16 Habits of Successful Entrepreneurs

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Investors look for traits, habits, indicators, and evidence that you are, or have verifiable potential to become, a successful entrepreneur.

It can be summed up as, “things that indicate you get it”.

The following are 16 habits of successful entrepreneurs.

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16 Habits of Successful Entrepreneurs

  1. 1. 16 Habits ofSuccessful Entrepreneursfor the52 Week Challengepowered by www.TenX.orgSign up at www.TenX.org/52Weeks
  2. 2. About TenX.orgTenX.org is an open source, business frameworks education company, that provides content, events,conferences & learning programs to generate growth & acceleration for high potential organizations &individuals. We take the approach that when founders of new organizations start and grow with revenueand results in mind, capacity & outcomes improve significantly. Why not build a company or a nonprofitfrom the ground up, targeting and executing on specific milestones along the way?TenX’s Sprint and Marathon programs are structured to support founders and business leaders intackling developmental milestones starting from $0-$100K, and accelerating to $100K-$1MM+. Alumniof the Portland TenX program have generated more than $20MM in revenues and funding! We arecurrently running Sprints and Marathons in Portland, OR, and Sprints in Seattle, WA.In addition, TenX offers Open Enrollment workshops, Individual Advising services, and co-brandedevents through our local Community Partners. We are currently running Open Enrollment workshops inPortland, OR and through online webinars, more info at tenxopenenrollment.eventbrite.com. We alsoco-host the Social Venture Society’s Hacking Social Impact unconference in cities around the US: joinus this year in Portland and Seattle!The original TenX accelerator, Portland Ten – now Portland TenX, and TenX.org’s headquarters, arebased in Portland, OR, alongside Community Partners & Sponsors including Davis, Wright, Tremaine,Stephenson Group, NedSpace, Technology Association of Oregon, and Oregon EntrepreneursNetwork. This spring, we launched Seattle TenX, alongside Community Partners including SeattleStartup Poker 2.0, and SURF Incubator.
  3. 3. About CEO Carolynn Duncan● Carolynn Duncan is an expert in startup management; CEO ofTenX.org & founder of Portland TenX, a regional incubator in theNorthwest whose alumni have generated more than $20MM inrevenue and funding in the prior 4 years.● Prior work with a venture capital fund (Epic Ventures), entrepreneurcenter (Eastern Idaho Entrepreneurial Center), seed fund (ProvoLabs), speedpitching events (FundingUniverse), micro-incubator(Hundred Dollar Business), and as a biz dev team member of a techstartup (TagJungle).● Carolynn is also founder of Social Venture Society, a private forumfor social venture capital and impact investing, and is developing theNW Social Venture Fund. She works with at-risk youth as a BigSister, for Big Brothers Big Sisters.
  4. 4. 16 Habits: What Youll Learn● Why Meeting Investors is Easy, But Raising Capital Is SoHard● 16 Habits Across 4 Areas: Intangibles, Traction,Execution, Concept Viability● Benefits of Developing Successful Habits
  5. 5. Many founders want to know,“How do you meet investors?”
  6. 6. Generally speaking,here are the 7 steps:1. Be at an event, get introduced2. Give a 1-2 minute pitch3. Trade business cards4. Ask for a coffee meeting5. Run through a 20 minute slide deck6. Make it through a 45 minute ass-kickinginterrogation & unsolicited advice7. Send a follow up email
  7. 7. That’s it.…simple, right?
  8. 8. But here’s somethingto think about:If its that easy to meetinvestors, why is it so hard toraise capital?What is really happening duringthat series of interactions?
  9. 9. In other words,In 7 stepsand 60 minutes or less,what criteria are youbeing evaluated you on?
  10. 10. Investors look for traits, habits,indicators, and evidence thatyou are, or have verifiablepotential to become, asuccessful entrepreneur.It can be summed up as,“things that indicate you get it”.
  11. 11. The following are 16 habits ofsuccessful entrepreneurs.These are things you may beasked or evaluated on(even if not directly asked!),meant to extract information toconfirm whether or not,you “get it”.
  12. 12. 4 CategoriesIntangibles: Biz savvy,ego, appearance.Traction: Scorecard ofaccomplishments to date.Execution: The ability to“get things done”.Concept Viability:Can this business make money?
  13. 13. Intangibles1. Continual progress: Have they made progress since our last meeting?2. Professionalism: Do they appear professional, prepped for the meeting, and canthey talk succinctly about the concept?3. Delegation: Can this entrepreneur partner & delegate effectively?4. Team player: Does the team work well together, are they free from burnout strain, arethere any underlying major issues between co-founders, partners, clients, etc.?5. Able to manage critique: Rapid-fire critical questions that appear to undermine yourcompetence or attack your idea.6. C/B analysis: Is the entrepreneur just living the “lifestyle” of being an entrepreneur, orare they making strategic business decisions consistently that will prevent unnecessaryrisk/loss?
  14. 14. Traction7. Able to develop product: Where is the product at, in terms of development,and how long have you been working on it?8. Can attract talent: Who is working with you on this project?9. Use of prior funds: What has been invested so far, and what has it beenused for? Let’s take a look at your pro formas.10. Risk mitigated by other investors: Who has invested in the concept sofar? What partners are on board?
  15. 15. Execution11. Effective use of capital: What have you done so far being self-funded?What are you currently working on? What will you do if you are not funded,versus if you are?12. Crisis management/problem-solving: What kind of mishaps/big problemshas the entrepreneur faced in the project—and how have they handled them?13. Operational effectiveness: Is the entrepreneur dropping the ball on aregular basis, or are they able to manage multiple high priorities successfully?
  16. 16. Concept Viability14. Market opportunity: What’s the market?15. Ability to capture market demand: What kind of reception are you gettingin the market, and when is your next product release?16. Ability to generate revenue: What is your revenue model, and where areyou at in terms of revenue?
  17. 17. Benefits of Successful HabitsCredibilityFounders don’t have job reviews. Professional credibility as an entrepreneur is based onwhat your network thinks of you.Real feedbackA venture professional sees hundreds or thousands of deals in a year. You see mainlyone– yours. Their opinion may not be something you’re excited about, but theperspective is invaluable.Passing gatekeepersYou get one coffee for free - anyone will meet with you at least once. Its up to you, toget past gatekeepers and tap into hidden and/or free resources in the network.
  18. 18. Recap & Challenge● Investor interactions: screening for indicators that "youget it"● Reviewed 16 habits & benefits of being known as asuccessful entrepreneur● Challenge: choose 2 areas to improve!
  19. 19. Questions?
  20. 20. todays slides are for the52 Week Challengepowered by www.TenX.orgSign up at www.TenX.org/52Weeksread more at slideshare.net/tenxKeep in touch!info@tenx.orgtwitter.com/tenxorg

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