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We identified six qualities that make an entrepreneur:
• • • • • •
Dreamer: A big idea of how something can be better and different Innovator: Demonstrate how the idea applied outperforms current practice Passionate: Expressive so the idea creates energy and resonance with others Risk taker:Pursues the dream without all the resources lined up at the start and distributes the risk over a network of capabilities Dogged Committer: Stays with executing the innovation through the peaks and valleys to make it work Continuous Learner:Constantly exploring and evolving to do best practice
Qualities of an Entrepreneur
Being an Entrepreneur from home is not easy...
If you want to be an entrepreneur, you need to assess yourself. An entrepreneur must have some key qualities. These qualities are not found in the average person. Here are the qualities that make for an entrepreneur. Courage. An entrepreneur needs to have courage to withstand the ups and downs that come along with being an entrepreneur. Many times entrepreneurs might have to withstand financial difficulties such as debt or even bankruptcy. For instance, let's focus on entrepreneurs who are involved in home based businesses. Entrepreneurs go through a lot to create a successful home based business. And that's because a thriving and lucrative home based business doesn't just happen over night. It takes time and sometimes sweat. Sometimes there may even be tears. A home based business is a great way to make money, but often it isn't simple or easy. That's why entrepreneurs need to have courage. Starting and maintaining a home based business can get rough at times. Discipline. Often entrepreneurs have to put in long nights or get up early in the morning to run their home based business. Many people who are starting home based businesses are beginning them while working a fulltime job outside of the home. And it really takes discipline to work with hours like that. Often the budding entrepreneur is tempted to fall asleep during late hours when he or she should be getting work done. The budding entrepreneur is often swayed to quit when things don't look like they are going very well. But with discipline every entrepreneur will stay up all night working if that's what it takes. Working from home is different from working in an office
somewhere. You won't have your boss watching over you. The only boss you'll have is yourself. So you have to try very hard not to go too easy on your self. Give yourself just as hard a time as your boss would give you if you worked somewhere else. Tell yourself you can't take a nap until the work is finished. Motivation Entrepreneurs need to be motivated. It takes some real "get up and go" to work from home. Working from home isn't something that everyone does. So the entrepreneur has to be motivated to do things a little differently from the crowd. And those are the qualities that make for an entrepreneur. Take on some of these qualities, and before you know it you'll be the owner of a successful home based business. Want to talk more about what it takes to be an entrepreneur? Having a hard time with marketing? Let me help you. Send me a message, visit me on the web.
7 Key Qualities of a Successful Entrepreneur - Kristine Geimure Being an entrepreneur is about more than just starting a business or two, it is about having attitude and the drive to succeed in business. All successful Entrepreneurs have a similar way of thinking and posses several key personal qualities that make them so successful in business. Successful entrepreneurs like the ambitious Richard Branson have an inner drive to succeed and grow their business, rather than having a Harvard Business degree or technical knowledge in a particular field. All successful entrepreneurs have the following qualities: Inner Drive to Succeed Entrepreneurs are driven to succeed and expand their business. They see the bigger picture and are often very ambitious. Entrepreneurs set massive goals for themselves and stay committed to achieving them regardless of the obstacles that get in the way. Strong Belief in themselves Successful entrepreneurs have a healthy opinion of themselves and often have a strong and assertive personality. They are focused and determined to achieve their goals and believe completely in their ability to achieve them. Their self optimism can often been seen by others as flamboyance or arrogance but entrepreneurs are just too focused to spend too much time thinking about unconstructive criticism. Search for New Ideas and Innovation All entrepreneurs have a passionate desire to do things better and to improve their products or service. They are constantly looking for ways to improve. They're creative, innovative and resourceful. Openness to Change If something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They're up to date with the latest technology or service techniques and are always ready to change if they see a new opportunity arise.
