Sunday, August 14, 2011

Thinking of starting your own business? Here is some wisdom from Entrepreneurs.

Entrepreneurs are leaders.  They are independent trailblazers that create new ideas, different products, and better services.  Entrepreneurs are innovation leaders and fuel job creation.  I am an Entrepreneur and I talk to hundreds of business owners each year.  I always ask the same question:  What does it take to be a successful Entrepreneur?  Here are the most consistent responses from other Entrepreneurs.

1) Passion for what you are doing.  The work never ends.

2) Unique perspective.  A distinctive approach is the basis for compelling value.  Entrepreneurs see different patterns, needs, and possibilities.

3) Work ethic.  Many people have great ideas - few people possess the work ethic to make them happen.  Entrepreneurs bring ideas to life with a business plan. They are willing and able to dive into the details, answer questions, and solve problems. 

4)  Natural curiosity.  You will never be set - you must always reshape yourself and your business to create new possibilities.  You have to keep asking "what if?"

5)  The ability to connect with people and create a network of allies, supporters, and customers.  People do business with people they like.  You need people you can trust; people need to know they can trust you.

6)  Psychological toughness.  You will fail more than you succeed.  You have to embrace the idea "that the only easy day was yesterday." 

7) Physical endurance.  Every day is a new race.  Entrepreneurs must be fit enough to stay in the race.

8)  Adaptability, flexibility, resourcefulness to react to challenges and opportunities.

9)  The ability to lead; people have to want to follow Entrepreneurs. 

10)  A sponge for information.  Successful business owners know the market and their market.

11)  Willing to learn and transform.  Entrepreneurs learn from their mistakes and failures and improve themselves and their business's. 

12)  Optimism and fortitude.  Entrepreneurs believe they can change the world - so they do.

13)  The ability to create financial resources and staying power to survive down markets and tough times.

14)  Timing - they know when and how to take a risk.

As you can see - experienced Entrepreneurs tend to focus on personal characteristics versus an idea or a particular acumen.  If you have the foundational characteristics - you will have the opportunity to learn and adapt; your ideas will evolve as you change and learn more about your target market. 

So as you shape your business idea - ensure your are conditioning yourself for success as well.

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