5 Common characteristics of successful entrepreneurs

18

MARCH, 2017

Motivation
Entrepreneur
Success

Whatever is your meaning of success, there are many characteristics. Here are some of the characteristics that successful business people have. If you don’t have all, don’t worry. You can have it by practicing.

  1. Do what you enjoy

The income you get, either in the form of personal satisfaction, financial gain, stability or enjoyment will be the sum of the hard work you put into the business. You’re enjoyment reflects the success of your business. So, if you don’t enjoy what you’re doing, it’s more likely that your business will fail.

 

  1. Be serious

Even though I said earlier to enjoy what you’re doing, it doesn’t mean to be happy-go-lucky like the cartoon character named SpongeBob. Don’t expect to be effective and successful in business unless you really believe in your business and in the products that you sell. Many entrepreneurs fail at their business because they don’t take it seriously; they get easily distracted from what they are doing. They lost track of what they are doing causing their business to fail. They become victims of naysayers who don’t take them seriously.

 

  1. Always be prepared

Plan, plan, plan everything to be prepared for anything that comes into your way. Planning every detail of your business is not only a key to succeed but also a habit all entrepreneurs should develop, and maintain. The act of business planning is so important because it demands you to inspect each possible business outcome, research and data. A business plan is also used as a second purpose, which is having your objectives and how you will reach them, on paper. You can use this plan to create both as a map to take you from point A to point Z and as a ruler to measure the success of each individual plan or segment in the plan.

 

  1. Managing money

The lifeblood of any company is money. Haven’t you heard the saying “Cash makes the world go round”? You need cash to buy inventory, flooring, supplies, food and cash to pay your employees. You also need cash to pay bills and taxes. In this case, every entrepreneur needs to manage money wisely to become successful. There are two aspects in money managing.

  • The money you get from your customers in exchange of your products and services you have. Also known as income.

  • The money you spend on supplies, products, hardware, paint, and the items to keep your business tycoon growing.

 

  1. Customer service

Your business isn’t about what products, supplies, or hardware that you sell. It’s not about how much you charge in change of the products that you have. It’s not even about beating your rival. It’s all about your customers. After all they are the ones that will decide if your business succeed or fail, double succeed or double fail. Everything you do in your business should be for the good of the customer. From policies to website, you even can create the “customer is always right sign” if want to. You must also know your client inside out but not literally!

 

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