Qualities of successful entrepreneurs

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Tuesday, 28 July 2015 - Last Updated on July 30, 2015

Becoming an entrepreneur entails a lot of work. The hours required are long, and a great amount of sacrifice is needed if success is to be attained.  Every day, you will be facing new challenges that may appear to have no ending.  If you don’t have the courage to face these things, your business could fail even before you start it.

Entrepreneurship is not for everyone. Being an entrepreneur is similar to being a leader since you will initially be doing most of the work and would later need to be able to lead and inspire your employees.  If you can’t lead yourself, then there is a bigger chance that you will likely not be able to lead your business and future employees as well.

If you are a person who seeks challenges and is not afraid of risks, then you might have what it takes to be a successful entrepreneur.

Successful entrepreneurs like Henry Ford or Steve Jobs, have in one way or another, similar qualities that helped them succeed.

Below are some qualities of the successful entrepreneurs that you may want to follow on your entrepreneurial journey.

They enjoy what they do.  They get personal satisfaction in pursuing their mission. Money is not the primary motive in doing their business. They are focused on helping solve people’s problem and whether they like it or not, financial gain will come later.  Most people do business with the goal of making money, and the sad fact is that people with that kind of mindset has a higher chance of failing.

They take their business seriously. One cannot expect to be effective and successful in any business unless he truly believes in it. Many people in the home business fail to take their businesses seriously and get easily side tracked and listen to negative-minded people who don’t take them seriously for the simple reason that they don’t work in an office.  Nowadays, a lot of work-from-home entrepreneurs make very good income as compared to when they were employed.

They plan ahead. Planning is a very important factor for success. This requires the entrepreneur to analyze the business situation, to make researches and to compile data, so that he can make a good decision based mainly on the facts. A requisite is to have a business plan which can serve as a reminder to the business goals and how you these will be achieved.

They are good stewards. The lifeblood of any business enterprise is good cash flow. Money is needed to buy inventories, pay for employees (including himself), pay for external services to promote your business and other miscellaneous operation cost. It is a must that all business owners to be wise money managers to ensure a positive cash flow.

To ensure a good cashflow, the money you receive from clients in exchange for your goods and services you provide (income) must be higher than the money you spend on inventory, supplies, wages and other items required to keep your business operating (expenses). As much as possible, control expenses and keep them low.

They are focused on clients’ benefits. Their business is not about the products they sell, or how low their products cost. Their business is all about their clients. At the end of the day, it is the clients who will be the one to make their business boom or bust. Everything they do is focused on serving the clients with the benefits they deserve. In short, the customer is their king.

They are expert in their chosen field. If one has a problem that needs to be solved, does he seek anyone’s advice or seek an expert in the field to help solve his particular problem? Obviously, clients want the most accurate information and assistance that he can get. Obviously, one has to seek an expert to help solve his problem. He does not call a plumber when he has a dental problem.  It is very important that an entrepreneur becomes known for his area of expertise.  The more the people seek your help and expertise, the more your chances of getting referral opportunities.  Being top of mind of clients is a good way to expand and grow your business by word of mouth advertising. It pays to be a master of one rather than be a jack of all trades.

They invest in continuous learning. Entrepreneurs real a lot of business books, magazines, reports, journals, newsletters, websites and industry publications. They keep pace with new information and adapt it to their business. They have to continuously innovate or risk becoming obsolete. Entrepreneurs also 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 a continuous process. They never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal–themselves.

They master the art of follow ups. Entrepreneurs are good sales people. They know that consistent contact, follow-up, and follow-through with customers, prospects, and business alliances should be their mantra. Consistent follow-up enables you to turn prospects into loyal clients, and increase the value of each sale and buying frequency from satisfied clients.  This also helps build stronger business relationships with suppliers and your core business team. Follow-up is essentially an important component as this leads to closing a sale. It’s easy to sell one product or service, but it takes extra effort to keep customers for life.

They master the art of negotiating. The ability to negotiate effectively is undoubtedly a skill that every entrepreneur must make every effort to master. 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.


Photo c/o Pixabay. Public domain.
Edmund Lao (43 Posts)

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