CHAPTER 14

Qualities of Entrepreneurship

It is how you treat yourself and how you treat others in the practice of your profession, in such a manner that brings dignity to yourself and your profession, that is the true measure of an entrepreneur.

This chapter will focus on how you should treat others and how you should treat yourself while in the practice of your profession, in such a manner that brings dignity to yourself and your profession. There are certain things that do not get taught in school, which are the qualities necessary for all successful entrepreneurs. Being a good businessman should not be the sole measure by which a successful entrepreneur is gaged. Understanding and exemplifying these qualities in the practice of your profession is what makes you a true leader. That is not to say that you cannot be successful without these qualities, only that incorporating these qualities into your practice will not only increase your odds of success, it will also greatly increase the fulfillment aspect of the entrepreneurial journey.

These qualities can be broken down into how you should treat others, such as your clients, staff and peers (honesty, empathy humility, clarity, and philanthropy), understanding yourself (self-awareness), as well as discovering and understanding your place in and view of your professional life (philosophy). All of these qualities can and do manifest themselves in business and should be understood and incorporated accordingly. In this chapter, I will be providing my unique definitions of each, which may differ from the standard definition. I will also be explaining how each of these qualities, or the lack thereof, can affect your level of success.

Honesty

Being True with Others. Do not compromise your integrity, no matter the reason. You must be honest with yourself, your clients, and your staff in order to achieve fulfillment from your entrepreneurial path. If you achieve success in a dishonest manner, your subconscious will manifest negative energy in ways that you may not at first comprehend. You must be honest with your clients if you wish to cement the trust required to obtain a lengthy and mutually beneficial working relationship. You must be honest with your staff, especially during troubled times, if you wish to earn their respect, loyalty, and devotion via empathy, as opposed to resentment and suspicion through dishonesty. Refer back to Chapter 2 (What do Entrepreneurs Think About?) and Chapter 12 (Create and Cultivate Your Brand).

Accepting jobs, and not being able to deliver or delivering an inferior product, is a form of dishonesty, which would be a tough blow to the company’s reputation. Word will get out and affect your future chances at success.

Emotional Intelligence and Empathy

Being understanding of others. To be a good and effective leader, you must understand how your clients and staff are feeling. Look at the issue from their perspective by putting yourself in their shoes. Never be dismissive of their concerns or criticisms. Always take the time to hear them out and have an open dialogue. Even if the outcome remains unchanged, a genuine display of consideration and concern will create respect between you and your clients and staff. Refer back to Chapter 11 (Manage and Grow Your Business). Read “Emotional Intelligence” by Daniel Goleman.

If your clients or staff feel you minimize or are dismissive of their feelings and needs, and are inflexible, that will create doubt in them of a fruitful long-term relationship with you and your company. It will not foster trust and respect. You can lose clients and staff to competitors by not taking their feeling into consideration.

Humility

Treating others with respect. The moment you believe that you have achieved success and begin treating your clients and staff differently as a result will be the exact moment and inflection point demarking the beginning of your downfall. You should always be secure in and trust the manner in which you first achieved success. Treat your small clients and staff through successful times, the same as you treated them during the lean start-up years as it relates to service, attention, and understanding. Pass the credit around to your staff and praise them for their efforts. Do not lose sight of the passion that got you where you are today. Refer back to Chapter 12 (Create and Cultivate Your Brand).

If your clients and staff notice a change in how you treat them because of your success, and if that treatment includes a lack of respect, you are all but guaranteed a reciprocal reaction in how they think of you and your company. That could lead to friction and an eventual parting of ways.

Clarity

Being clear with others. Great communication, or clarity in communication, can change or drive minds and opinions in your favor and help avoid misunderstandings. Being prepared with the facts and eloquently and concisely conveying a message with empathy, tact, and confidence is key in originating, or retaining, work for your company. You can be the smartest businessman of the group, but if you cannot convey your idea or message in a way that touches your audience or clients, that distinction will not effectively come across to your potential clients. Similarly, a well-written letter or e-mail can make all the difference in how a client or colleague interprets what you are trying to say. Body language and tone should also be thought of as a form of communication and are especially important so as not to give off the wrong impression or risk letting slip your true feelings in awkward situations. Such a misstep may cost you a project or client. You must be very precise and concise when you write and speak and stick to the facts. Do not clutter your letters, e-mails, or speeches with emotional or unsubstantiated information. Do not ever put anything in writing that you cannot prove or commit to. Refer back to Chapter 11 (Manage and Grow Your Business).

A single wrong word, look, or inflection tone can be the beginning of the downturn of a relationship, both personal and professional. If you do not practice your speeches or do not deliver them with confidence or fail to understand the material you are trying to convey to your audience, you will lose credibility. Once you lose credibility, you lose respect, and once respect is lost, the opportunities will fade, and the relationship is destined to fail.

