One Personality Trait Successful Entrepreneurs Share

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One Personality Trait Most Successful Entrepreneurs Share

 

Survey a group of founders about the personality traits that made them successful, and they will be quick to use words like determination, sacrifice, and hard work.  Others will show more humility and chalk their success up to personality traits like curiosity.  Still others will credit dumb luck.

However, there is another personality trait that many of the most successful founders have in common: discipline.

They have the discipline to stick to their original vision despite the temptation to veer off course.

The discipline to stick to their original product or service offering despite clients asking for different things.

The discipline to ignore whatever shiny ball is demanding their attention and instead focus on what they set out to do.

Steve Jobs, the legendary co-founder of Apple, said it best:

People think focus means saying yes to the thing you’ve got to focus on.  But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to one thousand things.”

How Saying No Led to a 7-Figure Exit


Andy Cabasso studied law at university but never really practised.  Instead, he co-founded JurisPage in 2013, an agency specialising in helping law firms with their marketing.

Cabasso understood the marketing services lawyers need, and his partner, Sam Brodie, knew how to build websites that ranked on Google.  Their service was popular among lawyers but also attracted the attention of other service businesses that needed a website that ranked organically.

Cabasso and Brodie were tempted to wander outside their niche.  Still, they ultimately turned down the opportunity to work with other types of companies, knowing they had something unique to offer lawyers.

They also knew the importance of recurring revenue, so they insisted that their clients use JurisPage for website hosting, giving the partners a recurring revenue base.  Prospects offered JurisPage thousands of dollars to build them a website for someone else to host, but Cabasso turned them down, knowing that the recurring website hosting revenue was a fundamental component to building a valuable business.

In the end, Cabasso and Brodie’s discipline paid off because they attracted the attention of Uptime Legal, an Inc. 5000 business specialising in technology and practice management software for law firms.

The two companies fit together like bread and butter, which is why Uptime Legal acquired JurisPage in a seven-figure deal that closed in 2016.

The lesson? While curiosity and grit are important personality traits for any would-be founder, the ability to remain disciplined in the face of opportunity may be the most essential attribute of all.

 

If you have any questions about this article or would like to speak to one of our advisors about how you can improve the value of your business, please do not hesitate to contact us or call our office on (08) 6212 7200.

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Chris Mandzufas

Chris Mandzufas

Chris has a diverse range of skills and experience as a result of providing accounting, taxation, advisory board and management consulting services to owners and directors of fast growing businesses.

Chris Smith

Chris Smith has been a member of the Chartered Accountants Australia & New Zealand since 2006, a member of the Tax Institute of Australia since 2013, and a registered Tax Agent since 2018.

Tony Monisse

Tony Monisse

Tony’s key focus is the integration of strategy and financial management. To this end he has developed tools and process that facilitate this integration, including business modelling, target setting and rolling cash flow forecasts.

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