THE Entrepreneur Quality
In the last 5-8 years I believe we have seen a rebirth in the American entrepreneurial spirit. With the enormous influx of content, and domination by Social SUPERTRENEURS like Gary Vaynerchuk, Grant Cardone, and many others, people everywhere are better equipped, informed and skilled to start their own businesses today than ever. We are living in the greatest time ever and in the greatest country on earth! The opportunities are limitless. My coaching and courses have become more focused on the involvement with this migration as more and more clients are asking me ‘how do I know what to do and how do I start my own business?” I recently received an inquiry asking what the number one quality of a successful entrepreneur is. I didn’t have to think or evaluate this answer long.
In my experience there is one quality that trumps them all, evident in virtually every great entrepreneur. That quality is self-awareness. I believe self-awareness to be the superpower of qualities. Becoming hyper aware of what motivates you and your decisions is the best way to improve your effectiveness and effective entrepreneurs are hyper self-aware. Self-awareness, allows someone to understand their strengths and weakness! It is self-awareness that allows the best business-builders to walk the tightrope of leadership: projecting conviction while simultaneously remaining humble enough to be open to new ideas and opposing opinions.
Self-awareness being critical for business-building success is not a new insight. The tougher code to crack is how to become more self-aware. Here are 3 tips on how to do so:
- Test and know ‘who you are’.Having a framework for self-awareness helps to bucket your strengths and weaknesses. Understanding your traits, skills, needs, desires and operating framework are essential components to success as an entrepreneur. Successful entrepreneurs are crystal clear in these areas and that clarity creates direction and direction determines destination.
- Study Yourself and Learn.Self -evaluation is a common practice of those entrepreneurs who are super successful. They are very aware of what they have done, why they did it, and if it worked. They also know themselves well enough to be honest about the fact of what actually played into that success without over stating their own participation in that success. The key to the effectiveness of self-feedback analysis is to systematize rationale and motivations and reflect and evaluate outcomes. Such a practice forces one to focus not just on the what, but equally on the why. Perhaps the biggest benefit of a systematized feedback analysis is avoiding the attraction to revise history when things do not turn out as expected. Backward rationalization is all too easy to fall prey to — and is a reason why so many do not progress in their self-awareness and personal development.
- Social Awareness, or other awareness.Self-awareness is crucial when building a team. Knowing your natural strengths and weaknesses makes you a better recruiter and allocator of talent. But you also must be an acute observer of others’ strengths and weaknesses. Effective teams are made up of people who both understand and complement each other. By definition, it is impossible for any one individual to be above average across all the business-building traits . The entrepreneurs understand how to pick winners and help them win too. They aren’t intimidated by someone else’s greatness or see it as a threat to their own success. On the contrary, they see everyone’s strength as an asset to be acquired for their overall mission.
This is the trinity of self-awareness: know who you are, improve who you are, and complement who you are. These are common qualities of uncommonly successful entrepreneurs.