What success means to every individual and business person is highly personal, but in most organisations, accomplishments and results matter greatly – and most ambitious entrepreneurs are driven by learning, building a vision, and starting new ventures. It’s no secret that climbing to the top of the career ladder takes a significant amount of work and discipline, as well as connecting with the right people, and making the right decisions along the way. But when it comes to business, what differentiates those who succeed in their ventures from those who do not?
The attributes of success
Firstly, successful business people have certain attributes and a few natural talents. This includes self-confidence, resilience and creativity. Indeed, there’s a multitude of factors that lead to entrepreneurial success, from having a unique idea to building a vibrant culture – but the age-old question still arises today. Are entrepreneurs born or made? Speaking to CEO and Founder of the money-saving app Upside, Andries Smit said: “I think entrepreneurial endeavours are half-born, half raised. I had my first venture at the age of eight. I built software and sold by the age of eighteen. I was just always looking for a gap [in the market].”
While success can certainly be nurtured over time, some entrepreneurs like Andries Smit started spinning the wheels from an early age. “One of my teachers, while I was studying computer science, fell ill and we had nobody so I did all two years’ worth of work in advance, put it in a book and sold it for quite a nice bit of money to all my fellow students,” he said. And while Andries doesn’t believe he was born with any entrepreneurial gifts, he described how it was something he had been building towards for many years. “I’ve probably had 30 businesses from a young age,” he said. “Nobody wakes up 40 years down the line and then suddenly decides, “I’m going to be an entrepreneur”. It’s something to do with the activities, the sports and the businesses, so by the time you start your own business, it’s been long in the making.”
Arguably then, what separates successful entrepreneurs from the rest of the pack is that they’ve been testing out businesses from a young age, devoting time to creating products, and developing their skills. Self-belief is at the heart of success, as well as having the confidence to know the value you bring. Freddie Lim, Co-founder at Stash Away emphasizes the importance of confidence and ambition. He said, “You have to believe in yourself. Believe it like there’s no tomorrow.” In many ways, confidence leads to action and both Andries and Freddie have been able to drive change through their sheer self-belief.
Overcoming challenges
When any business person embarks on a journey to success, there are always new challenges and obstacles that get in the way. As a business grows, unique challenges need unique solutions – and you must always look to improve because what worked at the start of your journey might not be as effective now. Andries has certainly had to overcome huge hurdles on his path to success, like when he started a discount company for small businesses in 2010. “It was hugely successful at the beginning. We signed up thousands of small businesses in a matter of months, but the problem was that was a leakage in the business model: many new registrants, but they all bought directly from the advertisers rather than via the service.” Ultimately, there was a flaw in the business model that lead to revenue loss. However, Andries was able to learn from his mistakes and he became even more successful thereafter.
Freddie Lim faced several challenges when recruiting people when he first founded Stash Away. He said, “It’s been tough. We’ve done it well through our own personal network. We cold-called and sold the vision, which is important as well as the founder’s experience.” There’s no doubt a high level of drive is required to overcome these type of challenges. Andries said, “It’s about the do not give up attitude. Whatever it is that makes you want to win.” Having a clearly defined vision provides a sense of direction, as it allows you to outline performance and understand what needs to be improved in both the short and long term. So, if there’s anything that separates dreamers from doers, it’s the ability to become purpose-driven and finding ways to turn adversity into success.
Is your organisation looking to grow?
At Hanover, we have a specialist team of consultants who have years of experience providing leadership solutions to a range of clients in different sectors. This includes banking, asset management, private equity and insurance. We understand what it takes to increase the performance of your leaders, and hire and develop the best teams. If you’d like to find out more about Executive Search, Leadership Solutions or Market Insights, please contact Americas Business Support Manager Asma Khan, who brings with her over five years of experience. If you’re an entrepreneur and are managing a startup, the recruitment of key talent is a huge driver of success. There quickly comes a time when you can’t do it all yourself. Hanover has helped several startups get to the next stage of their journey and offers a unique proposition to businesses like yours – so please get in touch with our team today, and keep reading our blog for more interesting insights.
