Entrepreneurship: Four Definitive Qualities of Success

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What makes a highly successful entrepreneur? The answer to that question is buried in a blizzard of experts and know-it-alls that freely give their opinions. We can browse publications and digital offerings from ‘experts’ that give their opinions on the keys to success in entrepreneurship. As a matter of fact, you found this article offering up a dose of opinion on how it is done. The fact is that in every one of those offerings, there is a kernel of truth, a nugget of knowledge and a whisper of wisdom that can lead an entrepreneur down the path of success. In other words, there is no one source of wisdom that is going to get you to where you want to be. The good news is a recent study by professional services firm EY and the Harvard Business Review offer some true insights into successful entrepreneurship.

Successful Entrepreneurship Revealed

The study they conducted reached back over 30 years of success in business to 9200 winners of EY’s Entrepreneur of the Year Awards. Of those 9200 recognized, they looked at 500 hundred winners of the award and identified some common traits of success. Here are four of the most common traits shared by these successful entrepreneurs:

  1. Recognizing Talent- Each of them had the uncanny ability to identify, develop and grow the best people to grow their organization.
  2. Focused on Growth- They set goals from the immediate to the long term, which challenged their operation in every category. They set a high bar for success.
  3. Do Your Research- These successful entrepreneurs knew their business, inside and out! They knew every detail of their operation and the operation of their competitors.
  4. Driven by a Purpose- Not only are they focused on the goals established, but they look at the bigger picture, defining the broader purpose of the organization and how it can be achieved.

Finding Your Success

Some of the successful entrepreneurs used in this study included Spanx founder Sara Blakely, AOL co-founder Steve Case, designer Rebecca Minkoff and Starbucks CEO Howard Schultz. These are just a few entrepreneurs who have taken their operations to the next level and enjoyed extreme success. Over the 30 year period, the entrepreneurs studied contributed about $1 trillion in revenue and created over 14 million jobs. It is said that success leaves clues, and it might be reasonable to decide how to apply these ideas to your entrepreneurial skill set.