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25 Common Characteristics To Become Successful Entrepreneurs.
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Remember
the following 25 common characteristics to become successful Entrepreneurs |
||
01. |
Do
what you enjoy |
Enjoy |
02. |
Take
what you do seriously |
Seriously |
03. |
Plan
everything |
Plan |
04. |
Manage
money wisely |
Money |
05. |
Ask
for the sale |
Sale |
|
||
06. |
Remember
it's all about the customer |
Customer |
07. |
Become
a shameless self-promoter |
Self-promoter |
08. |
Project
a positive business image |
Positive |
09. |
Get
to know your customers |
Know |
10. |
Level
the playing field with technology |
Technology |
|
||
11. |
Build
a top-notch business team |
Team |
12. |
Become
known as an expert |
Expert |
13. |
Create
a competitive advantage |
Competitive |
14. |
Invest
in yourself |
Invest |
15. |
Be
accessible |
Accessible |
|
||
16. |
Build
a rock-solid reputation |
Reputation |
17. |
Sell
benefits |
Benefits |
18. |
Get
involved |
Involved |
19. |
Grab
attention |
Attention |
20. |
Master
the art of negotiations |
Negotiations |
|
||
21. |
Design
your workspace for success |
Design |
22. |
Get
and stay organized |
Organized |
23. |
Take
time off |
Time |
24. |
Limit
the number of hats you wear |
Hats |
25. |
Follow
up constantly |
Follow up |
Let’s Discuss 25 Common Characteristics of Successful Entrepreneurs:
Regardless of your definition of success, there are
oddly enough a great number of common characteristics that are shared by
successful business people. You can place a check beside each characteristic
that you feel that you possess. This way, you can see how you stack up. Even if
you don't have all of these characteristics, don't worry. Most can be learned
with practice and by developing a winning attitude, especially if you set goals
and apply yourself, through strategic planning, to reach those goals in
incremental and measurable stages.
1. Do what you enjoy.
What you get out of your business in the form of
personal satisfaction, financial gain, stability and enjoyment will be the sum
of what you put into your business. So if you don't enjoy what you're doing, in
all likelihood it's safe to assume that will be reflected in the success of
your business or subsequent lack of success. In fact, if you don't enjoy what
you're doing, chances are you won't succeed.
2. Take what you do seriously.
You cannot expect to be effective and successful in
business unless you truly believe in your business and in the goods and
services that you sell. Far too many home business owners fail to take their
own businesses seriously enough, getting easily sidetracked and not staying
motivated and keeping their noses to the grindstone. They also fall prey to
naysayers who don't take them seriously because they don't work from an office
building, office park, storefront, or factory. Little do these skeptics, who
rain on the home business owner's parade, know is that the number of people
working from home, and making very good annual incomes, has grown by leaps and
bounds in recent years.
3. Plan everything.
Planning every aspect of your home business is not
only a must, but also builds habits that every home business owner should
develop, implement, and maintain. The act of business planning is so important
because it requires you to analyze each business situation, research and
compile data, and make conclusions based mainly on the facts as revealed
through the research. Business planning also serves a second function, which is
having your goals and how you will achieve them, on paper. You can use the plan
that you create both as a map to take you from point A to Z and as a yardstick to
measure the success of each individual plan or segment within the plan.
4. Manage money wisely.
The lifeblood of any business enterprise is cash
flow. You need it to buy inventory, pay for services, promote and market your
business, repair and replace tools and equipment, and pay yourself so that you
can continue to work. Therefore, all home business owners must become wise
money managers to ensure that the cash keeps flowing and the bills get paid.
There are two aspects to wise money management.
- The
money you receive from clients in exchange for the goods and services you
provide (income)
- The
money you spend on inventory, supplies, wages and other items required to
keep your business operating. (expenses)
5. Ask for the sale.
A home business entrepreneur must always remember
that marketing, advertising, or promotional activities are completely
worthless, regardless of how clever, expensive, or perfectly targeted they are,
unless one simple thing is accomplished--ask for the sale. This is not to say
that being a great salesperson, advertising copywriting whiz or a public
relations specialist isn't a tremendous asset to your business. However, all of
these skills will be for nought if you do not actively ask people to buy what
you are selling.
6. Remember it's all about the customer.
Your home business is not about the products or
services that you sell. Your home business is not about the prices that you
charge for your goods and services. Your home business is not about your
competition and how to beat them. Your business is all about your customers, or
clients, period. After all, your customers are the people that will ultimately
decide if your business goes boom or bust. Everything you do in business must
be customer-focused, including your policies, warranties, payment options,
operating hours, presentations, advertising and promotional campaigns and
website. In addition, you must know who your customers are inside out and
upside down.
7. Become a shameless self-promoter (without
becoming obnoxious).
