Q&A with … Brent Bowers, author of “The 8 Patterns of Highly Effective Entrepreneurs”
by Joy JordanYou studied scores of entrepreneurs for your book. What have you found is the single most important trait for entrepreneurs to have?
Being able to spot an opportunity that’s lying there waiting to be discovered and then to run with it. And it’s not just seeing the idea, but putting it into action. Sometimes the opportunities are not so clear; the key is the ability to see them. In addition, you have to come up with a service or product that people will actually pay for. A good idea is not enough – you must be able to monetize it.
Can this be developed or are you born with it?
Most people will say there is no such thing as entrepreneurial gene, but others acknowledge that some people are genetically programmed to be optimistic or driven, and those are qualities entrepreneurs need to succeed.
A disproportionate number of entrepreneurs are dyslexic – since they can’t play by the world’s rules, they create their own environment in order to succeed. Most entrepreneurs grew up in an environment with role models: their parents were shopkeepers or inventors, etc., so it does seem to run in families. The flip side is that many entrepreneurs come from dysfunctional families – hence the need for control. Many are driven to please demanding parents. So it comes down to a convergence of nature and nurture.
What other qualities are critical for successful entrepreneurs to have?
You have to exhibit six or seven of the group [noted in the book] in order to succeed. Leadership – being able to inspire and motivate people – is part of the broader pattern of running your own show. Also important are a sense of humor, generosity, extroversion, high moral standards, enthusiasm, being a good listener, and a compulsion to be in charge. True entrepreneurs don’t take failure in stride – they don’t even think of it as failure – they take those experiences and learn how to do it better.
What are the greatest challenges facing entrepreneurs?
Most entrepreneurs will say raising money – it is a never-ending battle. They will go into credit card debt, get money from family and friends, whatever they can do to raise money. Many go to numerous banks seeking funding and get repeatedly turned down, and venture capital funds are very difficult to obtain unless the business idea is a sure winner.
What is their greatest motivator?
Money is not always the object; running their own show is often of greater importance. Money is measure of success, so in that sense, it is critical, in that you can prove that your business is a success with profits.
There is an influx of baby boomers arriving here and many are putting behind corporate careers not to retire but to start their own businesses. What effect do you think this trend will have on the Cape’s economy and business community?
Baby boomers are starting to retire early – they are not true entrepreneurs, as they have been in corporate world. They have a nest egg and experience, and are starting businesses or turning a hobby into sideline business. There is that feeling of wanting to take charge of your life, be in charge of your future and have fun. The effect of all this can be nothing but good for the economy because the income these people earn ends up trickling down – and boomers want to spend it while they can.
Do these second-/third-career entrepreneurs face different challenges? Do they have an edge?
Many of these people are not true entrepreneurs; true entrepreneurs have always been entrepreneurial in their working life; if they were in a corporate environment, they had wide latitude to be creative and product develop and express that entrepreneurial aspect. These second-career entrepreneurs have an edge – they aren’t going to make as many mistakes as new entrepreneurs make. They know the key to success is research, research, research. These people are more willing to take chances in the marketplace due to their nest egg; it provides a safety net of sorts. They know there is no security in corporate world. They have experience they can draw on.
What advice do you have for people trying to be successful businesspeople and entrepreneurs on the Cape?
First, research, research, research. You need to find a product or service to sell, then ask yourself: Why someone would want to buy this? Who will buy it? Who’s the competition? Is there something similar? Ideally, you need to be able to spend money to hire a consultant, or find an organization that will help you for free such as SCORE or the SBA, or even angel investors. Every major university’s business school has an entrepreneurial studies program – enroll in that. You will need to write a business plan. Also, talk to your spouse – assess how much risk you’re willing to take. You will need that support. If your spouse is dead set against your business venture, you might want to reconsider.
Brent Bowers is author of the book “The 8 Patterns of Highly Effective Entrepreneurs.” He was a business editor for The New York Times for 10 years, and before that a reporter and editor for The Wall Street Journal. He lives in Brewster.
Published in Cape Business Sept/Oct 2007
Joy Jordan is managing editor of Cape Business magazine. She has worked in the technology and publishing industries and was chief copy editor for Cape Cod Community Newspapers. 
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