5 Traits of Successful Founders
Have you ever wondered why some people are successful and others are not? Or why some people’s start-ups succeed and others fail? Out of all the millions of start-ups all around the world, the ones that receive their funding and become successful are almost always those who have founders and CEOs that are truly equipped to take their business far. When you look at a list of successful founders of start-up companies, there are a few things that they all have in common. All of these leaders have traits that allow them to be successful and the drive to persevere through any hardships they may face.
- Resilience and Perseverance – With a new company, it is likely that you will hear ‘no’ more often than you hear ‘yes’. Having resilience means that no matter how many times you hear ‘no’, you are willing to push through until you hear a ‘yes’. Even the founders of some of the most successful companies we know today such as Microsoft, Apple and Facebook heard ‘no’ many times, but they kept trying and finally found someone who believed in them and was able to help them succeed.
- Humility and confidence – Humility and confidence go hand in hand, especially when you are asking for the help of others. You must be confident in your business idea and be able to see its potential to grow in the future while still remaining humble and taking advice from others. You should also be confident in yourself and your ability to run this business and drive it to success. Humility allows you to build relationships with your investors and team members and facilitates learning and teamwork which is key in developing a start-up. A combination of confidence and humility shows the investor that you are capable but not arrogant.
- Responsiveness – When speaking to investors, it is important to let them know that you are serious and prepared to work hard to develop your business. One way you can show that you are committed is by being proactive and providing them with answers to any questions they may have as quickly as possible. Promptly providing an investor with everything they need to make a decision about funding your business will encourage them to invest.
- Knowing your weaknesses – You can’t improve yourself if you don’t know where to start. Knowing your weaknesses is the first step to turning those weaknesses into strengths. Understanding where and how you need to improve allows you to focus on your strengths and work on your weaknesses or hire those that excel where your skills are lacking.
- Staying focused – As the founder of a start-up company, you will likely have a long to-do list and limited resources to accomplish the items on that list. For example, you may be nearing the launch of a new product and at the same time be looking for a new person to join your team that could further develop this product as well looking for more funding to support growth. As a founder, it is up to you to accurately evaluate your company’s needs and put your time and money towards the things that. The growth of your business and how it continues to evolve is constantly changing, but by being proactive and staying focused you can adapt and solve problems on the fly – saving your company time and money along the way.