[forumadmin]

Analysis paralysis - i.e. over-analyzing a situation to the point of inaction. The successful entrepreneurs we know have an ability to analyze a situation and make informed decisions very quickly. What characteristics do you feel are necessary to become a successful entrepreneur?

[aespey]

Decisiveness is one key trait of a successful entrepreneur. Others are perseverance, patience and flexibility. Perseverance is required because you will undoubtedly run into constant challenges and obstacles as you grow your business. Quitting at the first sign of trouble doesn't make you a good employee, much less a great entrepreneur. Patience is key because there is a time to work and a time to wait. Sometimes you just have to wait for your actions to take hold to achieve the results that you seek. You must be flexible because the market and the world may value a variation of your business dream. Sometimes the market wants something a little different than what you offer. The answer is to tweak what you have and sell, sell sell. The answer is not to say, "We don't do that". There is a difference between being flexible and losing focus. You won't know what that difference is until you know what your focus is.

[Todd Hanson]

Good points.

In addition, I think that most entrepreneurs are by nature resourceful. If not born that way, they quickly learn. If they don't, they fail.

I think that what often separates successful ideas from unsuccessful ideas is that the successful idea simply met it's first great sale. The next phase is "dang, how are we gonna service/manufacture/deliver that?" That's where the resourcefulness comes in.

I remember selling business in the incentive and meeting planning business where i spent the entire plane trip home figuring out how we could handle the business and how I could persuade my team that we could actually pull it off!

We pulled it off because we were resourceful.

At Catalyst, we are developing ROI Measurement capabilities. We know how to do it but every sale is such a big bite that we can't hande it with existing internal staff. Resourcefulness will allow us to create the capability and handle the project seemlessly from the client's perspective.

[aespey]

Yeah, I would definitely agree. Every successful entrepreneur has to be resourceful and have a little "MacGyver" in them.

[forumadmin]

An article by Fast Company that discusses analysis paralysis further!

[PPD]

I think the best entrepreneurs wear Nikes.

Take in the information you need, but when it comes down to it, you "just do it", and accept the fact that every one of your decisions cannot be perfect!

[forumadmin]

PPD...

I'm not sure if you are aware of this, but "Simplify & Go" is one of Nike's Maxims! I worked in their retail division for several years and this was a value that I identified very closely with. Thanks for the comment!

Buzz