5 Qualities of an Entrepreneur: Skip the MBA, Get a Mentor

| August 25, 2015 | 0 Comments

Perhaps you’ve clicked past job listings that required advanced degrees you don’t have. That career ceiling typically disappears for successful entrepreneurs. In fact, college graduates experienced the largest slump in new business creation for 2011. Unlike a human resources department, most of your customers aren’t worried about what pieces of paper are hanging on the business owner’s wall. Let me put it this way: You really do have to be “qualified” to be an entrepreneur. You just don’t have to be “credentialed.”

Starting a business requires the ability to make something from nothing. This is more important than just having an idea. The ability to initiate something, from nothing more than an idea, into a functioning organization, is what is required. Allow these words from noted motivational speaker and author, Tony Robbins, to shed light on initiative. “Success comes from taking initiative and following up…persisting. To produce a new momentum toward success in your life.”

Entrepreneurs need the following 5 qualities to succeed:

  1. They make profitability their passion
  2. They have a strong success instinct
  3. They must have a strong work ethic
  4. They thrive on problem solving
  5. They are effective time and priority managers

It is no surprise to learn that doctors earn the highest income in America. From surgeons to dentists and orthodontists, the average income for these professionals ranges from $160,000 to $260,000 per year. However, consider all that is required to get into one of these occupations: the smarts, the long years of schooling, and the large student loans. But even these days, when an MD or DDS doesn’t guarantee you a job while saddling graduates with $160,000-$190,000 of debt. It definitely doesn’t promise a full and rewarding career.

Next time you feel the itch to apply to grad school, get a MBA or take classes, take a moment to pause. Is there a mentor in your community or your industry organization? Will one of them take the moment to give you the education you really want without the commitment of tuition or time away from your business? Ask around and pick the brains of people you admire and respect. We all need cheerleaders!

In addition to a mentor, some business owners also seek out—and pay for—a business coach. A coach is someone who can work with you in a more hands-on way to develop badly needed leadership or management skills. Accepting the help of a coach can take great humility, but the personal and financial rewards are often well worth it.

I am happy to report that you can make the same income—or more—as a savvy businessman. That’s right. I started one of my first businesses with only a $10,000 initial investment. I made as much money as a surgeon typically does. In more recent years, I have earned far more. The best part of it is that the money I have made went to starting more businesses, sending my kids to great schools, and spending time with my family.

Filed in: Blog, Money, Success
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