The Seven Traits Of The Most Successful Entrepreneurs

Published by Mike Michalowicz (Google+)

How To Become An Entrepreneur

The most successful entrepreneurs have distinct traits that make them stand out from everyone else.  The results (hint: lot's of success) are well documented.  Just look at the cover of any business magazine.  But what is not documented is HOW they got there.

In this short article, I share the how.  Specifically the seven traits of the most successful entrepreneurs:

Has Attention Deficit Disorder

If you get easily bored with the mundane and get enthralled in the unique and obscure, modern society will label you as having a disorder.  ADD specifically.  But this is a myth, it is not a disorder.  In fact the most important skill that an entrepreneur must posses is to quickly delegate the mundane (repeatable tasks) and constantly attempt new innovations.

Says "No" A Lot

Entrepreneurs say yes to most things.  Yes to new clients, new projects, and new opportunities.  But, the world's most successful entrepreneurs say no to most clients, most projects and most opportunities. Because they know a maniacal focus results in extraordinary skill and ability.  A narrowly focused business is ALWAYS the industry's most elite provider.

Cares More About Questions Than Answers

Better answers can only come from better questions. The most successful entrepreneurs do not ask, why is my business not working.  Instead they ask, how can my business work significantly better.  Always ask better and bigger questions, the answer will reveal themselves.

Has Absolute Integrity

There is no such thing as a little dishonesty, or just  a small theft.  The most successful entrepreneur knows that how she behaves in any instance is how the behave in all instances.  She always acts with integrity even when there is no way she would ever get caught. Always!

Makes Everyone's Job Easier

Business owners create and enforce the systems, but the best entrepreneurs are always making the systems easier and easier to execute.  They never stop innovating internally.

Doesn't Compete With The Competition

Entrepreneurs spend their time trying to innovate beyond the competition, the world's most successful entrepreneurs constantly innovate beyond themselves.  In short, they compete with themselves.  Therefore they always lead by a huge margin, yet are always striving for next level.

Has A Mastermind

The most successful entrepreneur surrounds himself with other successful entrepreneurs.  He meets with 7 or 8 other successful entrepreneurs periodically.  Collectively the energy, intelligence and experience lifts all the entrepreneurs to their highest levels.

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur

 

Category: The Right Actions
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  • http://www.BloomingDreams.ning.com Demisha

    Excellent list. ADD = creativity! ADD is amazing, because when you have it, you never get comfortable with things. It brings constant change into a person’s life, which is outstanding. ADD really stands for: AllDay Dreamers- for those that constantly “attempt new innovations”.
    Always Dreaming Differently!

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      Hey Demisha – I heard the funniest thing about A.D.D. This guys said ADD is the juice of life. Then he said what he is most concerned with is ASD… Attention Surplus Disorder. That is the real problem.

  • http://www.businessvictories.com Cheri Ruskus

    Great list Mike and really right on. I especially like your item #7 Mastermind and know it to be true with the work that we do in the Victory Circles! Collectively we do rise up to our challenges in order to have our businesses be the the successes that we each envision!

    Would love to connect again one of these fine days!
    My best,
    Cheri

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Cheri – Yes! Masterminds are key.

      @Everyone – If you want to participate in an AMAZING mastermind, check out Cheri’s organization. They are phenomenal!!!!!! http://www.businessvictories.com

  • http://www.emagzin.com Gobind Shahbaaz Singh

    Beautifully written post Mike and nicely compiled….. I loved the Doesn’t compete with the competition pointer very much!

  • http://www.sanibelnaturals.com Victoria Beckner

    Mike,
    Great post! I really like the Integrity trait: Own your mistakes, be honest, always say please and thank you and you will be opening doors all the time! People like to deal with respectful, polite people. If you can be that, they will be so disarmed, you will be able to get what you want without stepping on toes. Plus,you ever have to look over your shoulder! Always looking and moving forward…the only way to get to your goal.

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Victoria – Spot on! Thanks for expanding on what integrity means. “Own your mistakes and be honest. Always”

      @Sam – Hey Sam… I know of a great book (is that too self serving).

