Lessons Learned From a Highly Successful Serial Entrepreneur

FAU a local college in Boca Raton offers monthly lecture series from successful business people with the audience typically made up of the business school's MBA program students.  Local business people are also invited and I attend when there is a speaker who I feel I want to hear their story.  Last night was an example of one of the better lectures I sat in on.  The speaker is a local success story in creating successful companies, selling them at the "right time", dealing with some challenges, learning from those and is very involved with the college.

He shared the following traits and qualities that helps make him a success when he starts a new company:

• Is naturally restless - can't sit behind a desk for too long. (Richard Branson doesn't use a desk)
• Short attention span
• Dreams up opportunities by simply engaging peopel in conversations and finding solutions to problems people deal which in his case is in the technology space
• Sees the importance of helping the less fortunate (Bill Gates is the same way); knows there is a higher purpose for his role in life. He used the words "hope and opportunity"
• Is a risk taker
• Deals with change and sees change as a necessary part of growth and new opportunities
• Likes being part of start ups and helping create a solid business foundation and when company starts growing, he knows it's time to move on
• Suggested first hire be an accountant - CPA and then a sales/marketing person
• Treat people like you want to be treated
• Be fair but disciplined to make decisions that will benefit the growth and success of the company
• Communicate, communicate, communicate with stakeholders, staff, business partners
• Surround yourself with good people who compliment you
• Understand the lessons you learn from successes and failures
• Recruit and hire people who you can Trust (a biggie) and who will fit into the company culture
• Build for stability first and then put risk policy in place
• Lead by example
• Get rid of people who don't fit the culture; you want a posititve team
• Manage stress and aspire to life balance as an individual and for the company 
• All leaders need breaks - so take vacations
• Surround yourself with business people who compliment your strengths

Many of these traits show up in articles, white papers and blogs on a regular basis describing successful leaders. Not everyone starting a new company will have these traits.  If you are the person with a great idea but do not have the energy or traits shown above, you probably want to align yourself with someone you know and trust who does, who can be your partner in your new venture.  If you partner with someone, the main thing is to get really clear on expectations and roles of each other.