Tuesday, November 16, 2010

Traits of Successful Entrepreneurs


Millions of people spend an insurmountable amount of time trying to get out of the rat race. Whether you are s six-figure salary earner or a struggling waitress making minimum wage, the simple fact is, the only way to gain true wealth is through self-sufficiency—in other words, the obtainment and maintenance of your own business.
Entrepreneurs are made from a different stock than their “9-to-5” counterparts. While gumption is a trait that must be present for all successful business people, entrepreneurs must be go-getters on a new level to experience true success and longevity—especially in a sub-par economy. If you think you have what it takes to be an entrepreneur, read the following to see how your characteristics match up. When you are finished, check out the U.S. Small Business Administration’s (SBA) Assessment to determine whether you are ready to start your own business.
Patience to Weather the Storm
Most people would agree that the majority of the good things in life take time. That said, how will you know if you’ve put in enough time and effort into your business where you should be experiencing profitability and growth? According to the U.S. SBA, the majority of small business owners do not make a profit until their fifth year in business—that’s if you make it to your fifth year, as 95 percent of small businesses close within the first five years. Are you willing to wait five years or more to see a profit? How will you sustain your lifestyle in the interim?
What about the lucky few businesses that experience profitability almost immediately? Whether it is due to low overhead costs or a revolutionary business idea, if your business makes money from the beginning, congratulations! While this is a great accomplishment, all roads to success, no matter how short or long, have dips and valleys. Successful entrepreneurs must be prepared to handle slow periods and should have a sound plan to do so.
Having an Extrovert State of Mind
While it is not necessary for entrepreneurs to be true experts, for the purpose of launching a business, having an extrovert state of mind can be beneficial.  This simply means that you must be willing to spread the word about your new business through networking. While you may plan to use expensive advertising and elaborate marketing techniques, nothing is proven to be more effective than good old fashioned word of mouth. Even in the beginning stages of your business (before you are ready to sell anything), making an effort to network with key players in and outside of your community is critical. You never know who you might meet that could possibly springboard your business to success. If you are proud of your new business, why not shout it from the rooftops?
Flexibility
Having a solid plan is critical to success, so you have a step-by-step guide to lead you through business operations. These plans come in the form of business plans, strategic marketing tactics and public relations strategies. However, successful entrepreneurs must be willing to deviate from those plans when necessary. Just because a tactic has worked in the past, doesn’t mean it will be successful the next time around. Responsible entrepreneurs know the importance of monitoring the effectiveness of all tactics utilized, so they can abandon the less-effective tactics at a moment’s notice.
Passion
Lastly, you must have a true passion for your small business. Without passion, walking away when the journey gets a little rough will always be an option. Passion will also create an inner sense of optimism that is essential for all entrepreneurs. After all, if you don’t believe in what you’re doing, who else will? While it’s wise to always have an exit plan, it should be your last resort, not amongst one of the first options. Only those with passion will last through the storm, and reap profits on the other side.

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