What makes a successful entrepreneur?

We’ve had the pleasure of chatting to a couple of small business owners in the last few weeks. Spending time with these Sydney based entrepreneurs was inspiring and fascinating. Makes you wonder what sets these people apart from other small business owners, is there a formula for doing so well? To get inside the head of the entrepreneur we asked guest writer and psychologist Nick Petrovic for some insights.

An entrepreneurial venture is an attractive prospect for many. business owners to take the leap.The images of freedom it conjures, of working for yourself and the control over decisions big and small, prompts many aspiring

Love what you do

We’ve heard this before, however the truth is that loving what you do goes far beyond simple enjoyment. These days, many entrepreneurs are driven by short-term prospects, as it seems every day we hear of a new business hitting it big. However, a true entrepreneur knows the struggle ahead will have them questioning themselves, battling financially and many times juggling a very uneven scale of professional and personal demands. It is here that a love of your work is a saviour; it may not make the struggles go away, but a true entrepreneur is grateful simply to be able to keep doing what they love.

The value of networking

While the image of an entrepreneur may be of a single-handed endeavour, a good entrepreneur knows that going it alone in business is not only difficult, but often impossible. The more effective networking you do, the better equipped you will be in times of need. Remember, the underlying principle of networking is to develop and nurture business relationships before you require them. It’s also a great way of continuing the learning process. While you may not always be able to achieve financial or material returns, the knowledge gained form hearing the experiences of others can be invaluable. A true entrepreneur sees the value in all viewpoints and knows that knowledge can come from the most unexpected of places.

Knowledge in, information out

A good entrepreneur values communication both incoming and outgoing. They have a desire to learn – from their successes and failures, and from the angriest of customers to the most loyal of employees. They are driven to keep their team informed, including them in decision making and valuing constructive feedback. They are also aware that communication should be an internal process as well, and so remain aware of their own thought processes. They understand that thoughts and feelings lead to actions. Successful entrepreneurs are also willing to admit their limitations and, if necessary, delegate tasks to more experienced or equipped individuals.

Once an entrepreneur, always and entrepreneur

For an entrepreneur, success in the business world can be a double-edged sword. On the one hand, a flourishing business reaches financial goals and opens up even more opportunities for success. On the other, the evolving role from visionary to manager can leave you overwhelmed, with more traditional business matters often detracting from the creativity and passion that once drove ideas. Some of the most successful entrepreneurs in the business world have credited a large part of their success to a resistance to morphing into what is considered the norm.

Staying true to your business style when the time comes to lead a team means that, while less-than-inspirational tasks must be dealt with, the way in which they are managed can inspire your team as well as yourself. In addition, a true entrepreneur acknowledges the other entrepreneurs on their team, encouraging diversity and avoiding a temptation to seek out replicas of themselves.

Nick Petrovic is a well known psychologist and sought after expert writer, with a background in assessment and profiling. As the founder of the Mind Profile Psychology Clinic, Nick offers mental health and business related services to clients in South Western Sydney. Having worked in both government and private sectors, Nick has assisted business owners and employees in managing stress, improving productivity and maximising potential. With the attitude that any problem can be rectified, Nick approaches financial and business matters from a psychological perspective, offering practical strategies.