Bizstartup.ie - NewsHave you got what it takes to start a business?

Dr Ted Sun knows a little about what it takes to be a successful entrepreneur. Today he runs his own successful business development practice, Executive Balance, and has earned much acclaim for his 2007 book Survival Tactics: The Top 11 Behaviors of Successful Entrepreneurs. When completing his doctorate in University of Phoenix, he came up with an instrument that would calculate a new entrepreneur’s chances of success, and offer ideas on how to improve them.

As part of his research Sun has talked to hundreds of successful entrepreneurs. “I wanted to see what it was they had or did to become successful,” he says. “I designed a new instrument to really look at what they had in their mind, the knowledge they put there, and then how they executed their behaviours based on the knowledge.” Some key factors for success quickly emerged.

Self-confidence

Yes, it might seem like an obvious one, but Sun says the single most dominant feature among successful entrepreneurs was self-confidence. “It’s one of those things, it’s like a self-perpetuating concept. If you are confident about what you do, there is a physical and emotional presence you bring to a project or a business.”

On the bright side, Sun says this is a strength that can be developed. He says mastering the other necessary behaviours will help build up that sense of confidence about yourself.

Measurement and responsiveness

Next is the the ability to respond quickly and effectively based on good measurements, says Sun. “Entrepreneurs and business owners are often good at measuring the outcomes, but don’t always know how to measure the process,” he says. “The key is to measure the processes and the activity that actually generates the revenue, rather than wait until you see the red light flashing on revenue.

“Are customer complaints going up, before there are any signs of revenue going down? It’s those kind of problems that new businesses often miss until it is too late, and then they find they don’t have the capital to sustain the business in the long run. You need to spot these problems early and respond quickly.”

Technical proficiency

“This one is very straightforward,” says Sun. “It’s about making sure you are the best at what you do in that particular field or industry.” You simply have to know what you’re doing.

Constant learning

Common to most successful entrepreneurs is the ability to retain a sense of humility. “Don’t act like you know more than everybody else, because everyone knows something different,” says Sun. This sense of humility, he says, will help you absorb and learn as you go through the various stages. “Always be learning,” says Sun.

Risk-taking

“It is an obvious one, that you have to take risks,” says Sun “But successful entrepreneurs always ensure these are calculated risks and they also look at risk as a tool for learning.”

When dealing with risk, fear is one of the major drivers, says Sun. “When people are in a fearful state the three primal responses are: flight, fight and freeze. Those are the only psychological responses that the human brain can offer once you get into the primal state of thinking.”

So is the key to get past this fear? “It’s not so much about getting over the fear as it is to illuminate and understand that fear. Without fear you can’t have courage. The key, if you sense fear, is to go find courage to be its partner, and together they will bring you round.”

Being surprised

It’s vital that entrepreneurs starting out be prepared for the unexpected, says Sun. “It’s about having a healthy understanding that you cannot control every aspect of your life, and about being okay with being surprised.”

Avoiding action without information

Successful entrepreneurs always make sure they have all the information before they act, says Sun “You must try and stay on top of everything that is going on in your business from a holistic perspective.

“You might get information that a customer is upset. A lot of business owners will jump in and try to fix it. But have you considered maybe the customer is at fault? Maybe there are other things involved? Find out why first, talk to your team, talk to the customer and really get an understanding of what is going on before you act.”

Other behaviours

Once you’re up and running, other important behaviours include employee training and development, good team-based decision making and effective co-dependence within the business, says Sun.

So what does Sun say to aspiring entrepreneurs who feel they have a great idea but may not have the above behaviours cracked?

“Take a behaviour at a time and develop it, look at the tactical steps you can take to build your self-confidence, for example,” says Sun. “You’re not just born with these behaviours. They can be developed and learned.”