What Does It Take To Be An Entrepreneur

Successful entrepreneurs often earn their fortunes when there is a depression or economic downturn. Colonel Sanders creator of Kentucky Fried Chicken, base ball player Babe Ruth, and Monopoly game designer Charles Darrow earned the bulk of their fortunes during the depression. Here are thirteen ways that self-employed earners and business owners can be successful in any industry.

Solve Complex Problems

Being a natural problem solver makes it challenging for most business owners to fit into corporate America or a traditional 9 to 5 job. People who earn a higher than average income are those who solve the most complex or painful problems.

Do not Ignore Opportunities

Business owners must be able to view problems in the market as an opportunity. When a problem is identified within the business create a product or service to draw in people who are already buying in that particular industry.

Self Motivation and Determination

Determination is the only way to complete complex projects and to stick with things when things may not go as planned. Never expect others to be motivated about a business vision they did not create.

Business Plan

Many entrepreneurs fail to make concrete business plans. These plans need to be written and put into a printed document. Use this business plan to show the goals and structure of the company to potential investors.

Action Oriented

Entrepreneurs must be action oriented, procrastination will quickly bring all potential progress to a halt.

Continuing Education

Learning new skills to apply to the business is an ongoing tasks. Invest a portion of the profits into seminars, local continuing education classes, books, instructional videos, and audio trainings.

Use Technology

Embrace technology to keep current with how technology is used to attract new customers and make it easier for customers to interact with the customer service department of the business.

Outsource

Entrepreneurs have to let go of activities that can be done by other professionals. Business owner must manage their business and spend their time on the proven activities that make money.

Reward Customers or Clients

Develop ways to interact with customers where they feel acknowledged and appreciated. Reward customers for being loyal through discounts, specialized products, or giving exclusive access to private sales.

Healthy Ego

Entrepreneurs by nature may have a healthy self-esteem. Never let the ego get in the way of making improvements that are suggested by a professional consultant or a colleague to improve the business.

Good Habits

Strive through daily actions to meet the business goals. Being successful is directly related to the habits done consistently, examples include marketing, creating new products, and reviewing the health of the business finances.

Idea Stream

Thinking outside of the current business model is hard for entrepreneurs who have a clear vision of what they to offer to the world. Create idea streams that by encouraging customers to share their ideas.

Time Off

Prevent burn out by learning how to stop working. Schedule time to work and time for relaxing and spending time with loved ones. Clear boundaries must exist between personal life and professional life.

Passive Income

Create passive income sources to experience true financial stability. It can take several months years before a business idea can completely support an individual or a household.

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List of Entrepreneurial Leadership Characteristics

An entrepreneur is more than an individual with an idea. At some point or another, just about everybody has what they consider a winning business idea. The difference is that most people will not act on their idea, or will give up on it after hitting their first speed bump or realizing how difficult it is going to be to transform an idea into a real business that makes money. Which brings us to our first leadership characteristic of an entrepreneur: resilience. Resiliency in the face of those early speed bumps can get your business over that metaphorical bump in the road.

Perhaps the most important characteristic of an entrepreneur is a familiarity with the market they plan to enter. Maybe you’ve been in the business for years working for somebody else. Maybe you’ve never participated in the field, but have spent enough to familiarizing yourself with it through personal research or by taking classes. However you do it, gaining a good degree of familiarity with the field you’re entering is essential. If you can’t even speak the language, you’re not going to go very far.

As an entrepreneur, you must always get the most out of your resources. This doesn’t mean working your employees to the bone, of course. Happy employees are usually going to be more efficient themselves. Keep everybody and everything working on task, and utilize your resources so you get the most out of them. In the early days you need to be very mindful of your spending.

An entrepreneur should also be innovative to some degree. There have been plenty of businesses that have followed the model laid out by those who came before them. But innovating does not mean releasing a new product that revolutionizes the field. It can be as simple as coming up with a new and creative way to run an aspect of your business, or a new way to perform an age-old service. Keep your mind sharp and open to new suggestions and ideas—yours or your employees’.

A willingness to take some risks is also an important characteristic of entrepreneurs. For one, starting your business is itself a risk. You’re not guaranteed success or even survival in the market, so a willingness to accept some degree of risk is necessary. Managing the risks you accept as your run your business is just as important so you don’t suddenly find yourself betting the farm.