Connect with us

Entrepreneurs

10 Common Characteristics of Successful Entrepreneurs

Published

on

No matter if you are a self-employed individual or apart of a team, there are always a few defining points to becoming successful.

More often than not, successful entrepreneurs will share similar characteristics, regardless of their trade or their role. While you might think there are a few secrets to becoming successful, you will find that the facts that successful people are actually more common than you think.

Here are 10 common characteristics of successful entrepreneurs:

1. Properly managing your money

It will take time to become profitable and while you are striving for financial success, any money you utilize should be closely monitored. Remember that your capital is limited and you should ensure that every penny is used wisely. Keep track of your spending and stick to your allocated budget. Proper money management will help prevent financial mistakes as well as ensure you keep (or wisely spend) any profits made.

 

2. Planning ahead

Creating a business plan will help you maintain an active list of goals and achievements. Not only that, business planning will help ensure that you build healthy habits that you will develop, implement, as well as maintain along the way. With the assistance of a proper business plan, you can easily highlight your goals and how you will reach them.

“To any entrepreneur: if you want to do it, do it now. If you don’t, you’re going to regret it.” – Catherine Cook

3. Learning to adapt and be flexible

While it is a great trait to be passionate and even stubborn about something you are working hard for, the lack of flexibility will hinder you in the long run. Successful entrepreneurs need to learn how to adapt and be flexible for the current market trends.

 

4. Taking risks

Entrepreneurs are often times considered to be risk takers. Yet, not every risk taker is considered a successful entrepreneur. The difference is simple – know when to take a risk and what the risks involve. Ask yourself is this risk worth my time, my money, or the cost of my career? You should also ask yourself what you will do if a certain venture does not pay off.

 

5. Get to know your customers

Getting to know your customer on a personal level is one of the most competitive aspects you can offer your clients as well as the market. People are always looking to make a connection and if you can provide this service you will not only stand out, but will also create a long lasting client base.

 

6. Stay organized

Organization is key. Lacking proper organizational skills will leave you cleaning up unnecessary messes. Keep track of your daily tasks in one place, whether it is a calendar or journal and make sure that you keep a close eye on what happens each day. Staying organized is absolutely necessary to run and manage a successful business.

 

7. Create relationships by networking

One of the greatest aspects of running a business is learning how to network. Meeting people and getting to know those in your community or reaching out to mentors can only help you improve within yourself and therefore your business. Besides, putting yourself out there will help others remember who you are and if you can create positive business relationships, you will find that your business will thrive.

 

8. Do what you love

When you are passionate about your business, you will be motivated to keep moving forward to meeting your goals. When you do something you love to do, work will not seem mundane. In fact, you will find that day in and day out, you are enjoying what you do and that alone makes all the difference. Make sure you love what you do and working hard will not seem like hardly working at all.

“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs

9. Understand what you offer

One common factor amongst all entrepreneurs is this: they know their product inside and out. In addition, those successful individuals are also very familiar with the market dynamics. Remaining aware of market trends, changing market needs, your competitors movements, as well as other external factors will only help you remain in that successful side of the market.

 

10. Be prepared and know when to take your exit

Unfortunately, not every attempt you make will end in success. The defining point of successful entrepreneurs is to know when to take a graceful exit and how you can learn and grow from that experience. Several famous entrepreneurs have had their failures but they have also had the foresight as well as the serenity to know when they should cut their losses.

Which one of these do you need to focus more on? Please leave your thoughts in the comment section below!

Veronika Kavanova is Head of Marketing and PR at http://freelancehouse.co.uk, healthy lifestyle freak, and Game of Thrones lover. She loves to analyze the information and share her experience with others. Additionally, she participated in startup and learned useful information to share. Feel free to contact her on Twitter any time.

Advertisement
6 Comments

6 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

Why Entrepreneurial Innovation Matters More Than Ever

Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics

Published

on

Image Credit: Unsplash

Innovation is a topic often discussed in software applications, app development, and the world of tech. However; you don’t hear it as much in the online business space, particularly among service providers. But innovation is the lifeblood of market leadership.  (more…)

Continue Reading

Entrepreneurs

How to Lose a Team in 10 Days: Are You a True Leader?

The dichotomy between good leadership and poor leadership is that you are either showing up for your people or expecting your people to show up for you.

Published

on

Image Credit: Unsplash

“If you don’t like working here, I’m not going to force any of you to stay. Put in your transfer or resignation papers and I will sign them today and you can go work someplace else.” (more…)

Continue Reading

Entrepreneurs

How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

Published

on

Image Credit: Unsplash

Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

Continue Reading

Entrepreneurs

5 Keys to Building a Valuable Business

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing.

Published

on

Image Credit: Unsplash

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing. Or the chance to make money doing something you truly love and the ability to be your own boss and set your own hours.  (more…)

Continue Reading

Trending