Well, I’ll call them entrepreneurial talents, because I think at least one of them can be acquired, but Jeff Chavez called them instincts. Whatever — he’s right that these are the two key requirements for entrepreneurial success:
- The Due-Diligence Instinct – When you’re a customer in a business, do you find yourself calculating their revenue based on the number of customers and the price of what they sell? Do you find yourself calculating how much their product costs to produce and how much it costs to sell? That’s a key entrepreneurial talent, and I think it can be learned.
- The Solution Instinct – Do you tend to see products that could be better if they just tweaked this little thing to be easier to use? Or perhaps you spot how it could be made in a more environmentally friendly and less costly way? This one, I believe, really is an instinct.
If you’ve got them both, great! If you have one but not the other, find yourself a partner who has the other one.