Tom Matthews
At Pemba, we have been supporting founders of Australian high-growth, entrepreneurial businesses for over 25 years. We have partnered with founders of over 300 organisations. We spend our days working with entrepreneurs and really getting to know what makes them tick.
Even outside of work, I am drawn to the dynamic world of entrepreneurship and understanding what makes a founder exceptional. One of my favourite podcast series is David Senra’s: Founders Podcast. The “Founders” podcast series offers an in-depth exploration of the minds and stories behind some of the world’s most successful entrepreneurs throughout history.
What I’ve found fascinating listening to episodes on some of the world’s greatest founders is that there are many common characteristics. Here are the key traits that consistently emerge among the world’s greatest founders:
1. Relentless curiosity
Great founders are driven by a deep sense of curiosity. They possess a thirst for knowledge that extends beyond their immediate business interests. This curiosity leads them to explore diverse fields, understand emerging trends, and question the status quo. Their ability to ask the right questions often opens doors to ground-breaking ideas and innovative solutions. For example, Steve Jobs was known for his obsession with the intersection of technology and the liberal arts, which fuelled his vision for Apple.
2. Visionary thinking
A clear and compelling vision is a hallmark of successful founders. They have the ability to see beyond the present and envision a future that others might not immediately grasp. This vision is not just about financial success but about making a meaningful impact. Elon Musk’s vision for a multi-planetary human civilization with SpaceX or Mark Zuckerberg’s vision of a more connected world through Facebook are prime examples of this characteristic. These founders not only see the future but also inspire others to join them on the journey to build it.
3. Exceptional resilience
The path to building a successful company is riddled with obstacles and failures. The world’s greatest founders are those who possess the resilience to withstand setbacks and bounce back stronger. They view failure not as a defeat but as a learning experience and an opportunity for growth. Founders like Howard Schultz of Starbucks and Sara Blakely of Spanx faced numerous rejections and challenges before achieving success. Their stories underscore the importance of persistence, grit, and the ability to keep moving forward despite adversity.
4. Bias for action
Action-oriented decision-making is another defining trait of exceptional founders. They understand that in the fast-paced world of business, speed can often trump perfection. This bias for action allows them to test ideas quickly, learn from the market, and iterate continuously. Jeff Bezos, for instance, is known for his principle of “disagree and commit,” which encourages swift decision-making and execution, enabling Amazon to innovate at a rapid pace.
5. Customer obsession
A relentless focus on understanding and serving customers is a common thread among great founders. They are not merely product-oriented but are deeply customer-centric. They strive to understand the needs, pain points, and desires of their customers and tailor their offerings to exceed expectations. Legendary founders like Walt Disney, whose attention to detail and commitment to creating magical experiences for guests still define the Disney brand, exemplify this trait.
6. Adaptability and willingness to pivot
The ability to adapt to changing circumstances and pivot when necessary is critical for start-up success. Great founders are not overly attached to their original ideas; instead, they remain flexible and open to change based on market feedback, technological advancements, or evolving customer needs. Reed Hastings of Netflix demonstrated this adaptability by transitioning from a DVD rental business to a streaming giant, reshaping the entire entertainment industry in the process.
7. Strong leadership and team-building skills
No founder succeeds alone. The greatest entrepreneurs know how to build, inspire, and lead high-performing teams. They understand the value of hiring people who are smarter than themselves and fostering a culture of collaboration, innovation, and ownership. Warren Buffett, the founder of Berkshire Hathaway, is a prime example of this. Buffett is known for his ability to identify and invest in strong leaders for the companies he acquires. Rather than micromanaging, he empowers these leaders to run their businesses independently, trusting their expertise while providing strategic guidance. His philosophy of hiring great managers and letting them operate autonomously has been a key factor in Berkshire Hathaway’s long-term success.
8. Intense focus and discipline
Focus and discipline are essential traits for any founder aspiring to greatness. With so many potential distractions and opportunities in the business world, the ability to concentrate on what matters most and execute with discipline can be the difference between success and failure. Bill Gates, for instance, is known for his “Think Weeks,” where he would isolate himself to read and think deeply about the future of technology and Microsoft’s role in it.
9. Lifelong learning and humility
Great founders are lifelong learners. They continuously seek to improve themselves, their skills, and their understanding of their industries. Despite their success, they remain humble and open to feedback and new ideas. Charlie Munger is well-known for his commitment to continuous learning, often emphasising the importance of reading and expanding one’s knowledge base. One of Munger’s famous quotes is: “Go to bed smarter than when you woke up.”
10. Unwavering passion and belief
Lastly, the most successful founders possess an unwavering passion for what they do. This passion is often contagious, fueling their teams and stakeholders with a sense of purpose and drive. Their deep belief in their mission sustains them through the highs and lows of the entrepreneurial journey. Founders such as Elon Musk and Oprah Winfrey are prime examples of individuals who channel their passion into building businesses that have a profound impact on the world.
Conclusion
The “Founders” podcast series offers a wealth of insights into what it takes to build a successful company from the ground up. While each founder’s journey is unique, the characteristics of curiosity, vision, resilience, action, customer obsession, adaptability, leadership, focus, learning, and passion consistently emerge as defining traits of the world’s greatest founders. Aspiring entrepreneurs can draw inspiration from these qualities and strive to embody them in their own ventures.
By embracing these traits, the next generation of founders can navigate the challenges of entrepreneurship and build companies that leave a lasting impact on the world.
