| |
| |
|
Entrepreneurialism Information |
|
|
|
Seven Key Qualities of Successful Entrepreneurs
A recent poll conducted by Forbes magazine shows that majority of its readers would prefer to become a billionaire rather than a Nobel peace prize winner, a great scientist or a famous athlete. There is no secret that most of the average people dream about getting rich albeit very few makes any real effort to become one. According to statistics, more than 100 thousand people become millionaires each year in the United States alone! Overwhelming majority out of them is self-made and owners of business. This means, if you would like to pursue your goal of becoming rich, you have to start your own venture. Becoming an entrepreneur is not an easy task! There are certain qualities that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weak ones - those, which need strengthening - will, eventually, help you become a successful entrepreneur. 1. Common Sense Studies show that most successful businessmen consider common sense as the foundation of their success. Common sense is defined as an ability to make sound judgments on the issues, which you encounter in everyday situations. Good judgment depends on acquired knowledge and past experience. The combination of these two creates necessary prerequisites in developing common sense in a person. Common sense allows you to understand complex issues in simpler terms and get into the core of a problem. 2. Specialized Knowledge of your field It is easier to start a successful business, if you have deep knowledge of the business field that you decide to pursue. About half of all home-based start-ups are launched by people who decide to use the knowledge, which they gained from their previous work experience of a particular niche area. Philip Green, a billionaire, who made his fortune in garments retailing, claims that corner stone of his success is his knowledge of rag trade. He, presumably, can price a fabric simply by rubbing it between his fingers. Just by looking at a rack of coats he can predict which ones won't sell next season. That's the kind of knowledge required in order to become successful in entrepreneurship. Around 45 percent of all start-ups fail to survive more than two years. One of the main reasons is many entrepreneurs do not accumulate needed industry knowledge before jumping into business world. 3. Self-confidence Self confidence is a key entrepreneurial skill for success. It is easy to become demoralized, frustrated and resentful if you lack self-confidence. Self-confidence is concerned with how a person feels about his ability. A successful entrepreneur believes in his abilities. He is not scared to explore un-chartered territories, take risk and take difficult decisions. Self-confidence, however, is not a personal trait that either you have or you don't. A person can have high self-confidence in one situation and totally lack in another. This is one of those skills that can be developed by training. 4. Ability to get things done Successful entrepreneurs are persistent and hardworking. They master self-discipline to such extent that if a work is important and related to their goals, they will, eventually, complete it. Getting things done is the vital link between motivations and their outcome. At times, entrepreneurs force themselves to choose work over fun, a boring job against a pleasant one, working on tax papers rather than reading a glamour magazine. This requires a self-control that many people simply fail to develop in them. 5. Creativity Creativity is the ability to use your insights and come up with new solutions to old problems, get things done in a different way or find a totally different approach for conventional things to work together. Entrepreneurs need creative thinking ability virtually in everything. Each new product, each new marketing method, each business decision - all these are fertile ground for creative thinking. Often, entrepreneurs become immensely successful thanks to one single creative idea! 6. Ability to lead Successful entrepreneurs are capable of leading people and get work done by them. They use a combination of various methods - effective motivation, planning, coaching and evaluation - to lead people. They are concerned about the wellbeing of others and easily get along with people. 7. Self reliance Successful entrepreneurs try to take full responsibility for their actions. They know that what they are today, and what they are going to be tomorrow, depend solely on themselves, as it is the outcome of their own choices and decisions. They are proactive people, who set goals, walk an extra mile to achieve them and rely, primarily, on their own resources and abilities. If you would like to check out if your personality fits the typical entrepreneurial profile, the following site has questionnaire that will help you asses your entrepreneurial skills: http://www.rateyourself.com/subject.cfm/Subject_ID/2 If, even, you have all these great qualities and you feel quite confident about yourself, you will never know how good an entrepreneur you are, unless you give it a try! So, the best way to prove your abilities, is to jump start a new venture! Nowshade Kabir is the founder, primary developer and present CEO of Rusbiz.com. A Ph. D. in Information Technology, he has wide experience in Business Consulting, International Trade and Web Marketing. Rusbiz is a Global B2B Emarketplace with solutions to start and run online business. You can contact him at mailto:nowshade[at]rusbiz.com, http://ezine.rusbiz.com, http://www.rusbiz.com
MORE RESOURCES:
