Grit. Determination. Vision. These are the kinds of answers you get if you ask someone what you need to start a startup. And they are needed—you need passion and the drive to create.
But there are also certain attitudes that are shared by all successful entrepreneurs. We’ve found over many years of studying successful founders that there are in fact five key behaviors that can predict your likelihood of success.
Some areas need more focus than others. And there are other aspects of a business that you should have a low to no focus on if you’re going to make it big in startup land.
If you’re going to hack your way to business success, make sure you’ve nailed these critical attitudes and have them embedded in your founding team from the get go.
1. Show me the money.
It’s not really a surprise: successful entrepreneurs tend to have an extremely high focus on money. This means they focus a lot on the commercial aspects of business—monetization models, margins, budgets, cost per acquisition and so on.
But what might surprise you is just how much successful entrepreneurs think about cash. In our study, successful startup founders were up to 43% more interested in money than the general working population. If you’re an aspiring entrepreneur with a slightly lower focus on the commercials, you might want to team up with a co-founder who dreams in dollars and cents.
2. Act now.
Successful entrepreneurs are 40% more focused on initiation and getting things off the ground than the general workforce. If you have a great business idea but haven’t got the get-up-and-go required to make it happen, surround yourself with fast-acting go-getters who can make it happen for you.
3. Go with your gut.
As an entrepreneur leading a business you’re often working on instinct and taking risks based on hunches. Confidence in trusting gut feel is one of the things that sets successful entrepreneurs apart from the rest of the population—they are 34% more likely to trust their gut than the average Joe.
Early stage ventures often need fast decisions to maximize opportunities and maintain momentum. If you’re more inclined to second guess your instinct, partner with someone who runs on gut feel.
4. You got the power.
Power, the desire to influence and direct the behavior of others, is another critical attitude that is found in successful entrepreneurs. Part of what drives them is the desire to sit at the head of the table, priming them to make tough decisions, and helping them thrive in founding CEO roles. If your motivation for the top seat is low (successful founders are 33% more motivated for power than the rest of the population), then it may be worth spending some time with a business coach, dialing up your interest in becoming a mogul.
5. Think big.
Successful entrepreneurs prefer to look at the big picture instead of getting caught up in the finer details. In fact, they are 30% more attuned to working and communicating in broad strokes than the rest of the population, preferring to leave the details to others. If you get stuck sweating the small stuff, finding a trusted team member who can think big will be an invaluable resource to your business.