As a Dallas business broker, I’m often asked, “What does a business broker do?” A business broker is someone who does M&A (Mergers & Acquisitions), and often gets leads from connecting with a well-established business broker network.
As a consultant in a complex business, I meet many entrepreneurs and I would like to share some of the traits of this amazing group of people. My goal here is to help you you to predict your success as a business owner.
Here, then, are three traits common to successful entrepreneurs:
1. Entrepreneurs are not afraid to dream
While many people, as much as 70% of those who consult a business broker, want to be their own boss, make large amounts of money, and set their own hours, many of them are not entrepreneurs because they are held back by fear.
Fortunately, fear is only an emotion that arises due to lack of knowledge, and it dissipates when a person investigates, as you are now, the various aspects of what it means to run their own business.
In fact, the more informed you get about a business, the higher your rate of success will be.
There are numerous things to research, including:
• The business you want to buy.
• The industry the business is in.
• The educational requirements, including certification, necessary to participate in the business.
• The organizations or groups that support the business.
2. Entrepreneurs choose their friends and associates carefully
How effective you are as an entrepreneur will depend for a large part of the type of people you surround yourself with. If you are surrounded by positive people, they will encourage you to dream and pursue massive action. Alternatively, if you are surrounded by pessimistic, cynical people, they will drain your hopes and dampen your enthusiasm. While it is theoretically possible to tune out the ‘nay-sayers,” it is much easier to make progress when those around you encourage you and even offer suggestions on how to resolve challenges you may be facing.
3. Entrepreneurs have a different mindset than other working people
Someone who wants to own a business cannot have an employee mentality, something, unfortunately, that has been inculcated in almost anyone working for someone else.
Here are some traits, I’ve seen in many entrepreneurs:
• They are not waiting for a weekly or biweekly paycheck, but are focusing on long-term compensation that will exceed what an employee would earn.
• They perform well under pressure.
• They have mentors or serve as mentors to others.
• They thrive on making their own decisions and taking personal responsibility. As independent thinkers, they are willing to assume risk and to take massive action.
• They are detail oriented. While they are able to hold the big picture, they are also able to take care of the minutiae.
• They are competitive. This means they love to win, and they enjoy the journey of trying out new projects.
• They are excellent communicators. Through writing and speaking, they are able to infuse others with enthusiasm for their vision, as well as clearly outline what needs to happen to fulfill the vision.
• They are flexible, able to perform a variety of tasks necessary for the success of the business.