The 10 key traits of an entrepreneur

By Joanna Jensen, founder of Childs Farm and author of Making Business Child’s Play: How to build a winning brand

As a former investment banker and life-long entrepreneur, I’ve always been intellectually curious, never shying away from learning something new or doing the research to be better prepared. But when I created Childs Farm, the baby and child personal care business in 2010, my learning curve was practically vertical. I had to learn, I had to fail. Sometimes I failed fast but often my failure lingered way too long.

In my book – Making Business Child’s Play: How to build a winning brand – I share my early journey at Childs Farm, from idea to launch and how I navigated the hurdles along the way. I hope it will help other entrepreneurs to learn what they don’t know they don’t know.

But I start by talking about the traits and behaviours that I have noticed form the mindset of successful entrepreneurs.

What I have come to realise is that, while the business idea is of course important, it is how the entrepreneur brings it to market and the personal qualities they deploy to get it in front of everyone, that really matter.

Since launching Childs Farm, I have met hundreds of entrepreneurs, all of them different and with their own individual skillsets. And yet, the similarities between them are profound; they are all passionate, driven and focused, they are determined, resilient and hardworking. Overall, they are some of the best examples of humanity I’ve ever come across.

So, what are the 10 key traits of an entrepreneur?

1. Believe in yourself

First. Believe in yourself. If you don’t, no one else will. That’s partly confidence, partly just being comfortable in yourself. The most successful founders I know have overwhelming belief in what they are doing and why they are doing it.

2. Run your own race

Second. Run your own race and keep focused on your finish line. Comparing yourself to others and what they’re doing is a complete waste of energy because everyone has different strategic goals and runs different races. Success comes from being laser focused on your strategy, having the ability to pivot as required, but never losing sight of your finish line.

3. Attitude defined winners

Third. No matter your qualifications, it’s attitude that defines winners and brings opportunity. Being willing to unblock a loo can get you further than an MBA, and standing out by your deeds, ingenuity and imagination brings reward.

4. Don’t be afraid to ask

Fourth. Life is a learning curve. You don’t know what you don’t know. So don’t be afraid to ask, but construct that question so it’s clear you’ve done your research before diving in. Asking someone to explain how to become a vet in the age of the internet shows a distinct lack of gumption.

5. Own your own mistakes

Fifth. Own your mistakes and say sorry. Saying sorry prevents wars. Need I say more?

6. Smile

Sixth: You’re never fully dressed without a smile, so wear one! You’ll be amazed how much you can achieve with it. Enthusiasm for you, your business or brand will be infectious if you present it with joy.

7. Enjoy what you do

Seventh: Winston Churchill once said if you do something you enjoy you’ll never work a day in your life – and it’s true. Successful entrepreneurs thrive off the energy and delight that their business gives them. Even when the sky is falling in, we will be relentless in finding a solution, and when we do it’s grins all round.

8. Know your numbers

Eighth: Know your numbers. If you don’t measure them, how can you manage them? Yes, get a great FD and in due course a CFO will be all over them too. But failure in understanding what’s going in and going out can result in failure full stop.

9. Challenge and prepare to be challenged

Ninth: Challenge and be prepared to be challenged. You will never know how robust your business plan is until someone gives the tyres an almighty kicking. And how you and your team respond to being challenged will also determine your success. See point 6!

10. Leave them wanting more

And finally. When you’ve said your piece, or made your pitch, and got them on side and interested… shut up and sit down. Always leave them wanting, and don’t be tempted to fill the silence. Be bold, be bright, be brief, be gone.

Joanna Jensen is an entrepreneur and investor and author of Making business Child’s Play: How to build a winning brand – available to order via Amazon.