Qualities Of A Successful Entrepreneur

April 14, 2011

Interview with Peter Sheahan, author of the book Making It Happen: Turning Good Ideas Into Great Results

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Mike Carruthers:
Not to burst your entrepreneurial bubble but if you have a great idea for the next big thing just remember…

Peter Sheahan:
The world doesn’t need any new ideas there’s plenty of ideas out there. The real value is created with the person that does have the business smarts to execute on it.

Peter Sheahan, author of the book Making It Happen, says successful entrepreneurs typically have other important qualities in common.

Well work ethic would have to be number 1. The level of disproportionate effort you put in up front for your initially pretty meager returns is quite significant. So I think it starts with how you really prepare to put this on the line. And that’s why people so often talk, Mike, about the importance of being passionate in the entrepreneurial space - because it’s just a tough slog at times. I think the second characteristic is the ability to sleep at night despite the risk.

But even then, Peter says entrepreneurship is something you have inside.

Most entrepreneurs know at some level they’re entrepreneurial - like they just don’t feel like they fit. They didn’t fit necessarily in school, they certainly didn’t like being told what to do when they went into the workplace, and they always felt like they had a better way of doing things. If you find yourself saying things like that all of the time like, “Gosh there’s such a better way to do this and if I was running the place this is what it would look like” then the writings on the wall you should probably have a go at it. My advice to people is never wait for the right time to become an entrepreneur, there is never a right time. 

To hear the complete unedited interview, click here