As a patent attorney, my practice focuses on tech startups and I regularly work with both successful and unsuccessful entrepreneurs. In my experience, the three main skills, traits, talents, or mindsets that are common to successful entrepreneurs are: (1) a strong understanding of the market; (2) an ability to sell the product and business; and (3) an ability to move past adversity.
(1) Strong Understanding of The Market
Unfortunately, it’s far too common for inventors to come up with new products without considering whether there would even be a market for them. They concoct a new idea and then face an uphill battle of convincing customers of its value. This is typically because they are unaware of the needs and wants of the market or because they are unaware of existing solutions.
In contrast, successful entrepreneurs tend to already know the market because they work in the field or are otherwise immersed in it. For entrepreneurs that are new to a market, they recognize their weakness and leverage insiders in the field and work to quickly learn the culture and landscape of the field. Successful inventors work backwards by first identifying the needs and wants of the market and then developing a product that fills the gap.
(2) Ability to Sell the Product and Business
I deal with many inventors who have amazing ideas, but are completely unable to sell their product and business to investors, partners and customers. Their skill is in the technical aspects of the invention, but they are unable to engage others to make it a success. On the other hand, I have other clients with mediocre, and even terrible ideas, that do extremely well because they know how to captivate their target audience. They know how to present their business in such a way that investors and potential business partners can’t resist, and are able to connect with and invigorate potential customers. In short, a great idea is not enough without someone who can effectively sell it to the right people.
(3) Ability to Move Past Adversity
Being an entrepreneur is rough, and I have the utmost respect for people who take a shot at their own business and even more respect for those who succeed. For my clients that end up being successful, a core skill or trait is being able to fight through the inevitable roadblocks that they face. Moreover, it seems like such adversities actually spawn important breakthroughs in a business instead of slowing it down. The people who end up making it have an unwavering faith that solutions are out there and simply fight to find them.
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