From Garage To Greatness: Four Traits Of Successful Entrepreneurs

Author:Mr Mike McGregor
Profession:Deloitte
 
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Today's SMEs are the household names of tomorrow. Those were the words of Vince Cable as the UK Government launched the GrowthAccelerator for small businesses two years ago. 

Entrepreneurs have an incredibly important role to play in making this happen. The Apple Watch is a timely reminder of that fact. So what is it that makes a successful entrepreneur? 

What started out as Steve Jobs and his partner, Steve Wozniak, building computers in the former's parents' garage has gone on to become the most valuable company in the world. Even without his leadership, the future continues to look bright for Apple.

In partnership with Entrepreneurial Scotland and The Herald, next month we'll be celebrating the role that people like these play in business at the Entrepreneur of the Year Awards. We're looking forward to another year of the competition. It's a great opportunity to recognise the future of business and the companies which have really made a difference in Scotland over the last 12 months.

A question that we are often asked is: what makes entrepreneurs different? Like the word itself, this has undoubtedly evolved over time. Richard Cantillon is most commonly attributed the first use of the word. He used it in one of his most famous pieces, Essay on the nature of commerce, describing it as anyone who bought or made a product at a certain cost to sell at an uncertain price in the future.

In his time, it was a fairly generic term that could be applied to farmers, chimney sweeps, or more or less any other self-employed person. But what makes a modern entrepreneur? Having seen quite a few success stories come through the competition in recent years, there have definitely been some common traits among the participants.

Demonstrate determination - As many entrepreneurs know well, it's not easy starting up your own business. Things don't always go to plan. In fact, there are undoubtedly going to failures along the way. However, entrepreneurs take these head on each time, learn from them, and...

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