Entrepreneurs are a diverse group. The businesses and products they create, the markets they target and the problems they seek to solve are highly heterogeneous. They appear to vary significantly in personal and political terms as well - some are introverted and shy away from press attention, while others revel in the spotlight.
“Yet the needs between an entrepreneur and any other person, fundamentally, are the same,” states David Durlacher, Chief Executive Officer of Julius Baer International Limited and responsible for Julius Baer’s business in the UK and Guernsey. “They all possess the desire to be understood, to connect, to form a legacy, to have an impact that is broader than themselves, a desire to achieve new things. That’s what unites them.”
And while David has identified these unifying principles in his extensive work with entrepreneurs, he has also noticed three key qualities successful entrepreneurs have in common:
1. Ability to formulate and follow a plan
The first and perhaps most important, Durlacher says, is the ability to formulate and follow through on detailed plans. Business success, he argues, is the province of those who come equipped with an array of plans – strong main ideas and contingency plans if things don’t turn out as hoped.
Of course, planning can take many forms – the biggest plan of all is the central business idea, and the various ways it might be executed. The financial element of planning is also massively important: even the strongest idea won’t get very far without a solid financial foundation, and an entrepreneur who is careless with their money may find themselves unable to scale their business effectively or pursue interesting opportunities. The more mundane or logistical aspects of planning shouldn’t be neglected either.
2. Intention to maintain strong relationships
The second key attribute, Durlacher continues, is the presence of strong relationships. Like anybody, an entrepreneur needs family and friends, and an environment of mutual support and shared understanding is of the utmost importance in the high-stress world of business creation. Entrepreneurship is full of challenges: plenty of now-successful people have had to overcome adversity in the course of bringing their big idea to life. Lacking a reliable support structure can mean derailment after a setback, whereas those who benefit from the encouragement of loved ones may find it easier to recover after events like a stock slide, company failure or spate of negative press attention.
If a company does take off, Durlacher adds, entrepreneurs might find themselves buried in work; an intense career can threaten the stability of personal relationships, and in such cases founders should take special care to make time for their loved ones. Care and support, he says, must be mutual.
3. Patience and the right network of collaborators
The final quality, Durlacher adds, is patience, which is the building block of having the right network of collaborators. This includes co-founders and key team members; the right legal guidance; and investors who have a thorough understanding of the business and a deep commitment to its success.
“I have seen people who have gone for the first thing they’ve seen – the first source of funding, or the first candidate for a position who looked good on paper,” comments Durlacher.
While rushing to make decisions and complete work as quickly as possible might seem like the natural course of action for an entrepreneur early in their career, David points out that acting hastily can lead to the ruin of any business.
“You’ve got to take your time – sometimes slow thinking is better than fast thinking,” Durlacher says.
David adds that entrepreneurs need astute wealth managers. A founder can see their wealth skyrocket almost overnight if their company catches the attention of investors, and the right set of financial advisors are indispensable in providing the kind of stability that allows entrepreneurs to focus on growing their company.
“Our role is to get into the mind of the client and help them think about the purpose of the wealth that they have,” Durlacher concludes. “That means asking big-picture questions – about the legacy they want for themselves, about the impact they want to have on the community around them. About what they want for their business, and what they want for the next generation. Asking those questions early on allows you to be more strategic.”