What Makes A Successfull Entrepreneur

[wornout]

Is it luck?Is it dogged determination.Just what makes someone like Branson/Stellios(easy jet etc) and the others succeceed where so many fail?
Steve

[alistair72]

It has to be about the quality of the people they put around them. No one person can realistically expect to set up a business on there own, there is just to much involved such as accounting, sales, marketing, stock control, regulation, blah, blah, blah, and so on. The greatest business in the world can be destroyed by a dodgy accountant, or less than trustworthy sales rep just look at Enron. HR is easy for a large company, just another one of the many things that go to forming a successful company. How do new start ups pick the right team? Trial and error or wing and a prayer?

[inbakumar]

It is a "vision" thing and execution, execution and execution....

From another point of view, the three main reasons companies fail are as follows:

(1) Wrong product or service
(2) Unsuitable people
(3) Lack of funds

Regards,

[Cougar]

Depends how you define "success" and how you measure it. E.g.>>>>>>>

>> Successful being innovative in bringing new ideas/services/products to the market? (The vision/hunch/insight "thing").

>> Successful making a profit of "£x"?

>> Successful just by not going bust?

>> Successful because you make your first £million by age of 25?

What are you measuring?

In my first year in my own business, I measured success in terms of establishing the business, making enough money and managing my cashflow to support my personal outgoings and not being one of the very great number of new businesses that do not even get to their first anniversary. To me these achievements = "success", but to others these may appear to be very modest achievements indeed.

I suppose more generically, "success" is about identiying opportunities and exploiting them to make a profit - with all that entails about resourcing, marketing, delivery and exceeding customer expectations.

Another dimension to "success" is whether you judge your success on your own metrics of profitability, market penetration, generating ideas, etc etc or by what others think and say about you. In this sense "success" becomes what other people bestow on you based on their perceptions (whether right or wrong!) i.e. he must be successful because he drives a porsche .....; she must be successful because she moved to a bigger house ....; he must be successful because he always has lots of ideas etc etc.

[wornout]

WOW. Thanks for your contributions.Wonder how many are on this site. Ive always thought that success was all about exactly how you feel about your business.
1)find a product or service
2)find its niche
3)exploit the niche
4)bed the business in
5)be in a position to diversify, either related or at a tangent,if you wish.

[peterjhale]

Am I an entrepreneur? I'm not sure

But for me I am ALWAYS looking for the next way to make some money (ask my wife - it drives her nuts)

I suppose if you are successful for yourself (ie: make a lot of money which most people want) then to be in this category it's if others look up to you and want your advice.

For Teneric I wanted to do something different. And here it is!! I'm sure others will copy at some point, but being the first is gratifying

[keys]

Successful entrepreneurs come in various shapes and sizes. They may share some features but common roots to their success can be hard to define.

These are a few of my observations.

1) They stay focused on an idea, to the point of obsession, like a dog with a bone.
2) They view things differently and frequently question established rules and methods.
3) They assess, measure and seek to minimise risk, then they will take bold decisions.
4) They recognise ability in people and are good motivators.
5) They have an insatiable appetite for research and information which might affect their business.

[wornout]

Hi Keys-think you may have hit the nail on the head with your observations.Think I may have all the attributes you have listed,guess time will tell.What line of business are you in?
Steve

[gstock]

[QUOTEAm I an entrepreneur? [/quote]

entrepreneur in translation means contractor(entre prenuer = beetween taker)

So from this I gather a good entrepreneur would be somone who has the ability to develop and maintain good relationships and structures between people and businesses.

So Peter I guess you are and your forum will be a great breeding ground for many more.

Graham

[wornout]

Suprised no one has mentioned RISK.Most succesfull entrepreneurs are risk takers,they see an oppertunity,calculate the risk v return and go for it