Entrepreneurialism - Google News |
|
|
|
RELATED ARTICLES
Business Planning for College Students and First-Time Entrepreneurs More and more students, both in undergraduate and graduate institutions, are deciding to launch their own ventures upon graduation rather than taking the traditional route of working for another firm. Likewise, more and more individuals are leaving their jobs to fulfill their entrepreneurial dreams. How Entrepreneurs Make Money Selling Global Brands On and Off-line Did you know that thousands of companies from all over the world are looking for enthusiastic individuals to represent their products overseas? That person can be you. From Chinese toys to Brazilian bikinis people are making money reselling all kinds of products for a profit. Before the Business Plan Purveyors of conventional wisdom would have you believe that the very first thing you ought to do when setting up a new business is to create a business plan.It doesn't matter whether you are selling odds and ends on eBay from your living room or something larger and more complex,Business plans are excellent and necessary. From Bank Clerk to Entreprenuer What seems like a century ago, I left school and joined a well-known High Street Bank. In those days working as a bank clerk was a well-established route for many school leavers and perceived to be a proper job with prospects. Build Your Own Board Of Experts The most successful entrepreneurs rely on their advisory boards to help spot new opportunities and potential pitfalls.Now you can have your own advisory board: a shadow board of directors. PR That Entrepreneurs Often Overlook If that sounds like you, here's what you may be missing once the new enterprise is launchedPublic relations that really does something about the behaviors of those key outside audiences that most affect your new enterprise.PR that uses a fundamental blueprint to deliver external stakeholder behavior change - the kind that leads directly to achieving your venture's objectives. 5 Habits Of Successful Entrepreneurs Habits get a bum rap. When you think about your habits, I bet you think of the "bad" ones - the ones that you aren't particularly proud of, like eating too much sugar, or smoking, or dwelling on your negative thoughts. Starting Your Business: It All Boils Down To Making Money and Saving Money Bootstrapping in the context of business start-ups refers to the use of creative financing approaches such as leveraging personal savings, credit-card debt, loans from friends and family, bartering, and other means to launch a business. Some business founders use bootstrapping because they have no other choice. Judging Entrepreneurial Ideas Most entrepreneurs constantly come up with new ideas. Whether they are working on another project, driving, or lying in bed, their minds are constantly churning out new products, services and ways of doing things. Making the Financial Transition Making the financial transition from paid employment to earning a living on your own is probably the single biggest challenge facing many would be entrepreneurs. For most, the mere thought of financial insecurity holds them back from even trying. Getting Rich Isnt a Bad Idea You've seen plenty of articles claiming to offer you the secret to getting rich. Some ideas, however, are thin veneers covering some scheme that often involves multi-level marketing or a service with questionable intents. Work On, Not In Your Business Are you busy? Everyone's busy! Ask anyone they'll tell you how busy they are. But how many people are accomplishing real results?In your small business, it's easy to get buried in the myriad activities that demand your attention each day. When Your Business Feels Like an Arranged Marriage Q. I was laid off six months ago. Raising Capital for Your Business - How Long Does it Take? Most companies vastly underestimate the time commitment necessary to successfully complete a financing. In actuality, a company seeking financing needs to budget between 500 to 1000 work-hours to the capital-raising process, spread out over a 6-9 month time period. Face The Fear, Ladies Okay, I'll begin by telling you that I've been divorced for about 5 years, have an amazing family and by anyone's standards, I have a wonderful life.I worked in the film industry for almost 9 years for my ex-husband's company. PTO; Justification of the Means and the Ends Some would say about certain issues that the means do not justify the ends. Well more often the ends do not justify the means. Lets Not Forget About The Little Guy Every business has to start somewhere. What truly makes this country great is the freedom of enterprenuership that every one of its citizens have. 100% of Nothing What would it be worth to you to receive a steady stream of new customers with little or no effort on your part? Would you be willing to pay 10% of the revenue they generate? 20%? 50%? Or do you believe that you can't afford to pay anything?During a recent discussion, I was surprised that people said they could not afford to 'give up' 20% in commissions to reach new customers. If you have more work than you can handle, that makes sense. Double Down on Marketing If you want to compete in the world of high growth startups, you better know how to play the marketing game. Marketing has become a big stakes game where companies are betting fortunes on the success of their products. The Entrepreneurs Dilemma In business, you plan to protect your inventory, your unique ideas and approach, and your money. It's easy to replenish inventory, come up with new ideas and make more money.
|
| home | site map |
| © 2006 |