Competitive by Nature Successful entrepreneurs thrive on competition. The only way to reach their goals and live up to their self imposed high standards is to compete with other successful businesses. Highly Motivated and Energetic Entrepreneurs are always on the move, full of energy and highly motivated. They are driven to succeed and have an abundance of self motivation. The high standards and ambition of many entrepreneurs demand that they have to be motivated! Accepting of Constructive Criticism and Rejection Innovative entrepreneurs are often at the forefront of their industry so they hear the words "it can't be done" quite a bit. They readjust their path if the criticism is constructive and useful to their overall plan, otherwise they will simply disregard the comments as pessimism. Also, the best entrepreneurs know that rejection and obstacles are a part of any leading business and they deal with them appropriately. True entrepreneurs are resourceful, passionate and driven to succeed and improve. They're pioneers and are comfortable fighting on the frontline The great ones are ready to be laughed at and criticized in the beginning because they can see their path ahead and are too busy working towards their dream.
Qualities of an Entrepreneurby Grove Seey
Different people have different understanding of the term Entrepreneur, for some it’s someone who starts something new, for others it’s someone who thinks of new ideas and for even some others it’s a person who is a dreamer of sorts. However, has anyone ever thought of an entrepreneur as an agent for social change? By far, an entrepreneur is a person who changes the way people think, the way people act and react, an entrepreneur is an innovator, an idealist a perfectionist, a thinker, an executor… While the others are people who search for employment, the entrepreneur is someone who creates it, while the others wait expectedly for the next pay cheque, the entrepreneur finds out ways to get them their payslips, while the others wait for instructions, the entrepreneur gives them, and while the others get up each single day in fear of his job, the entrepreneur gets up vowing to make his dreams as reality. So different is the entrepreneur from the normal crowd, he is someone who leads by example, who works through leadership, who dreams big and more importantly achieves them. And let’s face it, not everyone has it in them, the question is, do you? Now let us see what the most important qualities of an entrepreneur are: a. He most definitely should have an drive to succeed and that too should come from within.. b. He must be terrifically competitive in nature, give an inch, and take a foot… c. He must be self-motivated and energetic d. Should be a change manager, should not be apprehensive of change, in fact he must embrace it e. Should accept constructive criticism, and at times even hard core rejection
f. Highly resourceful and creative in work and life g. Continuously walk on the path of self-discovery All these are qualities you can either be born with, but most importantly many institutes around the world have realised that such qualities can also be taught, not just in a book format but as case studies and allowing incubation centres in their premises where the to-be-entrepreneur can see how his idea goes through chaos during the ideation phase, and then implement them in the execution phase. So while people are slowly realizing that such qualities can be taught, the next step is obviously as to who can teach it. No pure science college can teach it, because while creativeness and being abstract is the core of the course, dreaming itself isn’t enough, then how about an engineering college? Well that wouldn’t work either, cause the very basics of entrepreneurship is the fact that one should not get bogged down by laws that seem to straddle down the engineering department. It seems only fit that a management school is the best place to learn entrepreneurship, the simple reason is that you meet people from different backgrounds, you learn to live with conflicting ideas, in chaos, you learn to take tough decisions in life, but most importantly it allows you to think like a person who is in control of not just others but himself too. But one must understand that not every management course can built you a successful entrepreneur, there must be more to it. There are a few courses for entrepreneurs in India as well, and is no longer restricted to the niche courses abroad. So the question isn’t is there an opportunity, the question is: Do you have it in You?