      @Stephanie – I think you ARE one of them the moment you employ it. The financials may not reflect it immediately. But they will soon enough.

  • http://www.soundtshirt.com Sam

    Another important trait is that most successful entrepreneurs constantly refresh their minds by READING GREAT BOOKS!

  • http://www.virtualbusinesslifestyle.com stephanie

    wow, i think it’s very creative how you define what a successful entrepreneur is. and come to think of it, its actually true! most of the successful entrepreneurs i know are exactly the way you said in this blog! hope i could be one of them soon! awesome post!

  • http://www.echosconsulting.com Richard M.

    This is good stuff and it is fairly straight up and easy to understand. I agree with all of them, especially the bit on integrity! On the issue of competition I kinda viewed it differently although I understand your post. I have eliminated ALL my competition by collaborating with them where practical … at first they were quite confused but then they realized that I simply didn’t have the time to compete with them … I had customers to satisfy and they either wanted to help or not. Now they come to me with clients that they know I can assist and we now share great relationships and broadened horizons! There’s enough business out there for everyone, just not enough if you want to hog it all to yourself.

  • http://www.triciadycka.com Tricia Dycka

    Mike
    This was a great reminder. To constantly challenge yourself without the thought of what others think. Create a supportive environment for yourself while propelling your business forward. The best is compete with yourself not others.

    Tricia Dycka

  • http://www.thetaxdevelopmentcompany.com BiG Al

    Great post my man! I always gotta give it to ya, you’re on top of it. And after all these years, everyone has been telling me that I have ADD, ADHD and I have too many dreams and to just stick to one, I’ve finally found some validation on my point of view! I would say that ADHD stands for Always Daring (to accomplish)Higher Dreams!

    ‘At a boy Mike!

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @BIG AL!!!! You go brotha… YOU GO!!!! Folks with ADHD own it!!!

  • http://www.JobHuntingStrategies.com Susan Greene

    One of the traits I’ve consistently found among successful entrepreneurs is that they care about the details. It’s fine to be “the visionary” and come up with big ideas, but turning out quality work, whether it be in the form of a product or service, means perfecting every aspect, no matter how small.

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Susan – devil’s in the deets.

      @John – agreed. Love your principals.

  • http://www.vresources.net John Panico

    Could not agree more with the list… especially having integrity. One of our founding principals at Virtual Resources is to be Morally and Ethically sound. Another trait that I would add is the ability to “make it happen”. Successful entrepreneurs have an uncanny ability to just make things happen.

  • http://www.bagawiyarevolution.com Michele

    Mike
    I love this post!
    It sounds just like me in every aspect of life and business :-)

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Michele – Hey!!!! Long time no talk. That is awesome… and means that business will continue to flow and grow. Was wearing my Bagawiya shirt today… must be karma.

  • http://www.squidoo.com/AngeliqueCaffrey Angelique

    What stood out to me the most is that numbers 1, 3 and 6 are often cited when naming children as “gifted”. I suppose you could say that the most successful entrepreneurs are “gifted”, too!

    Angelique

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Angelique – Such a astute observation. I agree completely. We need to be very careful about negative labels… since many are actually talents.

  • http://www.bagawiyarevolution.com Michele

    haha Mike

    yes it must be Karma
    lets get to the flowing and growing of Bagawiya!
    Here’s to the list!

  • http://www.cardlogicllc.com Gregg Mulgrew

    Great read Mr. Mike as always…
    I am so glad ADD is a myth and not part of the entrepreneur cerebral package.
    ADD = Adversity Develops Determination!

    When are we popping the top on a few at the Boonton Inn???

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Gregg – I love that definition of ADD! I am settling back in, in Mid May. Maybe we should get a tweet up going in Boonton.

  • http://www.progreshion.com Gresh

    Hello,

    I recently wrote my thesis on sports entrepreneurship. After interviewing and researching a bunch of entrepreneurs, I developed a list of traits that I believed were evident in entrepreneurs in the sports industry–and also apply to “non-sports entrepreneurs”. I posted the list in my blog and would love to hear what you think: http://tiny.cc/hf9li

    Thanks

    @proGRESHion