One of the greatest myths about personal or
business success is that eventually your business, personal abilities, products
or services will get discovered and be embraced by the masses that will beat a
path to your door to buy what you are selling. But how can this happen if no
one knows who you are, what you sell and why they should be buying?
Self-promotion is one of the most beneficial, yet
most underutilized, marketing tools that the majority of home business owners
have at their immediate disposal.
8. Project a positive business image.
You have but a passing moment to make a positive
and memorable impression on people with whom you intend to do business. Home
business owners must go out of their way and make a conscious effort to always
project the most professional business image possible. The majority of home
business owners do not have the advantage of elaborate offices or elegant
storefronts and showrooms to wow prospects and impress customers. Instead, they
must rely on imagination, creativity and attention to the smallest detail when
creating and maintaining a professional image for their home business.
9. Get to know your customers.
One of the biggest features and often the most
significant competitive edge the home-based entrepreneur has over the larger
competitors is that he can offer personalized attention. Call it high-tech
backlash if you will, but customers are sick and tired of hearing that their
information is somewhere in the computer and must be retrieved, or told to push
a dozen digits to finally get to the right department only to end up with voice
mail from which they never receive a return phone call.
The home business owner can actually answer phone
calls, get to know customers, provide personal attention and win over repeat
business by doing so. It's a researched fact that most businesses (80 percent)
will come from repeat customers rather than new customers. Therefore, along
with trying to draw newcomers, the more you can do to woo your regular
customers, the better off you will be in the long run and personalized
attention is very much appreciated and remembered in the modern high tech
world.
10. Level the playing field with technology.
You should avoid getting overly caught up in the
high-tech world, but you should also know how to take advantage of using it.
One of the most amazing aspects of the internet is that a one or two-person
business operating from a basement can have a superior website to a $50 million
company, and nobody knows the difference. Make sure you're keeping up with the
high-tech world as it suits your needs.. The best technology is that which
helps you, not that which impresses your neighbors.
11. Build a top-notch business team.
No one person can build a successful business
alone. It's a task that requires a team that is as committed as you to the
business and its success. Your business team may include family members,
friends, suppliers, business alliances, employees, sub-contractors, industry
and business associations, local government and the community. Of course, the
most important team members will be your customers or clients. Any or all may
have a say in how your business will function and a stake in your business
future.
12. Become known as an expert.
When you have a problem that needs to be solved, do
you seek just anyone's advice or do you seek an expert in the field to help
solve your particular problem? Obviously, you want the most accurate
information and assistance that you can get. You naturally seek an expert to
help solve your problem. You call a plumber when the hot water tank leaks, a
real estate agent when it's time to sell your home or a dentist when you have a
toothache. Therefore, it only stands to reason that the more you become known
for your expertise in your business, the more people will seek you out to tap
into your expertise, creating more selling and referral opportunities. In
effect, becoming known as an expert is another style of prospecting for new
business, just in reverse. Instead of finding new and qualified people to sell
to, these people seek you out for your expertise.
13. Create a competitive advantage.
A home business must have a clearly defined unique
selling proposition. This is nothing more than a fancy way of asking the vital
question, "Why will people choose to do business with you or purchase your
product or service instead of doing business with a competitor and buying his
product or service?" In other words, what one aspect or combination of
aspects is going to separate your business from your competition? Will it be
better service, a longer warranty, better selection, longer business hours,
more flexible payment options, lowest price, personalized service, better
customer service, better return and exchange policies or a combination of
several of these?
14. Invest in yourself.
Top entrepreneurs buy and read business and marketing
books, magazines, reports, journals, newsletters, websites and industry
publications, knowing that these resources will improve their understanding of
business and marketing functions and skills. They join business associations
and clubs, and they network with other skilled business people to learn their
secrets of success and help define their own goals and objectives. Top entrepreneurs
attend business and marketing seminars, workshops and training courses, even if
they have already mastered the subject matter of the event. They do this
because they know that education is an ongoing process. There are usually ways
to do things better, in less time, with less effort. In short, top
entrepreneurs never stop investing in the most powerful, effective and best
business and marketing tool at their immediate disposal--themselves.
15. Be accessible.
We're living in a time when we all expect our fast
food lunch at the drive-thru window to be ready in mere minutes, our dry
cleaning to be ready for pick-up on the same day, our money to be available at
the cash machine and our pizza delivered in 30 minutes or it's free. You see
the pattern developing--you must make it as easy as you can for people to do
business with you, regardless of the home business you operate.
You must remain cognizant of the fact that few
people will work hard, go out of their way, or be inconvenienced just for the
privilege of giving you their hard-earned money. The shoe is always on the
other foot. Making it easy for people to do business with you means that you
must be accessible and knowledgeable about your products and services. You must
be able to provide customers with what they want when they want it.
