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July 26, 2010

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Kenmaready

Jim - this is good stuff. Now, what would you change about this list to create a list I think about a lot: what 5 words would you use to best describe the successful entrepreneur?

Jim Flowers

Ken,

Thanks for the compliment.  Now to your challenge...

As you know, I believe four factors are fundamental to successful entrepreneurship: Market, Magic, Mentors, and Moxie.  Behind those fundamental factors lie the personal entrepreneurial traits that support them.  For example, people who intentionally enter an emerging market, specifically to address a particular need or desire that is compelling to the members of that market, tend to be curious, open-minded, keen observers.  When they devise magical responses to those needs in those markets, they are demonstrating creativity, in all its manifestations.  People who value and seek out the knowledge and wisdom of others are in constant learning mode.  And people with moxie get things done.  The "moxied" folks typically manifest all four pieces of the moxie mix: intellect, physical stamina, high personal  motivation, and concern for others - Mind, Muscle, Motivation, and Meaning.  Mind and Muscle give us Power.  Motivation and Meaning give us Purpose.  The combination of Power and Purpose often enables people to be unusually Persuasive.

So, since you're making me pick key words that describe a successful entrepreneurial person, I choose these (for today, anyway): bright, curious, visionary, healthy, energetic, motivated, principled, focused and persuasive.  That's nine.  I'm sure more are needed.  People are really complicated, in case you hadn't noticed.

Regards,

Jim

Kenmaready

I love it, that's a great answer to one of my favorite questions. I think about this question most when I'm running or on a long drive, and I have to admit my top 5 change every time that I think about it. It probably depends most on which entrepreneur I just talked with or which problem I'm mulling over. It's a good discussion starter though. Fred (our firm's founder) would say (and often does say) that the one characteristic common to all successful entrepreneurs is: PERSISTENCE. Of course that is included in some of the traits you listed (i.e., motivated & focused), and a very persistent person who is off course (and won't listen or adapt) is probably not going to be successful - so many of the other characteristics you listed are needed to guide that persistence in the right direction. But over and over again, I see that Fred is right on this one. Personally, I like curiousity as well, I think that's my favorite.

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