Published on 16 Oct 2013. Updated on 23 Jul 2025.
Creating a business from scratch (from concept to reality) sometimes needs something out of the “norm”. Though we listen to so much discussion about the traits of a successful businessperson, some of the qualities of a startup entrepreneur are different.
Let us discuss a few of the most sought-after qualities of a successful startup leader.
Be open to ideas, suggestions and strategy
When starting any new venture, especially if you’ve not done it before, being open to fresh ideas and suggestions is always wise. If something discourages you, ask for the reasoning. Is it because they are worried about you failing (or perhaps succeeding and then being around less) or do they have some valid points and angles. Two heads is always better than one and being able to consider other angles, other points of view is always wise. Plus, if you’re going to become a leader of a team, it’s good to start early by being open and positive. If something comes up which you dismiss, or personally think is silly, still thank the person for their input, even if you’re not taking it on board. Once you have your ideas, do you research, investigate all aspects of the idea and do some analysis. Finally, get yourself a strategic plan; remembering that businesses don’t plan to fail, they fail to plan. Please take this seriously; when you fail, it’s often not just you who is affected; it’s your team, staff, clients, suppliers and family. Taking that extra moment to stop, think and plan can make all the difference.
Keep the pack together
For any startup to succeed (or really any business), communication is critical. Remember, your team may be employees, or in the beginning it may be your coach and accountant and bookkeeper. When the ‘team’ know what is happening, why and how, then they can work with you, and not potentially against you (even unintentionally). The startup leaders are well aware of this, so they always maintain the transparent sharing of information with team members. Timely and honest communications are key to maintaining the drive towards a common mission. In fact, having a team can sometimes help keep you on track, motivated and moving forward.
Keep on top of the money
Too often, new business owners miss that initial step of preparing a budget (or if that phrase scares you, call it Planning for Profit). All businesses need some level of money at startup, whether it’s for marketing materials, printed flyers, Google Adwords, a website, or perhaps the services of a business coach. For this reason, you need to think about the funds this will require, set a budget and work to your budget. The business initially may likely have no income, so where will the funds come from? It may be savings, earnings from another source, a lender or an investor; with any of these, you need to know what things will cost and will your finance source cover things. Some people get excited about marketing, or getting clients, but the money aspect of a business is also very important.
Ditch “I will try”
When I hear this phrase, “I will try to …. “ to me it’s code for “it won’t happen” or “If I’m being honest, I won’t even attempt it”. If you’re a Star Wars fan (yep, I am) there is a wonderful quote that Yoda says to Luke Skywalker “Do or do not. There is no try”. I truly believe this and your team around you will too. When you say ‘try’ it’s sending yourself and the other person the wrong message. Instead, put into your head the decision, do or do not. If you reasonably know you can’t make a networking event, then apologise then and there and say “Sorry, I’m on the other side of town that day and won’t get back until incredibly late, so I need to pass on this.” or make the decision you will ‘do’ the event and schedule it into your diary. This almost comes back to empty promises. If your team see you making empty promises, you’re teaching them that is ok. If you let your clients down (with empty promises) then you disappoint them. Don’t say to a client, “I’ll try to get that done today”, when you know it’s highly unlikely to happen. Instead say, “I’ll work on that tonight and have it to you tomorrow by COB”. If by chance you happen to get it over late today, then you under-promised and over-achieved.
Embrace moving out of your comfort zone
At times, business can be a bit scary, a little (or a lot) uncomfortable and sometimes things seem impossible. Set realistic goals (SMART goals) which are achievable and be prepared to go a little outside the norm or what is usually comfortable. We are never aiming for the ridiculously impossible (at least not immediately) but making solid headway in a reasonable period of time. Being a little uneasy is ok, but don’t bring craziness upon yourself. That’s why scaling goals is often a good idea. The first month I will aim for X, then XX at year two, and XXX at year three etc. Break your goals down into bite-size chunks and tackle one or two things only at a time. Sometimes looking at the whole list can create a sense of overwhelm, or creates a lack of focus, so identify your action steps, put them in order of priority and then begin with step 1 – you guessed it – first. Again, if you have team, communicate what’s happening (and why) so they are in the loop and engaged in achieving your desired outcomes too.
Learn or Outsource (or both)
Often in the beginning you need to do many things. Know where your strengths lay. If you’re not great with the financial aspects of a business, ensure you’ve surrounded yourself with people who are awesome at this – likely your bookkeeper and accountant. Ask them questions, learn what is what, even if you’re not actually going to be jumping into Xero and recording bank accounts. Knowing how to read your financial reports is something every business owner should be able to do confidently and regularly, but you don’t necessarily have to know how to process payroll in MYOB. On the other hand, you may be great with finances but struggle with marketing. Again, learn enough about marketing so you can have solid conversations with service providers, but outsource things like Meta Ads, Google Ads or creating posts for social media. There are so many options out there; within Australia and offshore. Sure, you may have a limited budget initially, but some things can be done by a professional who will (a) do it better than you and (b) do it quicker than you and who will also give you back time to work on other aspects of the business.
Leave perfectionism at the door
When it comes to getting things done, sometimes we have to be realistic about our time available. Some business owners are perfectionists and will spend three times the amount of time on something to make it 110% right. Most things are great at 97-98% perfect. Not only does being perfect take time, it might be that it stops you from proceeding with a brilliant business idea. I’ll launch when it’s perfect is not the philosophy to adopt. You want it close to perfect, and pretty right, but a launch with something not spot on yet, doesn’t mean you can’t keep improving as you go. I’ve been business coaching for 17 years now and I’m still improving and expanding things. If I’d waited until my first book was perfect before printing, I wouldn’t be in the process of writing my 8th book at present. I do call myself a ‘recovering perfectionist’ as I don’t believe that if you have that gene, you can ditch it forever, but you can retrain yourself to allow process and advancement to occur, despite a couple of minor deficiencies. I’m in no way saying to cut corners left, right and centre, but instead be realistic about quality versus time.
Self-care & positivity
Starting and running a new business can be hard work. Lead by example and don’t burn yourself out, or burn out your team. Stay positive with your team and create a place that people want to work at. Finances and resources might be limited, but your imagination, flair and ingenuity can abound. Running a startup business can mean wearing many hats, but always ensure you’re maintaining a healthy lifestyle, get good sleep and maintain good work-life balance. As I say to many of my business coaching clients – business is a marathon, not a sprint. Often initially in business, the business relies heavily on the business owner; so for exactly this reason you need to care for yourself and stay healthy and well. Skipping meals, exercise or sleep does no-one any favours.
At Stone Business Coaching, I help new or existing business owners in most aspects of business, including marketing and sales, money matters, systems, team and goal setting. With decades of business experience, I share both my expertise and knowledge with clients to help them achieve their goals. But don’t just take my word for it, check out my many fabulous Google reviews and if you’d like a complimentary sample coaching session, click here.
