling trust by being accessible and encouraging discussions. Your team needs to feel comfortable speaking to you and you need to set the tone for such a camaraderie.

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In spite of having a busy schedule, you can still show you care through simple, effective acts.

For instance, having an open door policy, showing genuine interest while interacting with your employees or even greeting your team members helps breaking barriers and projects you as an accessible leader.

4. Provide constructive criticism

Giving negative feedback is always tricky — you don’t want to hurt feelings nor do you want the feedback to be taken lightly.

So, what do you do? The idea is to offer criticism such that it inspires change and delivers results.

Firstly, take criticism behind closed doors because nothing breaks self esteem the way calling out employees in public does.

Have a one-on-one discussion with the concerned person and make your feedback very specific. Be clear about your expectations and offer guidance on how they can improve.

Most importantly, give them the chance to explain their side of the story too instead of jumping to conclusions.

5. Conduct one-on-ones

Yes, you conduct weekly meetings with the team but how well do you know them on a personal level?

While you may think this isn’t an important practice to follow, it is one of the best ways to engage with your employees and identify what drives them.

Conduct a one-one-one session every month and use it to understand how your employees are doing and if they are facing any roadblocks.

More than reviewing performances, consider this as a relationship building tool to ensure you are aligned with your team and are working towards a shared, common goal.

6. Build training programs

In this ever-changing business landscape, it is important to ensure your employees are updated with the latest, relevant skills that can help boost productivity and performance.

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From imparting technical and soft skills to offering mentoring programs – investing in training and development significantly helps in motivating employees and keeps the learning going.

While conducting training programs, remember to keep them engaging and interactive. They need to ultimately drive value and reinforce learnings.

7. Offer growth opportunities

Every employee envisions a different career path for themselves and demotivation strikes the day they feel they have reached stagnation. As a leader, you need to first be aligned with their goals and offer ample growth opportunities that constantly keeps them engaged and motivated.

Growth opportunities go beyond just financial growth. While money is a huge driving factor, what makes most people tick is making progress in the company and going up the career ladder.

Being faced with new challenges and responsibilities lets them push the envelope and broaden their knowledge and skills.

8. Reward them

Go beyond verbal recognition and reward employees for their notable work. You can start an incentive program and reward top performers. This ensures increased productivity and brings out the best in them.

If you don’t have enough budgets for that, you can also reward top performers with movie tickets, a paid vacation or something as simple as giving them the option to work from home.

Rewarding employees promotes healthy competition and motivates them while meeting business goals.

9. Encourage team outings

Employee motivation also stems from how connected the team is. Invest time in team building because a team that works collaboratively is likely to deliver better results.

From bowling nights to hosting team dinners – team outings are a great way to get to know each other and bond. Assign someone from your team to be in charge of organizing these monthly outings and make sure you join them too!

10. Involve them

Involve your employees in decision making because when they are involved, they feel more valued and part of a larger cause.

Seek your team’s opinion and encourage healthy debates within the team. This boosts employee morale and challenges them to work harder as they know they are in a position to make an impact and will be taken seriously.

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11. Set meaningful goals

In the beginning of the financial year, make sure you sit down with each employee to set meaningful and realistic goals. The goal-setting conversation is an extremely crucial one and needs to be a two-way street.

Whether your employee feels burdened or doesn’t feel inspired enough by the assigned goals – this is the time to come to a consensus and assign goals derived from business objectives that foster individual development while keeping in mind their strengths and weaknesses.

12. Empower them

You cannot expect employees to be motivated for long if you micro manage the team and do all the talking.

Trust your employees and empower them to take decisions. Mistakes will happen but that is the only way they will learn.

Be open to discussions, delegate effectively, set your expectations and give your team the freedom to do it their way.

13. Deal with conflict

A conducive work environment is one wherein there is open communication and trust, but every once in a while, you do encounter people in the team who indulge in office politics and spread negativity.

How much ever fulfilled an employee feels with their work, gossiping co-workers are bound to ruin it for them. Workplace gossip if not tackled hampers productivity and soils working relations.

As a responsible leader, you need to maintain a conducive work environment and act as a mediator in such cases. Don’t be the leader who is locked up in his/her cabin and is unaware of what is brewing within the team.

14. Implement a flexible work culture

Flexible work cultures are a growing trend and are here to stay.

Whether it is offering flexible working hours or allowing employees to work from home once in a month – a flexible work culture promotes work-life balance and aids in employee satisfaction.

It shows that the management is sensitive to employees’ schedules and is thereby highly appreciated.

15. Host engaging activities

All work and no play makes Jack a dull boy and we cannot agree more! So, why not devote one day of the week to employee engagement activities?

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From hosting baking competitions to introducing wellness programs in the office – let your team have some fun beyond work. This keeps the environment engaging, light-hearted and interesting, giving them all the more reason to look forward to coming to work.

16. Maintain a positive work space

Your employees spend more than half their day at work and in order to keep them energized and motivated, it is important to maintain a positive and inspiring work space.

Have a recreation center where employees can unwind after a hard day’s work, offer free snacks and beverages and invest in an open office design that promotes socializing and conversations.

These are simple yet effective ways to create a space your employees will love coming to.

17. Avoid discrimination

Any kind of discrimination, be it due to age, gender, religion or race hugely impacts employee motivation and performance.

In order to avoid such cases, you must lay down rules against discrimination and take strict action against accused employees. Lead by example and make sure no one in the team is a victim of bias and discrimination.

The bottom line

Don’t underestimate the power of motivating employees. Understand that the more engaged and motivated they are, the better their performance will be.

It is also a good idea to send out a survey and get feedback from your employees on the company culture, work environment and their motivation levels.

This will help you be more aligned with their expectations and further improve your efforts in building a stronger, engaged team.

Featured photo credit: Unsplash via unsplash.com

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