Integrity, commitment, work ethic leads to success

At Rev1, we frequently work with companies at the earliest stage. Many entrepreneurs who enroll in Rev1’s Concept Academy arrive with a product idea, a few lines of a business plan and not much else.
At this stage, an entrepreneur’s job is to figure out the market’s problems, determine through direct feedback which of those problems customers would pay money to solve, and then figure out a solution.
This is hard work. Sometimes a pair of entrepreneurs will work on an idea, but by and large, most entrepreneurs start out as a “team” of one.
Early stage investors — individuals, angels or venture capitalists — say that they invest in the entrepreneur every bit as much, perhaps even more, than the product or technology.
Even though many traits come into play, I look for three things that spell out whether an entrepreneur is a person I want to do business with or not.
Integrity
In entrepreneurship, so much of the process is built on trust and faith that it’s the single most important quality. Entrepreneurs can’t accomplish what they need to without lots of people believing in them.
It’s amazing how many people — mentors, advisers, business people, industry experts and potential customers — are eager and willing to invest time and expertise to help out entrepreneurs, but only entrepreneurs who demonstrate integrity.
All it takes is one whiff of deception, one half-truth or one excuse that doesn’t ring quite right and an entrepreneur can become radioactive. There are too many great entrepreneurs for business leaders or investors to waste their time with someone they have doubts about.
Commitment
This is about walking the talk. Entrepreneurs ask others to commit to their vision. They have to demonstrate their commitment, too.
How? There are lots of ways, starting with their own money. When I see an entrepreneur use his 401(k), or take a home equity loan on her house, that’s commitment.
When an MBA graduate turns down a job to work as a Venture for America fellow, that’s commitment. When a research team believes so strongly in their findings that they work nights and weekends to prepare grant applications, that’s commitment.
Most early stage entrepreneurs work 60-plus hour weeks — not because they’re workaholics, but because there’s so much to do and only one person to do it. They forgo vacations. They miss time with their families. They sacrifice sleep.
Work ethic
Successful entrepreneurs work long and hard, but it’s not just the hours. They do things right. They don’t cut corners. They set the example for their teams and customers. They keep their word and deliver on time.
They create a culture of respect in and out of their businesses, with customers, employees and business partners.
 
When entrepreneurs get the basics right, they attract powerful forces. Other bright people want to join the management team. Angels engage in due diligence. Companies agree to become beta customers.

It’s a virtuous circle that starts and ends with a committed entrepreneur who has integrity, and the willingness and energy to work smart and hard.

 
Tom Walker is the President and CEO of Rev1 Ventures. Tom is a seasoned founder and manager of venture funds and entrepreneurial initiatives. He has been a leader in entrepreneurship and turning innovation-based discoveries into commercial opportunities for 20 years. He is the author of “The Entrepreneur’s Path: A Handbook for High-Growth Companies,” a step-by-step guide to commercialization fro entrepreneurs with big ideas.