Tuesday, May 19, 2009
Qualities Of An Entrepreneur
Transitioning from being an Employee to becoming an Entrepreneur can be a bit of a learning curve. There are specific things you can do to make this transition smooth and prosper as an entrepreneur.... -Start thinking bigger - entrepreneurs are big thinkers and don't limit their potential -Learn from an experienced mentor - entrepreneurs are independent, however, they learn from people that can mentor them and accelerate their success (this can be a
business coach, a speaker at a seminar, books, audios, etc from successful people) and also from other business owners in their field of business that can network and mastermind ideas with -Understand that ANY business will require start up and running capital. Business owners do not take this capital out of their own pocket or "save up" until they can start a business. They understand leverage and find ways to finance their expenses to get off the ground, and to put them into a position to profit. -Take advantage of all income streams available in the business....i.e. a fast food restaurant franchise - if you were buying one of these franchises, you would want to profit from the hamburgers, the fries, the milk shakes, the apple pie, and and other producs offered. You would also understand the value of having a drive-thru. Someone buying a franchise like this would not limit themselves to just selling hamburgs and fries and send them down the street to another fast food spot to buy the milkshake and dessert. And, they would also understand the value of a drivethru and treat it as another way to generate sales. If you are getting in the game of being a business owner, GET IN THE GAME! Don't stand on the sideline and "wait" until you have saved enough money to put all the pieces in place. Ask yourself "What do other top successful business owners in this particular business do" and then just duplicate that exactly. For instance if all the fast food spots have a drivethru, and this is something that is important for the success of this type of business, then YOU should also have a drive thru...it is not about whether you can "afford" a drive thru or not - If that is your thinking, you are definitelly thinking like an employee. It's time to make that transition to thinking like a business owner. -Learn as much as you can possibly learn on an ongoing basis about your industry. Knowledge is power. -Know who your target market is and direct your marketing efforts towards that specific group. There are so many basic, cost effective things you can do.... -Do something you are passionate about! When I started my business back in Feb/05, I had been an entrepreneur for 18 years prior.....I knew I did not want to work for someone else....I also knew all the types of businesses that I was not interested in. I couldn't define exactly what business I wanted to start, but, I knew all the things that were important to me....so I made a list of what I was looking for: -I wanted to have a home based business -I wanted a business that was portable, so I could travel for 3-6 months at a time if I wanted, and still be able to run my business from anywhere in the world - preferably
from a lawn chair by a pool, or on the beach -I wanted time leverage so I could reduce the number of hours I was working -I wanted to set my own hours and work when I decided to work -I wanted to take as much time off to spend with my family as I choose -I wanted to work with like minded people -I wanted to find a business that was of great interest to me.....I only wanted something I could get excited about in terms of what it offered people -I wanted something extremely lucrative so that I could retire my husband and we could start living a life of total freedom When you first make the list for yourself, sometimes it can seem daunting and you may wonder if what you are looking for even exists? When I made this defined list, these were the things that were important for me to find in a business, even though I didn't know what that business would be. But, because I was crystal clear on WHAT I wanted, when it came along, I knew I had found the perfect match! There was no "thinking or deciding" required to make my decision. I found the business that met all of this criteria and the decision was then very simple. Being in total control of your future is what being an entrepreneur is all about. People never get that luxury by being an employee. If you are willing to get clear on what you truly want in your life, and then are willing to do what other successful entrepreneurs do, you will develop a life for yourself that people dream about. A life that employees think is just for a select few. But here is the key - YOU can be part of that select few - you simply have to stop thinking like an employee and start thinking like an entrepreneur and take the actions we take.
According to studies conducted by the Bank of Montreal Institute for Small Business, "The Six Success Factors" for starting a small business are:
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self-motivation, business and industry knowledge, organization and management capabilities, marketing skill, customer/vendor relations, and vision.
What Are the Characteristics of a Successful Entrepreneur?
The Components of a Successful Business 1. A competent entrepreneur 2. A viable business concept 3. Access to adequate capital When these three components come together, then you are in the right place at the right time. If not, you will probably fail.
Following is the summary of an article written by Judith L. Glick-Smith that ran in the July/August 1999 Society for Technical Communicators' journal, Intercom. This is a well-researched article and includes an impressive bibliography. Anyone thinking of becoming self-employed would do well to compare his/her own personality to the traits described in the article. Check with your local library for copies of the STC's journal or purchase a back copy directly from the STC. (The STC is one of the links on my Interesting Links page.) - Anne Wallingford
Successful Entrepreneurs by Judith L. Glick-Smith According to Webster's dictionary, an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. Entrepreneurs live in the future. They have creative personalities, are innovative, and thrive on change. But what makes an entrepreneur successful? Research done by Southern Methodist University's Cox School of Business came up with common characteristics of over 200 successful entrepreneurs. Successful was defined as being in business for at least 5 years and who has gross revenues of at least $1 million. Common Traits in a Successful Entrepreneur 1. Good health. Successful entrepreneurs must work long hours for extended periods of time. When they get sick, they recover quickly.
