I have interviewed almost 100 business owners on my podcast over the last three years. The other night around the dinner table I was asked: “What do the most successful business founders have in common?” I have found there are five key traits that separate great business owners from all the others.
Self-aware – they understand their strengths and weaknesses and are reflective.
Ambitious – goal oriented, big goals, relentless, resilient and won't settle
Growth mindset – constantly wanting to improve, be challenged and grow
Deliberate – they are intentional and considered in everything they do
Passionate – this drives their enthusiastic approach to life and business
The most interesting insight is that there is never a sole distinguishing trait that sets a successful business owner apart as someone who will build a hugely successful business. Certainly, some founders are exceptional in many ways, but in many cases, they are not particularly different from other people in business.
For example, they don't work harder than the small to medium business owner. That isn’t to say they don’t work hard, they do. But I know many small to medium business owners who work just as hard, and they haven’t been able to turn their business into a $100m or $1billion organization. So, while hard work might be a prerequisite, it's not the differentiator that many people assume.
Nor do many of the traditional stereotypes like the egomaniac or control freak billionaire ring true. Most of the people I've interviewed are just the opposite, they are incredibly self-aware and quite humble. They almost all explain the importance to their success in finding great people to come in and do the jobs they weren’t good at. They learn to let go and provide their people with the autonomy they need to do their jobs. They understand that they can’t be control freaks because it stymies growth for everyone.
They have a growth mindset. That mindset starts with their personal growth but permeates through the entire organization. So, while they have ambitious goals and are relentless in their pursuit of success, they are aware of their strengths and weaknesses and the need to continuously improve. It is at the intersection of ambition with self-awareness and a growth mindset where the most successful founders separate themselves from the pack.
One is that they are very deliberate in their thinking and actions. They are intentional in their approach to growth and scale. They are considered in their communications and the way they approach both their people. They are also enthusiastic and passionate. I think this is the real driver of their underlying success. It dictates their positive can-do approach to life and business and is their superpower when they go through the tough times that they will inevitably face.
What is clear to me is that while their motivation can be anything from achieving family financial security to changing the world, one thing they have in common is that they are ambitious and driven. They are prepared to go all in, and they are not afraid to face their fears or potentially failing. Most importantly, they want to reach their potential.
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