Forged in fire: Traits of successful entrepreneurs

By Vital Laptenok, general partner at F1V

Running your own business is hard. You’re often building something from nothing, with no guide or directions; this uncertain path isn’t for everyone.

As a serial entrepreneur turned investor, I have spent more than a decade on both sides—building and investing in builders. Over the years, I’ve met thousands of entrepreneurs trying to bring their ideas to life.

For the ones who succeeded, I think the following qualities are what made them exceptional.

Being an animal

A great entrepreneur takes their work a bit too seriously, doing what they do so well that it borders on obsession.

“Could you describe the person as an animal?” writes Y Combinator founder Paul Graham in his essay. “If you laugh, they’re not.” I’ve started asking myself this question ever since I read it.

And it’s a great test. “Animal” founders get things done. They don’t take no for an answer when selling their product. If there are bugs in the code, they stay up until 4:00 a.m. fixing them. When they look at design, they feel physical pain if something is even slightly off.

For these people, passion and seriousness about their work are non-negotiable traits, guaranteeing that they remain undeterred by challenges—and there are plenty of challenges in the world of entrepreneurship.

Tough as rock

Tough times forge strong people, and strong people build remarkable businesses. Think of Jeff Bezos, how Amazon survived the dot-com crash and what happened to the company afterward.

Founders will inevitably face challenges, having to cope with massive stress and make decisions under pressure. Pandemics, financial crises or even wars—these things have happened over the last few years. Only tough founders survived and made their companies thrive.

The ability to handle stress and adverse scenarios sets entrepreneurs like this apart. Investors like myself are always looking for people who can commit fully.

Fast-testing mentality

Speed and efficiency are critical in the startup world; that’s why strong founders build a culture that values quick experimentation over complex, bureaucratic processes.

By testing fast and cheap, they can rapidly iterate on ideas, identify what works and scale successful initiatives without delays. Before launching a new product, for example, they create a minimum viable product and launch it, analyzing results and moving forward faster than perfectionists who spend months on polishing something a client may never need.

Being lean and velocity-focused is a must. This helps entrepreneurs adapt swiftly and stay ahead in a fast-paced market.

Spreading vision like a virus

A successful founder must be both a visionary and a missionary for their vision. They believe in their idea to the extent that they can convince thousands of others to help them bring it to life. Their enthusiasm is so contagious that it can attract superstars to the company and make them want to be part of what’s going to happen.

There are a couple of questions you can ask a founder to understand if they are a true missionary: "Who was your best hire ever? Why? How did you find and convince that person?" I find that the answers to these will give you an idea of how big a talent they can attract to a no-name startup.

Missionaries rally a strong team and form partnerships that turn their vision into reality. Even competitors with more resources are afraid of them.

Dollar-minded DNA

You can't influence what you can't measure. This is my mantra because I think a rigorous, data-driven approach is essential for running a business. Entrepreneurs must base their decisions on numbers and analytics rather than gut feelings. I call it "dollar-minded DNA" because people like this use analytics to find a way to earn more.

Only by looking at data can one measure progress accurately, identify areas for improvement and make informed decisions that drive growth and profitability.

Internal locus of control

Good founders have an internal locus of control, meaning they always take full responsibility for what happens at their company. There’s never someone—or something—else this founder would blame if the startup is doing poorly.

Ask an entrepreneur about a significant mistake they made recently. Why did it happen? What did they do about it? What have they learned? If this is a strong founder, they will show the right mindset and demonstrate that they learn from their setbacks. Rest assured, everyone around this person will also want to be accountable and will strive to improve.

Concise communication

Management is very much about soft skills. A good founder can come up with complex ideas but communicate them simply—no 20-minute answers to small questions. They are non-conformist and opinionated but communicate concisely.

Clear communicators helps convey a vision effectively, persuade stakeholders and navigate diverse opinions and challenges. Ultimately, this helps ensure alignment and understanding across a team and network.

Founders who talk for hours aren’t usually effective, and people around them might not even understand what they are asked to do. It will take a month for a company with a leader like this to do a task that typically takes a week.

Craving feedback

Great entrepreneurs are always curious and hungry for knowledge. They seek feedback, adapt based on new information and continually evolve.

When the feedback is patchy and somewhat subjective, strong founders know how to filter it, but they never block it entirely—they listen patiently. This commitment to feedback ensures they remain agile and responsive to changing market conditions and opportunities, driving their companies forward with a dynamic and informed approach.

In essence, I find that exceptional entrepreneurs combine qualities like passion, resilience and adaptability. Ultimately, they have the drive needed to survive as a 21st-century business.

This article originally appeared on Forbes, titled "Forged In Fire: Traits Of Successful Entrepreneurs."

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