TORONTO—The best entrepreneurs—and those who lead their companies to greatness—often have what’s known as the “entrepreneurship gene.” Whether good leaders are born or made, business analysis and consulting firm Ernst & Young (EY) says they all share certain star characteristics.
Colleen McMorrow, EY partner and national Entrepreneur Of The Year program director, shares her tips on how to pick those game-changers out from the crowd.
She identifies five traits that set entrepreneurial stars apart:
They plunge into their ideas head first, whether the economy is booming or on the decline. Facing the most difficult challenges, star entrepreneurs have a flair for pushing the boundaries and finding a way to adapt their business and solutions to meet market needs. They defy gravity with courage and conviction.
Star entrepreneurs don’t ever feel like they’re working, because they do what they love. Immersed in the most progressive trends, they share endless energy with their people, customers and communities.
Giving up is not in a star entrepreneur’s DNA, but dogged determination is. Faced with an imminent demise of their business, they persist and turn it around at the last second. Where there’s a will, there’s a way. And star entrepreneurs have a powerful will.
For a star entrepreneur, risk is a way of life. When all the signs read “caution,” star entrepreneurs speed up and throw all their energy at their idea, no matter how unlikely. The need to embrace resilience and the ability to rebound helps entrepreneurs use their failures to accelerate their learning.
Star entrepreneurs are the first to admit they don’t know everything. Instead of stubbornly pursuing something they don’t excel at, they seek out opportunities for partnerships, collaborations and business deals. They build world-class teams and know when to get out of the way!
“Canada’s diverse entrepreneurs ignite innovation and stimulate growth in our economy. Let’s recognize and celebrate them across our country,” says McMorrow. “They dream big and the sky is no limit to their bold ambitions. They are the visionaries of tomorrow — we can’t wait to see who shines in this year’s program.”