16. Build a rock-solid reputation.
A good reputation is
unquestionably one of the home business owner's most tangible and marketable
assets. You can't simply buy a good reputation; it's something that you earn by
honoring your promises. If you promise to have the merchandise in the
customer's hands by Wednesday, you have no excuse not to have it there. If you
offer to repair something, you need to make good on your offer. Consistency in
what you offer is the other key factor. If you cannot come through with the
same level of service (and products) for clients on a regular basis, they have
no reason to trust you . . . and without trust, you won't have a good reputation.
17. Sell benefits.
Pushing product features is for inexperienced or
wannabe entrepreneurs. Selling the benefits associated with owning and using
the products and services you carry is what sales professionals worldwide focus
on to create buying excitement and to sell, sell more, and sell more frequently
to their customers. Your advertising, sales presentations, printed marketing
materials, product packaging, website, newsletters, trade show exhibit and
signage are vital. Every time and every medium used to communicate with your
target audience must always be selling the benefits associated with owning your
product or using your service.
18. Get involved.
Always go out of your way to get involved in the
community that supports your business. You can do this in many ways, such as
pitching in to help local charities or the food bank, becoming involved in
organizing community events, and getting involved in local politics. You can
join associations and clubs that concentrate on programs and policies designed
to improve the local community. It's a fact that people like to do business
with people they know, like and respect, and with people who do things to help
them as members of the community.
19. Grab attention.
Small-business owners cannot waste time, money and
energy on promotional activities aimed at building awareness solely through
long-term, repeated exposure. If you do, chances are you will go broke long
before this goal is accomplished. Instead, every promotional activity you
engage in must put money back in your pocket so that you can continue to grab
more attention and grow your business.
20. Master the art of negotiations.
The ability to negotiate effectively is
unquestionably a skill that every home business owner must make every effort to
master. It's perhaps second in importance only to asking for the sale in terms
of home business musts. In business, negotiation skills are used daily. Always
remember that mastering the art of negotiation means that your skills are so
finely tuned that you can always orchestrate a win-win situation. These win-win
arrangements mean that everyone involved feels they have won, which is really
the basis for building long-term and profitable business relationships.
21. Design your workspace for success.
Carefully plan and design your home office
workspace to ensure maximum personal performance and productivity and, if
necessary, to project professionalism for visiting clients. If at all possible,
resist the temptation to turn a corner of the living room or your bedroom into
your office. Ideally, you'll want a separate room with a door that closes to
keep business activities in and family members out, at least during prime
business and revenue-generating hours of the day. A den, spare bedroom,
basement or converted garage are all ideal candidates for your new home office.
If this is not possible, you'll have to find a means of converting a room with
a partition or simply find hours to do the bulk of your work when nobody else
is home.
22. Get and stay organized.
The key to staying organized is not about which
type of file you have or whether you keep a stack or two of papers on your
desk, but it's about managing your business. It's about having systems in place
to do things. Therefore, you want to establish a routine by which you can
accomplish as much as possible in a given workday, whether that's three hours
for a part-time business or seven or nine hours as a full-timer. In fact, you
should develop systems and routines for just about every single business
activity. Small things such as creating a to-do list at the end of each
business day, or for the week, will help keep you on top of important tasks to
tackle. Creating a single calendar to work from, not multiple sets for
individual tasks or jobs will also ensure that jobs are completed on schedule
and appointments kept. Incorporating family and personal activities into your
work calendar is also critical so that you work and plan from a single
calendar.
23. Take time off.
The temptation to work around the clock is very
real for some home business owners. After all, you don't have a manager telling
you it's time to go home because they can't afford the overtime pay. Every
person working from home must take time to establish a regular work schedule
that includes time to stretch your legs and take lunch breaks, plus some days
off and scheduled vacations. Create the schedule as soon as you have made the
commitment to start a home business. Of course, your schedule will have to be
flexible. You should, therefore, not fill every possible hour in the day. Give
yourself a backup hour or two. All work and no play makes you burn out very
fast and grumpy customer service is not what people want.
24. Limit the number of hats you wear.
It's difficult for most business owners not to take
a hands-on approach. They try to do as much as possible and tackle as many
tasks as possible in their business. The ability to multitask, in fact, is a
common trait shared by successful entrepreneurs. However, once in a while you
have to stand back and look beyond today to determine what's in the best
interest of your business and yourself over the long run. Most highly
successful entrepreneurs will tell you that from the time they started out, they
knew what they were good at and what tasks to delegate to others.
25. Follow-up constantly.
Constant contact, follow-up, and follow-through
with customers, prospects, and business alliances should be the mantra of every
home business owner, new or established. Constant and consistent follow-up
enables you to turn prospects into customers, increase the value of each sale
and buying frequency from existing customers, and build stronger business
relationships with suppliers and your core business team. Follow-up is
especially important with your existing customer base, as the real work begins
after the sale. It's easy to sell one product or service, but it takes work to
retain customers and keep them coming back.
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