The Requirements of a Successful Business
The success of your business will partly depend on your mind-set, attitude and skills. This means being honest about a range of issues – your knowledge, your financial status and the personal qualities that you can bring to your new business. Research has shown that there are certain qualities commonly found among all successful business people. Moreover, these qualities are paramount to being successful and having longevity in business.
The Nature of an Entrepreneur
Starting a business is easy; staying in business is a different story altogether. The tools and skills necessary for starting a business may not prove to be at the apex of your list of qualities when it comes to staying in business. The temperament of a successful entrepreneur is one of tenacity and determination so when the financial and personnel storms come and test the resolve of your character and business, you will remain standing with your company when the storm is over.
Core Skills of an Entrepreneur
As a business owner, you need core skills to execute your ideas to ensure that your new business survives in the long term. I can speak from first-hand experience. I am an owner of five different companies and my companies employ over thirty full time employees. My companies’ assets range in the multiple millions and every dime has been earned and appropriately allocated. I have experienced losing hundreds of thousands with one of my companies, but I never stopped moving forward and being creative with producing other streams of income. Therefore, take my advice to heart because it can inevitably help you to avoid making the mistake of going into business ill informed or prepare you for one of the greatest ventures of your life. A typical entrepreneur will have the following key characteristics:
- Self-Determination – a belief that the results are predicated on your own actions, rather than based on external factors or other people’s actions.
- Commitment – the dedication and willingness to make personal sacrifices with monies you may have earmarked to other things and through long hours and loss of leisure time.
- Self-Confidence – a passion and belief about yourself and your product or services.
- Being a Self-Starter – the capability to work independently, take initiative, and to develop your ideas.
- Perseverance – the ability to continue despite setbacks, financial insecurity and exposure to risk.
Along with these qualities you must have judgement, which is the ability to be open-minded when it comes to advise from experts in your genre, while bearing in mind your intentions for the business. If you do not have what it take to own your own business, starting a business without these qualities, may take all you own.
UPDATED 07-08-11: Read the conclusion of this article, Go to “Can You Pass the Entrepreneur Quality Test Pt. 2” now.
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