Tim Kemp describes the key traits of successful entrepreneurs in North West Business Insider
In June 2007, North West Business Insider featured the Growth 100, its annual ranking of the region’s fastest growing private companies. Looking behind the scenes at the people at the helms of these businesses, Tim Kemp, Director at Warren Partners, discussed the key traits of successful entrepreneurs.
Tim explained that leaders of successful organisations typically fall into two categories. He described these as: "The highly charismatic leader, whose motives for being in business are often to make lots of money and raise his or her own personal profile, and the more altruistic leader, whose primary concerns centre around the long-term success of the business and building a solid legacy.
"Both types are equally adept at achieving high growth, but the former tends to assume complete control, setting the pace of the organisation and imposing his or her vision and values. This typically initiates rapid short-term growth by quickly ensuring buy-in from employees, which is particularly attractive to private equity-type investors, who are often looking for a rapid return on investment.
"The more altruistic leader, on the other hand, will begin by building a strong management team that is more likely to challenge decisions and work in partnership to develop effective business strategy. While these organisations may, therefore, take longer to get going, they will often overtake those run by the more egocentric leaders by virtue of the strength of the management teams in place."
June 2007
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