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 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.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.hhYou 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.