In a recent issue of Forbes Magazine Michael Dell, Founder of Dell Corporation and Michael Noer of Forbes were interviewed by nine Student-Entepreneurs. Mr. Dell is well-qualified to comment on the essential qualities of entrepreneurs since he is described in Forbes Magazine as ‘one of the greatest student-entrepreneurs of all time.’ He started his company in the dorm room of the university he attended and that company has grown to a company with 103,000 employees worldwide.
The following is a summary of the 7 traits of entrepreneurship that lead to business success, which came out of the discussion, and based on comments by Michael Dell and the other participants:
- An entrepreneur is willing to take action and experiment without waiting for someone to tell you what to do. Entrepreneurs are action people.
- Being an entrepreneur is a passion; you have to be willing to learn from it as it becomes an integral part of your life. You enjoy your work and do not view the things you have to do as tasks.
- Be willing to outsource or delegate, especially when other people can do the work much faster. Identify the things you must do for your business and what you’re good at. Get people who are good at what they do to help you do the tasks you’re not great at.
- Determine what work/balance means to you. It’s different for everyone. Know where your physical strengths and weaknesses. Know when you’re most productive.
- Know when to say No when people ask you to do things that you don’t want to do and don’t help you to do the things you really want to do…or get an assistant to say No for you.
- Use social media because it’s “the quintessential force for our time in terms of communicating with customers and sharing information.” Use social media to get your message to lots of customers and prospects.
- You must have a blog! Your blog should be your home on the internet, even if you have a Facebook Page that’s a great resource. The Search Engines love blogs because they’re content-rich and they allow your customers and prospects to get to know you.
What other traits or characteristics, or even activities would you include as entrepreneurship traits that lead to business success?