For those who weren't born with these traits, is it possible to learn them throughout life? Patrick Horsman believes it is. As he puts it: “The single most important trait an entrepreneur can possess is a willingness to learn new things. Never stop seeking new knowledge. Be a lifelong learner.”
Traits are your natural abilities, part of who you are. Skills are things you have learned to do well: clear writing, strong communication, financial management. While some of these come more easily to one person than another, that does not mean they cannot be learned.
i.Curiosity
When we push ourselves to learn new things, we inevitably find new opportunities, ideas, and methods. Focusing only on what we already know, or on what has already been done, can leave us in the dust. Successful entrepreneurs are more interested in what is going to happen than in what has already happened. Imagine starting a company in the early 1990s with no interest in learning about computers or the internet, it is unlikely that company would have made it far into the 2000s. Patrick Horsman launched Ethernet Express from his dorm room at the University of Arizona as a sophomore, helping fellow students connect their computers to the campus network and employing a team of seven people.
Taking additional courses and earning certifications are two helpful ways to push yourself to learn more, but knowledge can be found everywhere. Just keep asking questions. Never stop learning.
ii.Perseverance
It is difficult to find a successful entrepreneur who hasn't suffered devastating defeats and failures, so the ability to manage stress in the midst of chaos is a crucial skill. Everyone handles stress differently, so it is up to you to figure out how your mind and body best combat high levels of it. Many people burn it off in the gym before it burns them out; others find vacations helpful; maybe all you need is a dog to keep you grounded. It does not matter how you deal with stress, only that you make a regular and concentrated effort to do so.
iii.The ability to listen
Some might describe an entrepreneur as someone who prefers to do things their own way, who perhaps doesn't listen or dislikes being told what to do. That may be true from time to time, but when you boil everything down, it is all about relationships, and relationships need proper communication to grow. Active listening validates the other person and fuels creativity. A successful entrepreneur will listen, evaluate, and act on the best ideas. They can only do this if they are open to hearing new ideas and other people's points of view. If you aren't listening for them, rest assured someone else will be. Communication is something every entrepreneur should continuously reevaluate and work to improve.
iv.Networking
If you pair your ability to listen with a willingness to go out and meet new people, you will undoubtedly learn something new. The best deals, projects, and information are often found talking to someone face-to-face, so the more comfortable you become in a crowd, the better. As a member of countless groups and organizations himself, Patrick Horsman is a strong proponent of networking with like-minded people, and the truth is, most successful entrepreneurs love helping one another succeed.
If you are somewhat introverted, bring your most extroverted friend to the first few networking events and learn from them. Practice makes perfect. Patrick Horsman was the seed investor and co-founder of Context Summits, which became the largest and most successful capital-introduction conference in the hedge fund space, precisely because it facilitated thousands of one-on-one meetings through its software, rather than leaving people to randomly bump into one another over drinks.
v.Maintaining your health
The old saying “you can't pour from an empty cup” rings painfully true for entrepreneurs who have burnt themselves out. Working hard becomes impossible if you are bogged down by sickness or lack of energy. Many entrepreneurs start their businesses on the side while keeping their employment, a task that demands more energy than most people possess. Learning what keeps your body and mind in top shape is a must.
No matter which skill you are working to improve, remember that change doesn't happen overnight. It takes time and effort to build the habits and behaviors that elevate your mission. Make a conscious effort, practice, and repeat. Just don't get so wrapped up in the process that you forget to follow your entrepreneurial curiosity wherever it leads.
Never stop seeking new knowledge. Be a lifelong learner.