The SIX Important Qualities of Successful Startup Founders
According to data, 90% of startups fail, with only 10% becoming successful. It’s true—most startup founders start with what many of us consider the most important factor for success: “passion.” But the data shows that passion alone isn’t enough, because no matter how intense it is, pure passion can fizzle out.
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ZenBusiness recently reported that 93% of Gen Zers want to own their own businesses. With entrepreneurship and startups becoming more popular, it’s important to focus on the traits and qualities of successful founders, so newcomers can learn from them.
Here are the top qualities of successful startup founders:
Niko Bonatsos, the Managing Director at General Catalyst shared some qualities he has noticed.
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The Ability To Build For Oneself
According to Niko Bonatsos, all successful startup founders share this key trait. It makes sense because if you’re solving a problem that affects you personally, every step forward is exciting. You can keep going even if others ignore you, as you’re motivated by the desire to solve your own problem.
“The very best startup ideas tend to have three things in common: they’re something the founders themselves want, that they themselves can build, and that few realize are worth doing.”
~Paul Graham.
The Silicon Valley Mindset
Niko also believes that successful startup founders have a “Silicon Valley” mindset, which he defines as the ability to:
- Take risks
- Fail quickly
- Iterate quickly
These founders understand that the biggest mistake is not making any mistakes at all. They start with the expectation that they’ll fail, and embrace those failures as valuable learning opportunities.
They take reasonable, calculated risks and are able to iterate quickly. In an industry that evolves fast, a startup idea can become outdated within weeks. However, successful founders adapt swiftly, without holding onto outdated ideas or strategies.
Successful founders also possess a clear vision and strong focus. These traits help them stay on course, preventing them from being swayed by tempting ideas that don’t align with their goals. Anyone looking to start a successful business must cultivate these qualities.
Manuelo is an entrepreneur and a personal finance nerd. He is the founder of Dollars And Freedom. An expert in side hustles, online gigs, and everything about making money. His works have been featured on major financial publications, such as Business Insider, GoBankingRates, Investopedia, Entrepreneur, and more. When he’s not busy with his blog or writing for others, you’ll catch him hanging out with loved ones or reading books on stoicism and self-development.
