The Attributes of Successful Entrepreneurs

Desired by many, becoming a successful entrepreneur is being left to very few people. Entrepreneurship is a tough choice but after the first struggle its rewards are priceless. 

“Identify a need and fill it” is the business mantra today. It calls for a certain ability to understand requirements and match the standards to produce for the customer. To measure product requirement in the market, people orientation must be properly scaled and a study of inclination to buy the product at reasonable costs must be made. Research on its utility, acceptance, weaknesses, and competition must be identified and practically addressed.

Two kinds of people cohabit the world of business. The normal business psyche markedly differs from the employee mindset. Employees are concerned with career, position, increment, and a good take home salary; and they do not go beyond. Ambitions are limited and have boundary lines.

The business oriented people have a pattern of interests and the manifold vision and mission seem to be superior in the thought process and functioning style. One with the orientation of business not only thinks of money, but his thoughts extend beyond personal growth. The strategy is to live with good employees, build higher infrastructure, produce a superior product line, win competition, and finally be the backbone of the country’s sustained economics.

Entrepreneurship invariably has a sense of independence culminating into a desire; a desire to achieve in spite of obstacles and constraints, constantly desiring to be successful. With this comes a state of mind, which becomes strong with every passing day. This desire will sustain all hardships.

The first generation entrepreneurs are those who will have crossroads of anxieties, personal dilemmas, and conflicting ideas of birth and death of business models. They have the real spirit of adventure and a diehard attitude. Some succeed and continue to win, while some meet with an untimely end.

The success and failure in business although is very transient, the qualities and personal markings that an entrepreneur must cultivate are imminent, and let us examine them.

Doing business does not mean that one has to be equipped with high qualifications. Qualities of aggressiveness, social exposure, networking, street smartness, ability to grasp things quickly, being good at mental mathematics, and the ability to think laterally and find solutions are the most important hallmarks of intelligence that are required to become successful in business. Above all, a person must have marketing abilities.

Attitudes

Patience and perseverance are essential attributes in doing business, the ability to compromise when things are down and striving for betterment in future are qualities of merit. Scaling down or scaling up are strategic decisions and are not stagnant processes confined to boundaries of management.

Business Ethics

Business ethics and value systems need to be in place, without which the foundations will become weak over a period of time. An organization with reliable value systems and practices would certainly consolidate its brand image and brand equity. Companies gain reputation by virtue of boosting customer faith and public interests, nurturing and cultivating best business practices.

Human Value Systems

A strong customer relation is a deciding platform, or the root, of any organization; it has to have fair practices, be six sigma principles driven, and keep up ethical values. Traditional companies have been very successful in consolidating human resources as opposed to non-traditional companies, which, in the name of innovation and rational approach invite more trouble.

Crisis and Risk Management

Minimizing threats, maximizing benefits, and the ability to handle crisis in organizations are other great attributes. Defining the problem or issue, looking for alternatives, methodology to resolve crisis, freezing best alternatives, and implementing orders conceived by these efforts are basic requirements. Risk management should be value driven, an integral part of organizational process, should lead to focused elimination of uncertainties, and decisions need to be taken on the basis of factual information and be tailored.

-Originally written by Steven Tulman 

Entrepreneurship is a lifestyle. Embrace it!

TIPS TO BE A SUCCESSFUL ENTERPRENEUR 2

Sequel to our last post, lets highlight some more points on this how-to list for successful entrepreneurship. Be sure to read through to the end!

·          BE ACCESSIBLE: Accessibility here doesn’t only refer to location, though that is an important aspect. Being accessible demands that your clients can get information, services and/or products from/about you seamlessly. Let people know who you are and what you do. Promote yourself shamelessly, always have your cards and business information handy. Make it easy for people to do business with you. Invest in building your reputation. Let people associate you with integrity and excellence. If you want your business to grow you should make people know who you are and why they should patronize you. Know who your customers are, get personal with them, be interested in their well being and appreciate them.

