Successful entrepreneurs share several common features and traits, often developed through practice and perseverance. More than likely, you already have some of these traits if you explored becoming an entrepreneur.
- They Are Fearless – Few people are fearless. Most of us entrepreneurs, however, learn to push through boundaries and accomplish results through the fear. Fearless refers to being bold, spunky, and courageous. When my colleagues learned I wanted to train parents to help each other through coaching, they concurred that the need was great. The idea of peer-to-parent-coaching was bantered about through many discussions.
- They Make Actionable Plans – An entrepreneur makes plans that are actionable. Making plans, setting goals – that’s just part of the process. Doing is more important than any of that. When ACPI was discussed as a viable business, I had interviewed six people who had successful businesses, and their advice moved me forward to take action and devise a solid plan.
- They Understand Cash Flow – New entrepreneurs think that income is an indicator of success. However, the truth is that businesses fail even with adequate cash flow. Cash flow management is a critical element in running a successful business. Work hard to understand cash flow needs to be consistent, and also develop an additional financial account for backup. Believe me, just knowing an amount is set aside for emergencies, will keep you from being overly stressed. You will feel creative and excited to see the business evolve.
- They Know It’s Not About Them – You’ve heard the cliche before - the customer is always first. A new entrepreneur feels this and learns to separate his wants and desires from the customers’ desires. The customer should drive your products, services, and even price point more than your passions and dreams.
- They Aren’t Afraid to Self-Promote – As an entrepreneur, you have to let go of shyness and promote yourself. Become the expert. Be known as the “go to” person in your niche, You can’t get there if you are too afraid to be a self-promoter. Tip: Create something valuable that you’re proud of and it’ll be easy to promote it.
- They Take Action – Entrepreneurs are doers in addition to being people with good ideas. They know how to put ideas into action. They’re good at identifying opportunities, being innovative, and creating value to implement the ideas. To take action you need a clear vision, and you must be willing to overcome obstacles that get in your way.
- They Understand That Change is Inevitable (and good) – Every business that exists today will not be here tomorrow. Think how the past technology as VHS tapes have evolved. They don’t exist now, but businesses that kept their eye on the future adapted and started creating other types of storage like DVDs.
- They Listen – One skill that a successful entrepreneur has is the ability to listen to what their audience is saying. Open your ears and listen to other people’s ideas, listen to their criticisms and their desires.
- They Keep Learning – Knowing how to research and evaluate the market, their customers and competitors is a very important skill that they have honed. It will help them avoid making errors, and they’ll know how to best promote it.
Developing an entrepreneurial mindset and building your personal, business skills move you forward to fully embrace success.