Much consideration has been given to analyzing the personality traits of successful entrepreneurs. There are tools used to measure ownership attributes. For example, I am 7-6-5-3 on the Kolbe index.
Some entrepreneurs seem extroverted. Others are introverts. Some lean right, some lean left, and some keep politics to themselves. There’s the nerd (yells at my peep) and the trench type. Golf; some people like fun sports (sorry, sorry)
Some business owners are flashy. I’ve been with people who drive $100,000 cars and brag about their boats. Later, it turned out that even after the distribution of owners, their company was simply broken. Others are like monks with money. Chatting with a gentleman at the gym. Sure, he wears gym clothes, but he doesn’t look like he owns a $200 million revenue generating business. But he does. When he found out it made me want to know what he drove. It’s been a beater since the 1990s. Around the early 2000s (not good at cars).
The diversity of entrepreneurs can lead to the conclusion that successful founders have no common personality traits. Let’s see what you are doing.
Working with fellow M&A geeks, I’ve had the opportunity to observe the most financially successful people. From this perspective, we were able to observe three things that the most successful owners differ.
1. Read business books
The most successful business owners are voracious consumers of business content. When a new business book hits the bestseller list, most wealthy owners read it or summarize its gist.
Not just the printed word. Many people get their information through audiobooks, webinars, podcasts, and industry conferences.
For these successful founders, the actual media doesn’t really matter. What is consistent is their continuous learning pattern and desire to leverage the innovative ideas of others to work for their company.
One of the most dangerous things an owner can do is get into a rut. Sometimes things are done in a one-sided way because “that’s how we’ve always done it.” That’s what Tim, his second-generation owner of the hardware store chain, told me when I toured his flagship store in New Haven, Connecticut.
Other companies do things a certain way because they imitate what big companies do. Burlington-based food distributor owner John was reluctant to make changes because he followed the template of a national competitor. But big companies also fall victim to the status quo. Additionally, they have different capabilities and funding advantages (or disadvantages) that make them operate in ways that are not efficient for John or you.
Business owners become wealthy to some extent by managing the organization of the future rather than the company of the past.
2. Join a “mastermind” group
In the absence of a board of directors, successful founders often use peer boards to hold themselves accountable and get an outside perspective when they get stuck. Michael, the owner of one of America’s largest construction companies, first introduced me to his peer advisory group for CEOs. Michael is a member of the Atlanta Bistage Group. I’m a member of three organizations like him. Two are national and one is local.
Other groups include the Renaissance Executive Forum, the Women’s Presidents’ Organization, and the Entrepreneurship Organization. (As a bonus, it would be nice to turn a second commander into his COO alliance.)
First popularized by Napoleon Hill in his class book Think and Grow Rich, masterminds gather small groups of peers to act as boards for each other. Often led by a chairman, these groups are the lifeblood of the owner in making major business and personal decisions. The beauty of these groups is that they often provide answers to business problems when they are considered industry-specific.
3. Ask questions
It’s an innate curiosity that makes successful entrepreneurs prone to reading business books and joining peer groups. They have an insatiable thirst for knowledge. No matter how successful they are, they want to do more.
Many founders are also action-oriented, competitive, and tenacious. That laser-focused drive can only get so far. There is no list of specific questions the owner asks. that’s not the point. In order to build a business that will make them wealthy, owners need to think things through, not just do things. We owners get into the routine of telling people what to do. Asking your team for valuable input can help you go further.
You might be surprised that you haven’t seen the stereotypes of successful entrepreneurs, such as persistence, creating schedules, and measuring everything. This is by no means an exhaustive list. If I were to write this column next year, I might come up with three different things. When you look at what wealthy business owners do to stay smart, you see a consistent pattern among the most successful entrepreneurs you know.
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