·         TAKE TIME OFF: ALL WORK AND NO PLAY MAKES KATE A DULL GIRL there is always the temptation to work around the clock, don’t fall for it. All work and no rest burns energy fast and motivation too. It would eventually lead to grumpy customer service and this is very bad for business. Work hard and rest, pause and take a break to appreciate yourself for the efforts put in. Recognise the people who have contributed to the business success, yourself included. Even dieticians have cheat days why shouldn’t you?

·         DELEGATE WORK: people say if you want something done do it yourself... that’s not entirely true. In fact, in business it is not true at all. There is no one man business in the real sense of it, you cannot be the owner and supplier and accountant and sales rep and customer at the same time. No matter how small your business is, you would need the expertise of someone else. NO ONE EVER MADE IT IN THIS WORLD WITHOUT HELP… NO ONE (GAME OF THRONES). Learn to work through people by delegating work. Being a successful entrepreneur requires you to build other leaders who will help your business grow. In business, the ability to multitask is essential but once in a while be disciplined enough to stand back and think of what is best for the future of your business. You might need to loosen the reigns of the ownership of the business for financial support, well do it, what are you waiting for? Your 10% ownership of a multi-billion dollar business is worth more than 100% of your road side shop.                          

                                                                                                                                                                                              

Disclaimer: Do well to remember that there is no perfect equation for business success, as entrepreneurship is both a science and an art.

Please feel free to share your thoughts below and request for any topic you want us to discuss about business.

Entrepreneurship is a lifestyle. Embrace it!

FUNMIKE ADELEYE

TIPS TO BE A SUCCESSFUL ENTERPRENEUR

Entrepreneurs are learners. They seek advice, praise others, challenge and express themselves and eventually reap the rewards of humility. These are a few tips every business person should adopt to be successful.

• ENGAGE IN WHAT GIVES YOU JOY: What gives you joy boosts your confidence and this helps maximize your potential. Before you start a business ask yourself, what am I passionate about? What do I do with ease and speed? What seems effortless to me or comes naturally to me? Ask people around you what they have noticed is your passion and interests. Turn your passion into a problem solving channel and it will graduate to a money making venture. If you have started a business, NO FEARS… find a way to enjoy your business. Inject creativity within your processes and the delivery of your service/product offering. Don’t go into business because everybody is going into it and its working for them because it may not work for you. If you do what gives you joy in the perilous times you will be able to endure.
• DISCIPLINE: The role and importance of discipline in business cannot be over-emphasized. To succeed in business you must be disciplined, your business must be disciplined, your staff must develop a disciplined culture which stems from you the entrepreneur. You must resist the temptation to look at the business as you. YOUR BUSINESS IS NOT YOU. It is a SERVICE/ PRODUCT DELIVERY AVENUE to others as well as a source of income for you. In other words, you are a customer of your business and a salary earner of your business. You are privileged to be the one making the decisions so don’t miss use the opportunity. DON’T CHEAT YOUR BUSINESS AND YOUR FUTURE.
• BE EXCELLENT: “Whatever is worth doing at all is worth doing well”. Develop yourself; be knowledgeable, skillful, diligent and excellent in your field. A hard worker is always proud of his efforts, even when he fails; he is still motivated to move on. The best type of success is the one well deserved. Resist the temptation to go for the easiest and unimportant things, rather go for the most essential ones and endure whatever hardships you may encounter. Develop the mindset of THE ONE THING.
• STAY ORGANIZED: A clear mind delivers a better result. Be organized, not just in business but in all aspects of your life. As a business owner, your business is one aspect of your life, like your kids, your siblings, your health, and etcetera. If any aspect of your life is in disarray your business will suffer and vice versa. Being organized is not only about knowing which files to put on your desk or shelf, it is about managing your business properly and having a system in place that gets things done. Establish a routine to do things by which you can maximize your output every given day. Little things like creating a “to do” list at the beginning of a day or week will keep you on top of important tasks.

Entrepreneurship is a lifestyle. Embrace it!

FUNMIKEADELEYE