Are Successful Entrepreneurs Born or Made? By Jeff Sandefer - highlights

Are Successful Entrepreneurs Born or Made? By Jeff Sandefer

Is the secret to success Skill, Character, or Luck?

“Skill,” a business owner said. “And particularly the ability to sell.”

“It helps to be born with an engaging personality,” the man who had built a fortune in rent houses added. “But that’s no substitute for knocking on door after door and every time you are turned down, having the courage to knock again. Sales is a matter of learning about human nature, yours and theirs, through trial and error.”

A list of important skills soon followed:

• “The ability to find good salespeople and manage a sales force.”

• “Having a firm grasp of which numbers are important.”

• “Knowing how to put together an assembly line or service delivery process.”

 More skills were added to the list:

• “Being able to communicate clearly.”

• “Listening and questioning customers.”

• “Being a problem solver; thinking.”

• “Being curious enough to uncover and unravel the strategies of competitors.”

“Character trumps skill,” the junk dealer said. “Perseverance is far more important than skill or talent. You have to have a mindset that never gives up, no matter how tough it gets. A little talent and a lot of hard work are the foundation for learning any skill, and are far more important in the long run.”

Other important character traits soon followed:

• Basic curiosity

• Fairness

• Courage

• A relentless pursuit of opportunity

“But what about luck?” I asked.

Silence.

“Surely you believe luck has played a major part in your lives?”

“Sure, luck played a part,” the junk dealer said. “But you asked about success. Luck is the difference between making a million dollars and ten million or a hundred million. It’s not the difference between success and failure. Each of us was going to be a success; it was just a matter of how long it took.”

an unexpected lesson

I realized that I could capture each of the orphaned words and phrases under one of three headings: “Industry Expertise,” “Good Business Judgment,” and “Reputation and Relationships.”

Industry Expertise - Some assets are built during competitive battle. They’re made one sales call at a time, through countless trial and error experiments making and delivering products, each time keeping a keen eye on the reaction of competitors.

Good Business Judgment - Then, there are the assets built during the daily struggle of making operating decisions. Decision by decision, one success and mistake at a time, entrepreneurs accumulate a robust inventory of lessons in how to operate a business.

Relationships and Reputation - Last are the invaluable bonds and assets formed as you work with other people. Every time you keep a promise, act kindly toward another, or show character when times are tough, you add another deposit to your account.

The most difficult task for most businesses is attracting the right customers, employees and investors. Doing things right and doing the right thing build strong relationships. So does being honest and direct. And going the extra mile. Strong relationships, through word of mouth, build reputation.

the secret: stay the course

That’s when the secret hit me. Yes, these successful entrepreneurs had taken the time to master critical skills, usually in areas where they had raw talent. Character too had been important, especially perseverance and honesty. And luck had played a role, though most would have been financially secure without it, and some even felt that excess riches were more a burden than a blessing.

So in the end, what made them different from others who hadn’t been as successful and fulfilled? They had stayed the course. Day after day; year after year.