Recently I was talking to a friend and he asked about indicators of entrepreneur success post investment. Now, pre-investment, entrepreneur personality traits like grit and resourcefulness come to mind, but after partnering with an entrepreneur, it’s a behavior that’s most indicative: frequent, quality communication.
Frequent, quality communication is an action, not a personality trait, and one that every entrepreneur can do. Only, too many entrepreneurs don’t do it.
So, if communication is an indicator of success, why don’t more entrepreneurs do it?
Many entrepreneurs simply don’t prioritize frequent, quality communication. To some, it’s beneath them — simply not worth their time. To others, they don’t understand the benefit.
Frequent, quality communication with all constituents — employees, investors, advisers, mentors partners — develops more clarity of thought and a vehicle for feedback and help. Just the act of communicating forces an articulation of position, strategy, and approach. More communication, more results.
Communication comes in many forms. Some of the most effective methods are the weekly update, simplified one page strategic plan, and daily check-ins. Whether the communication is written, in-person, or virtual, it doesn’t matter. What matters is that it’s frequent and high quality.
Communicate early and often. Put in the effort. Make communication a priority.