One of my favourite parts of being an entrepreneur is that it provides an incredible platform to coach and inspire young people who are interested in starting their own business. Students in high school or university often ask me about my experience, and about what it means to run your own company – specifically in the healthcare space.
I’ve spent a great deal of time thinking about what traits really make up the “entrepreneurial spirit” with regard to working in healthcare, and today I’m going to share 5 of the characteristics I think are most important to instill in budding entrepreneurs.
1. A Desire To Help
More than any education, formal training, or experience; a desire to make a positive change in our world is truly the most important trait one needs to possess to be successful. Especially in the healthcare field, where we work every day to provide individuals with the tools and education they need to improve their health and their overall quality of life.
It’s this desire to make a difference that lays the groundwork for the rest of the traits in this list, and what carries us through when things get challenging, overwhelming, or seemingly impossible. The reminder that we are doing this to improve someone’s life provides the most genuine feeling of satisfaction. I would have to say that giving back to the community is one of my proudest accomplishments as an entrepreneur.
2. A Hunger for Success
Some call it drive, others call it determination, I call it hunger. A great entrepreneur never stops fighting towards their goal of making a difference. This means constantly striving for innovation, providing the highest quality service, and always planning for the next breakthrough.
Tony Robbins said “Hunger is the only differentiation in people; it’s not talent.” While of course talent is important, there is no substitute for that pure passion for making your company a success.
3. Willingness to Make Sacrifices
For most entrepreneurs, that hunger comes at a price. Whether it’s time spent on hobbies, or taking fewer vacations – there are countless stories out there about the sacrifices of time that successful entrepreneurs have made. During college, there were many instances where my friends would go out to party, while my partner and I would be working late in the night to grow our company. Was it worth it? Absolutely.
Another type of sacrifice comes with vision – and this is especially true if you are building your company with a co-founder. You might have a precise vision for how your business should unfold, but as you introduce talented leadership, potential investors, and loyal partners, you need to consider their ideas and plans for the company’s future. While this might require sacrificing some pieces of your vision, it will allow you to move forward more effectively as a team.
4. Ability To Listen, and Not Just Hear
As your team grows, you are going to hire some incredibly talented people. People who are experts in their areas and frankly – know way more about it than you do. It is so important to listen when they bring forward ideas for change and innovation. Be willing to let go of any plans or ideas you are holding on to, and trust your experts to help take your programs in the right direction.
5. Be Ready to Weather the Storm
It comes as no surprise to hear that entrepreneurship is not easy. For every thrilling high, there is going to be an equally crushing low – and it’s how you respond in those lows that will set the tone for the future of your business. Being able to accept the setbacks, develop a plan, and adapt to changing environments are all a massive part of being a successful entrepreneur.
It is incredibly difficult to predict what the storm will be, or when it will hit – but what you can do is build a fantastic team with a strong set of plans and policies for when things don’t go expected. The more you plan now, the easier it will be to bounce back when things get tough.