Think like an Investor, Act like an Entrepreneur (Save the World!)
by
Barry Glauberman
Glauberman & Associates LLC

To succeed, an entrepreneur must constantly develop and refine both business and interpersonal skills. What follows are a number of such skills and traits we have identified in successful entrepreneurs:

Know your business. Entrepreneurs must know their company’s products and services, their underlying business practices, and their competition. They must understand customer needs and what drives purchasing decisions. They are able to distinguish their products and services from the competition and can distill very simply why people should buy from them. This skill is similarly imperative in the quest for capital, where the entrepreneur must convince investors to invest in the enterprise. The better an entrepreneur knows their business, the more successful the business will become.

Keep an eye on the numbers. The entrepreneur should think in terms of profit and return on investment when considering new products and services, when assessing core products and services, and before undertaking special projects or initiatives. The entrepreneur should understand and be able to describe their company in terms of numbers and financial position.

Attitude is everything. Successful entrepreneurs exude confidence.  They believe in their abilities and maintain a positive mental attitude. However, this positivity must be tempered by objectivity. Entrepreneurs must accurately assess risk versus potential reward and be realistic about the likelihood of success. 

To stand still is to fall behind. Successful entrepreneurs do not maintain the status quo.  They are constantly evaluating and refining their position or approach. They introduce new processes within the company as necessary to improve sales and marketing, internal and external communications, customer service and financial controls. In doing so, they make use of existing resources and bring in outside resources as necessary to spur creativity and stimulate positive change.

Anticipate challenges. Successful entrepreneurs anticipate and adapt. The ability to anticipate challenges improves the likelihood for success in navigating bumps in the road. 

Don’t be afraid to fail. Risk is inherent in pursuing innovation, new products or services. Resilience in the face of such challenges and risk is the hallmark of the successful entrepreneur. Successful entrepreneurs don’t give up without a fight. They follow through on their commitments and don’t quit. Don’t be afraid to fail!

Seek out new opportunities, but remain focused. There are many opportunities out there.  However, the entrepreneur must determine where best to focus. The number of projects pursued should be limited. The successful entrepreneur figures out how best to exploit a new opportunity to satisfy a need, keeping an eye on the bottom line.

Communicate clearly. Entrepreneurs should constantly be attentive to improving their communications skills. They must develop their ability to communicate effectively and clearly to customers, employees, and investors.

Maintain that sense of urgency. Successful entrepreneurs maintain that save-the-world mentality. Their employees feel the same way. 
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These are some of the most important traits exhibited by successful entrepreneurs. Obviously, there are others. Let us know if you think other traits should be included on the list.

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Glauberman & Associates LLC advises companies, venture capital/private equity funds, and other investors, with particular emphasis on building financial and strategic plans and models, executing mergers & acquisitions, developing and implementing turnarounds & restructuring plans and exit strategies, raising capital, and serving as interim management.  Managing Director Barry Glauberman has over 20 years of experience in management consulting and industry.  Barry has served as an investor, portfolio manager, and adviser for a $150 million corporate venture fund.  He has significant experience in both the technology and telecommunications industries.  Barry began his career as a management consultant with A.T. Kearney Inc. and Arthur D. Little Inc. serving Fortune 500 clients in a variety of industries.  He earned an MBA in finance and marketing from the University of Chicago Booth School of Business, and a BS in industrial engineering and a BA in economics from Rutgers University.

For more information please contact us:
703-264-9093 (office)
703-966-3911 (mobile)
barry@glaubermanllc.com (email)