Bill Walsh’s 4 qualities of successful entrepreneurs

Bill WalshBill Walsh, CEO and Founder of Powerteam International, offered some keen business ideas Tuesday night  to a group of entrepreneurs at the Hyatt Regency in downtown Milwaukee. Walsh spelled out four qualities needed to be successful.

1. Be an expert. You have to be someone who “owns the space.” People want to hire those who are experts at a skill set, Walsh says. The money is in being a specialist.

It is a mental process, as well. Get accustomed to identifying yourself as an expert. When asked, reply, “I am [a great communicator/an author, etc.]”

Begin building your own tribe; develop your community. Strive to get your web site listed on page 1 of Google. Ninety percent of business generated by Google searches is to firms whose sites are found on page one, Walsh says. Social media is important, so make sure you have accounts on Facebook, Twitter and LinkedIn.

Walsh stressed the importance of polished communication skills. “The quality of your language determines the quality of your future,” he says.

2. Offer a quality product. “You’re only as good as your product,” Walsh says. Get involved in mastermind groups so you’re constantly being evaluated and challenged.

As a business person, it’s also important to delegate. Entrepreneurs too often try to do everything. The business suffers as a result. Concentrate on what you’re good at, and delegate the rest.

3. Define your perfect customer, then focus on them. Walsh says that everyone has intellectual property–a unique skill set–within. People are willing to pay well for that knowledge. “We all have innate business inside us,” Walsh says. “We’re just afraid to bring it out.” For long-term success, find a specialty that you’re great at, that you’re passionate about, and one that serves many people.

Walsh tells entrepreneurs that they must be able to handle rejection; to “emotionally disconnect” from the outcome. “The Number 1 killer of small business is self-doubt,” he says.

4. Determine your “why”. Why do you want to earn a lot of money? What inspires you? True entrepreneurs embrace the notion of giving back. Walsh’s main “why” is to make time for his son and daughter. His success gives him the means to spend quality time with them and to help them enjoy full and exciting lives.

“You have to have something that moves you; gets you out of bed [every morning],” Walsh says. It’s not about the money, but what you’ll do with that money. What cause(s) would you like to support? How could you help others? That’s the measure of a human being.

For my part, I’d like to donate to various causes and start or be involved in up to two small businesses. I’ve been envisioning this for years. With the right kind of success, I can make those dreams come true. And in the process, help untold numbers of people. What are your dreams? Feel free to share them below.

For additional tips on business success, see “Sound advice from Jay Leno.” Also, if you’d like a copy of my 10 things to know as an entrepreneur, fill out the form at right. There is no cost or obligation. These suggestions will help you get started on the right path.

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Tom Fuszard


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