What makes a Good Entrepreneur versus a Great Entrepreneur?

By:Mike Craig

I have been around the game of business for the last 35 years. Actually since the early 80’s I have been in the business of investing in companies, usually I also became the President. I once tried to count the different industries I have been in and I lost count at 28. During that time I had some good and great entrepreneur business partners and they really are the fodder for this article.

Over the years I have noticed that all “true entrepreneurs” (not people who have an idea but are too afraid to leave the security of a pay cheque to make it happen) have quite a long list of characteristics in common:

Usually you will find many of the following common “attributes”

• They make things happen

• Are absolute control freaks

• Usually creative

• They do not trust others easily

• Not afraid to sign the front of a cheque

   

• Risk takers

• Always pressed for time

• Wear a myriad of hats

• See themselves as a leader

• Sometimes have deep pockets but always have short arms

• Have no respect for chain of command

• Long range planning is Lunch time

If they really want your opinion, they will try to give it to you

They always have the best ideas (in their opinion)

Quite often have had a failure or two in the past (maybe even a bankruptcy)

They will do as much as possible on the cheap

Love to barter

They are far more focussed on keeping their bank happy than making the right decision to grow their business solidly

They usually never write in ink

In summary, most entrepreneurs are perfectly at home in the middle of a nuclear war. Now everything I have listed above applies to both good and great entrepreneurs. If my observations are accurate however, how in the world does any small business ever succeed and grow? Well the cynical among us may say that is why the graveyards are full of great ideas and poor execution. There is certainly some truth in that. My additional observation though is some entrepreneurs actually do succeed despite themselves and the primary reason for that is the other people in the organization who work alongside the entrepreneurs. Somehow, certain entrepreneurs, good and great, are fortunate enough to surround themselves with people who are talented; and despite the turmoil are able to soldier through and realize the original goals.

 

Now when does a good entrepreneur become a great one? In my opinion the answer is time. It is the time when the good entrepreneur realizes the business has grown to a point where they can no longer run it out of their back pocket, micro manage good people, have time to develop and put in place a plan to go to the next level, just to name a few. They find the time has arrived where they have to begin to trust the decisions of people charged with certain responsibilities and above all else accept the fact that their skill set is not commensurate with successfully managing the business to the next level. In effect, a good entrepreneur becomes a great entrepreneur when they recognize what they started has outgrown them on a daily and medium term perspective and they have the courage to step aside and allow others do that for them.

In some respects this is usually the most difficult decision many good entrepreneurs have to make and unfortunately, not all are capable of that very quantum step from good to great.