10 Keys for Entrepreneurial Success

 

This week I have the honor of hosting three of Ann Arbor’s most successful entrepreneurs. Today, Michelle Crumm, co-founder of Adaptive Materials, will be the guest presenter in my class at the University of Michigan Business School on “Managing Professional Relationships.” On Friday at my Leaders Connect Breakfast at Zingerman’s Roadhouse, Larry Freed, founder of ForeSee, will present. Next Monday Davy Rothbart, founder of Found Magazine, will also present to my class at the Business School (Davy will also be presenting for the public at Literati Bookstore this Friday 11/7).

Based on my experiences with Larry, Michelle,and Davy, as well as several other successful entrepreneurs who have built great businesses from scratch, I have noticed ten key attributes of successful entrepreneurial activities. Here they are:

1. They have all identified unique opportunities that they were able to predict would be important in the near future.
2. They have built successful teams. They have not tried to do it all by themselves but have surrounded themselves with people who complement their key skills.
3. They have been persistent in the face of great adversity.
4. They have been willing to take significant risks.
5. They have had a deep, abiding faith in their capacity to succeed.
6. They have attracted investors who are willing to take a risk on them.
7. They have known when it was the correct time to let go and let others take over their pursuit of success.
8. They have been honest and have stayed free of controversy.
9. They have been willing to be adaptable, to alter their ideas when there have been changes in technology or when the data from their results indicate a need for change.
10. They have been respectful and considerate to people at all levels of the organization, building a positive culture for their employees, customers, investors, and in the community at large.

Many entrepreneurs like Larry, Davy, and Michelle are gracious with their time in helping other entrepreneurs succeed. I suggest if you are thinking of entrepreneurial endeavor, reach out to as many other entrepreneurs as you can for advice.

 

We still have some seats available for this Friday’s Leaders Connect event with Larry. If you would like to attend, please email me.

I would love for you to share your thoughts with me in the comments section below!