This element looks at “the type” of manager that is leading the charge. There are legendary stories about leaders who no matter what changes take place, stick to the original plan. While sticking to the game plan is a good thing, if it means heading in the wrong direction for several years, it is a very very bad thing. It’s essential for managers to be be open and accepting of the many different challenges that they will likely face launching and growing a start up venture. What are some questions you ask to find out if the CEO is control freak? Or if they have good ears and are willing to use them? Are management teams that are open to shifts in their businesses and quick on their feet more likely to succeed? How important is flexibility?
Flexibility is, in my opinion, hands down the most important trait of successful entrepreneurs. I was involved with a startup not too long ago that is slowly dying because the CEO refuses to budge from the current business strategy. I saw five employees (including myself) walk out on him simply because he’s been unwilling to adapt to new information with regards to the market and viability and of the product. In order to be successful, especially today, entrepreneurs must be able to make decisions quickly even if that means steering the ship in a new direction.
I was suprised when I read this article, entitled “25 Common Characteristics of Successful Entrepreneur,”that flexibility was not called out specifically. It inspired me to write…
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Indeed. Ability to improvise at a moment’s notice is also great attribute & is included in this element. Internally, we like to say, “Gauge their Doug Flutie Factor” – or ones ability to think on their feet, avoid the rush, adapt, and throw a shovel pass for a TD. Okay, enough sports analogy.
Being able to make hard decisions under pressure is a key trait that smart investors look for in an entrepreneur. BTW – I just dated myself with Doug Flutie, perhaps from now on we call it the “Tom Brady factor”:).
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