Still don’t have too much time at the moment, but trying to produce content if possible, in a quick and (hopefully) digestible format. Some qualities of entrepreneurs that I’m thinking about:
- Perseverance: This is a tough, tough issue. I consider myself a person that bites into a project and doesn’t let go; at the same time there are times when you have to or should abandon an idea. Even so, a start-up is an 80 hour a week job (let’s say), it has stakeholders—investors, partners, employees—and it may take some time to go into the black. Perseverance is probably the most important quality to possess, but I’d love for it to be simpler to know when to persevere and when to abandon.
- Instinct: it’s a funny thing, this one. There is of course good and bad instinct (e.g. bravery vs. fear), but sometimes a “bad” instinct is a good one too (fear > jump > evade car). And even if you try to follow your instinct, your rational self—your experiences, education, arrogance, other emotions—will want to interfere with it. The reason to follow instinct is because it’s quicker and a more natural way to be (and my theory is that natural = confidence = charisma and all that good stuff). Still a tough one.
- Inside-knowledge: in an industry, sure saves you a lot of time finding contacts and focussing on the right stuff.
- The numbers: are important in a numbers-business. And every business is ultimately a numbers business, maybe not at the beginning when there’s lots of growth, but certainly at that point when either your wallet begins to look empty or a competitor is moving in next door.
- Money: is kind of nice. The more you have, the less you need to give away in equity. Of course, rich parents help, but so does having an investment-portfolio. Investing in your industry means that you keep track of the latest trends, of your competition, and if you make money from that, that’s a qualifier that your instincts are correct. And, ultimately, giving away equity to the right people, means having a smaller piece, perhaps, but of a bigger pie.
Other things I missed? Definitely! You can always drop a nice comment about it.
The picture is courtesy of fairinvestment.co.uk