7 Reasons Rock Star Entrepreneurs Hit Home Run After Home Run
There are always going to be people that seem to turn everything they touch into gold.
When is the last time Leonardo DiCaprio made a bad movie? I can’t think of a single one -- he only makes great movies. How is Lebron James currently leading a team in the NBA Finals consisting of a rookie NBA head coach, a couple undrafted free agents and key players out with injuries? He’s a winner -- and winners find a way to win, under any circumstance.
Successful entrepreneurs are no different -- they are more dedicated and work harder than those around them. Wayne Chang is an entrepreneur that has been involved in several successful startups, from the original Napster to Crashlytics, which he co-founded with Jeff Seibert. The company was purchased by Twitter in its then-largest acquisition ever, estimated at more than $250 million due to Twitter's IPO.
Chang’s latest project, mobile app analytics software Answers, went from being an idea to the number-two app-analytics tools in just months, beating even Google. I recommend you read Chang’s story of how they went from idea to full-blown app-analytics superstars.
So why do entrepreneurs such as Chang constantly find success? Here are seven reasons successful entrepreneurs hit home run after home run.
1. They do what they love.
When you are creating a business from the ground up it requires 100 percent dedication -- you only get out what you put in. It’s easy to dedicate everything you have to something you love.
Think of all the businesses that fail -- are they just horrible ideas or were they just victims of leaders that just weren’t truly in love with the idea? You can’t decide to go all-in on a venture with dollar signs being your only motivation. A genuine love for a product or service plays a huge role in the success of a company.
2. They build the best teams.
Building a successful business requires a team, and you are only as good as the people you assemble for your team. It’s impossible for one person to wear all the hats and juggle all of the responsibilities.
Part of the reason Chang was able to build Answers into a powerhouse in a short amount of time was because of his team. They already saw success with Crashlytics, so it was a matter of moving onto a new project -- the core team was already established.
3. They understand their market.
Creating a service or product that you think your target market will like is a recipe for failure. You have to create something that you know they will like -- and you accomplish this by understanding your market inside and out.
The latest project I’m involved in, EBOC.co, is an exclusive private online community for entrepreneurs and business owners. We didn’t just throw something together based on what we thought our market wanted. Several months were spent talking with our target prospects -- fellow entrepreneurs and business owners -- to identify what they wanted.
4. They fully believe in their product or service.
You have to believe in your product or service -- if you don’t, nobody will. Look at Elon Musk -- he is so passionate about what he produces. He says that his cars and batteries are the most superior products in their class -- the best in the world.
How can you expect other people to believe in what you are offering if you aren’t the number-one believer? This circles back around to the first point -- doing what you love. Truly loving something is going to equate with fully believing in something,
5. They understand how to grow and scale quickly.
There have been plenty of businesses that started in tiny one-bedroom apartments that went on to be acquired for millions of dollars as well as businesses that started with millions of dollars in backing that failed miserably.
The deciding factor usually comes down to how quickly they were able to scale and grow the business. Slow growth means little to no revenue, and when the money eventually dries up the company is a sitting duck. Building your customer base and revenue quickly is key -- something that successful entrepreneurs have down to a science.
6. They care about their customers.
I remember sending a contact request to a software company with a pre-sale question a few years ago and the founder replied back, answering all of my questions as well as letting me know that I should reach out to him in the future if I had any additional questions. They got my business that day and I’ve been a loyal customer for several years because of that simple email reply.
When you scale it’s not always possible to give everyone that kind of personal attention, but in the beginning especially, don’t just hand everything off to a customer support representative. Talk to your customers -- jump in the trenches -- the feedback alone will help you build a better business.
7. They identify a competitive advantage.
Successful entrepreneurs know how to answer the all-important question, “Why will someone buy my product or service rather than a competitor?”
Think back to the days before Postmates and when food delivery was a commodity almost exclusive to large national pizza chains. Domino’s Pizza and its "30 minutes or it's free" delivery guarantee owned the space -- the guarantee was the company's unique selling point and it worked well for it.
Do you have any reasons to add to the list? Share your input in the comments section below.