Philanthropy

Helping others in need. Philanthropy should not only involve assisting and guiding those who are materialistically poor, it should also include assisting and guiding those who are inspirationally poor or in need of guidance. This includes advising and inspiring our youth, our community, and our profession for the common goal of improving the quality of life. It also includes being aware and taking consideration of potential injustices affecting the community where you work. Philanthropy is good business practice and should be the duty of all successful entrepreneurs. Refer back to Chapter 13 (Give Back). Also, reread Ana VeigaMilton’s piece on philanthropy in Chapter 8 (Specialize and Become an Expert).

Giving back to the community is not only spiritually and emotionally rewarding, it fosters good will from the community and can lead to opportunities you otherwise might not receive. A business that is considered socially conscious either gains a positive public image and publicity or in turn, if not socially aware, or if perceived as indifferent to the community, it could become associated with a negative image and accrue negative publicity. You cannot run a successful company in a community without considering the social underpinnings that hold that community together. That is especially true during times of civil unrest or perceived injustices. Your opinion and action, or lack of opinion and action, in such times, can have far reaching implications on your company’s success. This could be a slippery slope, so tread carefully.

Self-Awareness

Understanding Yourself. In order to know others, you must first know yourself. History is fraught with failures that occurred as a result of individuals or companies becoming involved in situations beyond their area of expertise either due to a misguided drive to succeed or pressure from outside. You must get to know and understand your professional as well as your personal limitations. To do that, you must get to know yourself intimately. You must identify your strengths and weakness, your likes and dislikes, and what makes you happy. I recommend you perform an honest self-evaluation and self-interview. First, purchase a unique-looking journal that stands out. Write down the interview questions (recommended list given next) on a separate page and write your answers down beneath each question and date the answers. The questions may seem similar, but they are phrased in such a way as to get you to see yourself from different perspectives. Feel free to go back and change your answers based on how you answer each question. When you are comfortable with all your answers, reflect on yourself and see if there is something missing and if there is something you would like to work on. Then, come back to your journal periodically and compare your answers. I suspect that later in life, you will see your answers changing, as you mature and change with time. The questions I suggest asking yourself include:

Refer back to Chapter 4 (Identify and Attain Your Goals), Chapter 5 (Do Not Be Afraid to Take Risks), and Chapter 9 (Do Not Be Afraid to Fail) to assist in answering the preceding questions. If you put forth a sincere effort in answering these questions, you will get to know the real you and only then can you really get to know others and identify what makes you happy. From there, it should be much easier to identify your ultimate goal and your unique definition of success.

You must truly understand yourself, including your own limitations, strengths, and weaknesses, in order to be a good leader. Taking risks without being informed, or compromising integrity just to secure a job, are not risks worth taking. A good leader will not bite off more than they can chew and will never be afraid to ask for help or say no. Putting yourself, or your clients and staff, in physical or financial danger in order to achieve success can lead to harm, financial ruin, or worse.

Philosophy

Understanding Your Place in Life. In order to effectively set goals and achieve success, you need to understand your core values and beliefs. You must discover and understand how far you are willing to go and sacrifice to achieve success. You need to identify your philosophy of life. Most people live by no philosophy, instead they default into accumulating material property as a sign of success. They have adopted the philosophy of “keeping up with the Jones’s” and will spend more than they make on a yearly basis without consideration of the consequences.

The very fact that you have chosen to be, or are considering being, an entrepreneur, means that you are willing to think differently than most people. You want to take the road less traveled, or, even bolder, you want to choose and create your own path. The entrepreneurial philosophy entails constant learning and keeping an open mind, not being afraid of taking educated and informed risks and being an investor and not a mindless consumer. Refer back to Chapter 1 (What is an Entrepreneur?), Chapter 2 (What do Entrepreneurs Think About?), Chapter 3 (What is Entrepreneurial Mindset?), Chapter 6 (Focus on Investing, Not on Consuming), and Chapter 7 (Accumulate Assets, Not Liabilities). Read “Rich Dad, Poor Dad” by Robert Kiyosaki.

An entrepreneur’s philosophy is centered around success, which, if they defined honestly, will also lead to happiness. However, if not truly defined, or if defined dishonestly, may lead to fame and financial wealth, but never truly to success. History recounts of many individuals who had much fame, success, and wealth that were not happy. The phrase “money cannot buy happiness” is a testament to many individuals following the wrong path to success. Therefore, if I can leave you with one final piece of advice, it is to “To thine own self be true.” Take the time to discover what makes you happy and base your goals on that. This is the path to success.

Chapter 14: Qualities of Entrepreneurship

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