Yahoo Finance 3 things these 23 successful entrepreneurs have in common
On face value, Gerry Harvey, Jimmy Barnes and the Duke of York wouldn't have a great deal in common, but they all have innate character traits that make them wildly successful.
A new book launching Monday reveals what these three men plus 21 other entrepreneurs from a diverse range of industries all have in common.
Author Michael Jacobsen, who is a successful leisure and entertainment business executive himself, conducted 23 in-depth interviews for his book Entrepreneurs, Mavericks and Empire Builders.
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"The book is to showcase the DNA of entrepreneurs and business leaders to give a true insight into what they're about. And what it is about them that enables them to achieve the extraordinary successes that everyone in the book has," Jacobsen told Yahoo Finance.
Even though his subjects come from disparate backgrounds – there are retail business leaders, musicians, internet startup founders and broadcasters – Jacobsen picked out three characteristics that he saw in all of them:
1. Doing something they know and like
All the leaders were successful in a field they knew well and they had a passion for.
It might sound obvious, but Jacobsen has seen plenty of people just launch into an industry just wanting to cash in – with no obvious expertise or affection.
"Everybody in this book has worked out what their core skill set is. It sounds really simple, but the fact is 95 per cent of people don't do it," said Jacobsen.
"What they haven't done is say 'I want to be a billionaire by 30 years of age. Biotechnology is the next cool thing – let's try to do that!'"
He takes Gerry Harvey as an example of this. Harvey says that he is a trader first and foremost – his skill is buying and selling.
"I'm a trader, whether it's with horses, Harvey Norman, or my agricultural business growing cucumbers," Harvey told Jacobsen.
"Being a retailer is not my skill. Being a trader is my skill."
2. Resilience
Jacobsen told Yahoo Finance that successful people face massive decisions on a daily basis that most people would be too frightened to make. They also face public and private scrutiny that would crush the average Joe on the street.
Broadcaster Alan Jones even told Jacobsen that the criticism he faces would "kill most people".
Jacobsen says entrepreneurialism is not for everyone.
"They don't have the stomach for it, at all.
"Everyday something happens to [Gerry Harvey] which most normal people would have a heart attack about."
Harvey told Jacobsen that it's not just money that allows him to overcome those problems but because of the way his mind has been trained for resilience.
3. Vision
Successful entrepreneurs already have a picture of where they want to end up, even before the venture has started.
"Their vision is almost like their Bible. And that's what drives them," said Jacobsen.
And the vision rarely starts as a financial goal.
"They talk about what they want to achieve for their community, their customers, their country, their staff and employees. All of these things drive them."
This single-minded drive for the vision "forces" the entrepreneurs into the resilience mentioned earlier.
He takes rock star Jimmy Barnes as an example.
"His passion and vision for what he wanted to achieve is very business-like. He tries to transport people through music."
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