2. A Need to Control and Direct. They prefer environments where they have maximum authority and responsibility and do not work well in
traditionally structured organizations. This is not about power, though. Entrepreneurs have a need to create and achieve by having control over events. 3. Self-confidence. Findings showed that as long as entrepreneurs were in control, they were relentless in pursuit of their goals. If they lost control, they quickly lost interest in the undertaking. 4. Sense of Urgency. They have a never-ending sense of urgency to do something. This corresponds with a high energy level. Many enjoy individual sports rather than team sports. Inactivity makes them impatient. 5. Comprehensive Awareness. They have a comprehensive awareness of a total situation and are aware of all the ramifications involved in a decision. 6. Realistic Outlook. There is a constant need to know the status of things. They may or may not be idealistic, but they are honest and straightforward and expect others to be the same. 7. Conceptual Ability. They have superior conceptual abilities. This helps entrepreneurs identify relationships in complex situations. Chaos does not bother them because they can conceptualize order. Problems are quickly identified and solutions offered. The drawback is that this may not translate well to interpersonal problems. 8. Low Need for Status. Their need for status is met through achievement not through material possessions. 9. Objective Approach. They take an objective approach to personal relationships and are more concerned with the performance and accomplishment of others than with feelings. They keep their distance psychologically and concentrate on the effectiveness of operations. 10. Emotional Stability. They have the stability to handle stress from business and from personal areas in their lives. Setbacks are seen as challenges and do not discourage them. 11. Attraction to Challenges. They are attracted to challenges but not to risks. It may look like they are taking high risks, but in actuality they have assessed the risks thoroughly. 12. Describing with Numbers. They can describe situations with numbers. They understand their financial position and can tell at any time how much they have in receivables and how much they owe.
There are many characteristics of a successful entrepreneur, and you don’t even need a journal to help you. If you have characteristics like determination and are a hard worker, you can be an entrepreneur in no time, no journal needed! The key to running an entrepreneurial
venture is to know great marketing skills that have characteristics that can keep your busy running. Instead of a business journal, you should check out WSI!
25 Common Characteristics of Successful Entrepreneurs
By James Stephenson | March 13, 2009
Regardless of your definition of success, there are, oddly enough, a great number of common characteristics that are shared by successful businesspeople. 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 fret. 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.
The Home Business Musts
Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. To legally operate a vehicle on public roadways, one must have a driver's license; to excel in sports, one must train and practice; to retire comfortably, one must become an informed investor and actively invest for retirement. If your goal is success in business, then the formula is no different. There are certain musts that have to be fully developed, implemented and managed for your business to succeed. There are many business musts, but this article contains I believe to be some of the more important musts that are required to start, operate and grow a profitable home business. 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 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. 1. 2. The money you receive from clients in exchange for your 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 naught 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 the 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 business (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 wan 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.
What Are the Characteristics of a Successful Entrepreneur?
First, a successful entrepreneur can do the impossible. He/she can make something out of nothing. Many people who start with nothing end with nothing. An entrepreneur does not follow this norm. No matter the disadvantages or set backs, a successful entrepreneur can change his/her situation to anything he/she wants it to be. A successful entrepreneur can change his/her stars.
Second, a successful entrepreneur knows how to seize opportunity. This one sounds easy, but in reality, many people let some of the best opportunities slide by unnoticed. Contrary to popular belief, "opportunity" does not magically appear at your doorstep (we should all be so lucky) and wait for your response. Opportunity is something that a person has to go out and find. You have to seek it out like a jungle treasure hunt and conquer the traps set along the way. A successful
entrepreneur knows this and does this daily.
Third, a successful entrepreneur has to network. True, there are many "anonymous millionaires," and although anonymous to you and me, they are not anonymous to the people that played a part in creating that millionaire's wealth. You do not have to be world famous or have your own reality television show, but you do have to know a couple people in the particular "money making circle" of your interest if you want to achieve large amounts of wealth. Therefore, for example, if you want to develop real estate, it would be nice to know some contractors, other developers, some finance people, and even people at the various utilities companies.
Fourth, a successful entrepreneur knows when to walk away. There is going to be a time when you have to cut your losses. A successful entrepreneur knows when that time occurs. Remember, these are not the high seas. You do not have to go down with the ship! You may think that this characteristic contradicts the first characteristic I mentioned. However, the first characteristic relates to an entrepreneurs personal life and this point relates to business. Last, once an entrepreneur has achieved large amounts of wealth, he/she gives back to those who have need it. A successful entrepreneur uses his/her wealth to help change the world for the better. These are the characteristics of a successful entrepreneur.
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