You know the usual ones; get in shape, spend more time with family and friends, get out of debt, quit smoking; the list goes on and on. But not you! You my friend have decided to start your very own business and I couldn’t be any prouder. You’re finally taking control of your future and as the Official Fairy Godmother of New and Small Businesses I am here to lend a helping hand and offer you a few tips on how to get started.
"Entrepreneurship is living a few years of your life like most people won’t so that you can spend the rest of your life like most people can’t."
Starting your own business is not for the faint of heart, not everyone has what it takes. There’s the uncertainty, the fear of failure, the stress, the worries, you name it and it’s there. These feelings can become extremely overwhelming at times. A new business requires your complete attention, laser focus and places heavy demands on your time. Now don’t get discouraged, being your own boss is an amazing journey. The financial freedom, the feeling of accomplishment and the ability to leave a legacy for your children far outweigh any anxiety you might face. Not sure where to start? Over the next few months we’ll be giving you tips that will get you well on your way to making your dream of becoming a successful entrepreneur a reality.
Get your mind right! It’s time to do a self-evaluation!
Before investing any time or resources to start a business, you will need to prepare mentally for the process. Not all entrepreneurs are created equal; they all have their own management style based on education levels, income brackets, geographical location, upbringings, and social classes. While there isn’t a blueprint to entrepreneurial greatness, one thing has always remained consistent.
Successful entrepreneurs all possess the following traits:
* Full of determination, motivation and drive – Entrepreneurs are enthusiastic, optimistic and future/goal oriented. They believe in themselves and even though issues may arise they push, motivate and encourage themselves daily.
* Risk-takers, high tolerance, resilient – Perusing any new venture involves tremendous risk. Difficult times will occur and a successful entrepreneur will have an instinctive knowledge and fortitude on how to navigate, mitigate and manage high-risk situations.
* Understands failure is part of the process – Entrepreneurs understand that to appreciate the wins you must experience losses. It’s a learning process. Mistakes and failures will happen. Entrepreneurs learn from their challenges and use these lessons as stepping stones for future success.
* Confident, persuasive – This breed knows themselves and what they are capable of. They are aware of their strengths and work on their weaknesses. Because they believe wholeheartedly in themselves they can easily convince others to get onboard with their ventures.
* Flexible, open-minded, and constantly seeks knowledge – Entrepreneurs who succeed are always seeking information and gaining relevant knowledge that will help them with their business. They are open and flexible to new possibilities and opportunities.
* Very independent – Being an independent entrepreneur doesn’t necessarily mean always working alone. What it does mean is that with a “by any means necessary” mindset, they are willing and able to do whatever it takes to make their business a success, even if it means going it alone.
* Build and maintain relationships – Realizing that it’s the people surrounding them who will help their business succeed, entrepreneurs will value their relationships and work hard to sustain and maintain them.
* Marketers – No one will promote a business better than its owner. Entrepreneurs are able to show passion and undoubtedly convey the message or showcase the product and/or service they offer. They can effortlessly highlight and promote the value of their business to others.
* Visionary, creative, versatile – Entrepreneurs are out of the box thinkers. They are the ones who see the fish in the lake through the trees in the forest. They are creativite and can easily build on or reinvent an item to make it better.
* Passionate, focused – With strong beliefs in their products and/or services, entrepreneurs are passionate about what they offer and focused on attaining their goals. To be a successful entrepreneur, you must be goal-oriented. But remember, it’s not enough to just set goals; there must be an action plan to execute those goals. Everything entrepreneurs do is done with a purpose.
* Optimistic – Regardless of the obstacles they face, entrepreneurs see the end result. They are optimistic about the future and are always looking ahead.
* Delegators – Successful entrepreneurs are not afraid to ask for help. They acknowledge the areas in which they need assistance and seek out the support. They realize they cannot perform all tasks themselves and are willing and able to allow a shift in control to those who have the knowledge and skills to assist.
Entrepreneurs excel when they are able to utilize these natural talents. While education and training may play a role, having these traits and an innate ability to thrive will make the process much easier. Do you possess six or more of the traits listed? Once you’ve identified your top skill sets and focus on developing them further you’ll be well on your way to becoming a successful entrepreneur. For the areas that need improving, source qualified individuals to help, while you focus on growing your business.
One of the key factors to entrepreneurial success it the cycle of continuous learning. Each month I will recommend a book to help you along your entrepreneurial journey.
January 2018 Book Recommendation - “The Power of Broke” by Daymond John.
The Power of Broke is for anyone looking to erase and eradicate all the excuses that have been holding them back from success. Author and Shark Tank entrepreneur Daymond John built his own fashion label starting with home-sewn clothes with little to no money; he turned around his "broke" status with pure innovation. The book also showcases other everyday people who overcame adversities to succeed.
Look out for your next blog as we continue the conversation on entrepreneurship.