10 Traits of a great startup founder
We can for sure call this as a startup era with startups being launched every day. It’s pretty clear that it’s time to jump on the bandwagon. Accelerators, incubators, and VC funds splash around so much cash that it’s no longer worth counting the number of tech and non-tech startups with million-dollar valuations.
Those who find success manage to take what would otherwise be a shortcoming — the inability to sit still, workaholism, pigheadedness — and with a strong vision, mold it into something constructive. Let’s take a look at 10 of the must have traits for the budding startup founders and which are very easily found in some of the best-performing startup founders.
1. Great salesmanship
If we look back and see what makes some startup founders greater than others, we will come to the conclusion that it is because they are great salesmen. Take for instance Someone who can easily articulate value to different stakeholders (customers, employees, investors, etc.) without being dishonest.
2. Demonstrates a sense of fair play
A startup is a very high-pressure environment and the most corrosive thing in such an environment is unfairness. Being fair means not playing favorites and stepping up to the plate as much if not more than your team. You can’t tell people to come to work seven days a week and not show up yourself. The slightest bit of unfairness can have a large impact on a team’s morale. It’s a team sport, so be fair.
3. Addictive Personality
Addiction is linked to professional success. The small victories that litter any startup founder’s path flood his dopamine receptors and keep them hitting the well again and again.Managing your addictive personality and creating a healthy relationship to work are vital to ultimate success. As Ben Horowitz famously put it: ‘As a startup CEO I slept like a baby. I woke up every two hours and cried.’ It’s hard stuff. It takes all of you, so remember to have fun whenever possible.”
4. Napoleon Complex
Napoleon complex refers to those who are in overdrive to succeed based on some real – or, more often for startup founders, perceived – professional insult. The field is filled with founders who pushed through the startup roadblocks with a combination of determination, jealousy, and righteous vengeance. All you’ll need is a brief scan of your competition — both massive multinationals and modest local businesses — to realize that without an added psychological push, your startup may wind up dead on arrival.
Much of the innovation in the world is down to a simple, often maligned characteristic: stubbornness. Most people have an idea for a business but talk themselves out of it, using reason and logic and popular assumptions. Eventually they decide it won’t work. That’s normal. Startup founders, on the other hand, have an idea and think of ways to make it work.
The popular perception of business scions is that they exhibit a fair amount of hyper-narcissism. However, those with ADHD are often innovative problem solvers, able multitaskers, and experts in free association. These are often the most creative thinkers among us and the most willing to forget – or reinterpret – failure and move quickly to the next opportunity.
A recent University of California Irvine study of genetics showed that ADHD is “closely associated” with entrepreneurship. So it’s no wonder that business scions with ADHD, like Sir Richard Branson and JetBlue founder David Neeleman, are embracing their diagnoses. But you don’t need a psychiatrist’s note to make attention deficit hyperactivity disorder work for you.
7. Owns failures
Someone who does not blame others for their own failures. You never hear them saying “I failed because my VP of Engineering wasn’t able to get the product right,” but rather says “I failed because I didn’t recognize my VP of Engineering was falling behind and I didn’t provide help in a timely manner.” According to Kanwal, a person who owns failures also has the invaluable capacity to learn and improve.
Startup founders worried about personal judgment should choose a career with less pressure and less visibility. As the leader of any company, you deal with employees, investors, customers, reporters, contractors, partners, and competitors on a daily basis. For startups in particular, much of the early stage success is more perception than reality, and it is the (often shameless) self-promoters most aware of this fact who end up with the biggest return on investment.Many entrepreneurs who carry this trait interpret their shamelessness as being relentless, and they’re not wrong. Convincing investors to support your product, customers to use it, and reporters to cover it does not happen overnight.
9. Has a strong sense of economics
Founders should have a strong sense of value exchange. When setting deal terms, a founder should ask what’s in it for me, and ask what’s in it for the other players. Have a sense of WIN-WIN. That’s the best way to have a shot in a competitive environment.
10. Not in love with their idea
Markets change. Technologies change. What was great yesterday may no longer be great today. You want people who keep an eye on changes and make appropriate adjustments. So have doubts and challenge them each day for net pluses and minuses.
Hence, keep traversing the roads less taken and chase your dreams until you make them a success.