Not all men are born alike – there are certain characteristics that set some men apart from others. This is true when it comes to successful entrepreneurs. In this article, we explore 8 common traits found in entrepreneurs who have successfully left a mark in their chosen field.
1. Being careful about reputation: A good reputation takes years to build and a moment to be destroyed! Offer the very best services to your customers, honor promises made to them and be accessible to address any concerns. A satisfied customer will bring in more prospects, giving your business the boost it rightfully deserves.
2. Never fearing failure: It’s difficult to come across an entrepreneur who hasn’t failed in life. A true entrepreneur would learn from each failure and use it as a stepping stone for greater success. The key is to remain composed and firm during adversities. Accept risks or challenges as a part of business. Prem Watsa of Fairfax Financial is a good example of an entrepreneur taking on challenges with his bid to revive Blackberry.
3. Focusing hard on a Value Proposition: What separates your business from that of a competitor? Why should your target audience choose your services over others? An entrepreneur who has success in his mind knows all about his business and what he can offer to customers and prospects!
4. Being wise with cash flow: For any business to function properly, it is important that cash flow is sufficient. Entrepreneurs should always seek to achieve a healthy balance between the following: Money raised from customers in exchange for services/goods vs. Money spent on wages and replenishing the inventory.
5. Staying ahead with technology: Make sure your business is on track with the necessary technology aids required for its growth. Whether it’s software that tracks inventory or the latest gadgets to support employees, do not shy away from investing in quality technology.
6. Grabbing as much attention as you can: It is important to stand out from the crowd. Launch cost-effective marketing campaigns all through the year to gain quality publicity for your business. You can also hand out quality promotional giveaways to coincide with holidays.
7. Becoming an expert negotiator: There is no doubt that smart negotiations win business deals. Make sure you brush up your negotiation skills to stay on top of deals!
8. Having the best minds around you: Set up a team featuring the best talent to take your venture forward. You will realize that handling your business becomes so much easier.
Hope you find the traits covered in this article useful. All the best for the future!
16 comments
Hello,
Nice post! Following the successful tips will surely direct us towards the successful or the good outcome. No you are right about the successful entrepreneurs that they will stay ahead the technology which is upcoming.
Thanks for sharing.
Thanks Anirudh 🙂
Indeed, you have to be a good negotiator in order to compete with the other from your branch.
I will add the quality of the people you hire …
Hello,
Interesting post,yes you are right smart negotiator is really important to win the deal and become successful. And the best thing in successful entrepreneurs is they never give up.
Thanks for sharing.
Thanks Sohail 🙂
Hi Gary,
Great advice for anyone who definitely wants to become a successful entrepreneur. I think that learning how to get over your fear is one of the best tips you can give.
I know that I’ve let fear hold me back quite a bit. Like you said you just have to learn how to overcome the failures, as well know that anytime you venture out and do something new…you stand the chance to fail.
Thanks Susan 🙂
Agreeable post! I keep on nodding while reading to be honest.
The fear of failure is one thing that writers should over come. Well, there are several reasons why and it’s important to realize that in everything we do, there’s always a chance that we’ll fail. Facing that chance, and embracing it, is not only courageous – it also gives us a fuller, more rewarding life.
Thanks for sharing this with us. I find it very valuable and motivating. I’m pretty sure that those who are facing these will be inspired.
Nice!
I found this post shared on Kingged.com, the Internet marketing social site, and I “kingged” it and left this comment.
How about belonging to a wide circle of people/connections in the same business as you?
I mean this not only on social sites online but offline (or real life) as well.
Rob, you are right! Nothing replaces good ol’ networking circles!
Yup I know some entrepreneurs that prefer person to person gathering and talking about business rather than through online sites. There’s really no beating an actual handshake and business discussion over dinner or a glass of wine. 🙂
Awesome post, I’m following successful entrepreneurs tips and made few mentors,. The post really helped to learn more about their tips behind their success.
Cheers!
Thanks Gary for the awesome post and great tips on entrepreneurship 🙂
This post was very nicely written, and it also contains a lot of useful facts. Thanks for sharing wonderful information. No doubt it is good information but research understood that people want to take useful information which is presented very well.
To become successful entrepreneurs, the most important thing is; trusting yourself. These days it’s very hard to rise without facing competition, if you have potential to challenge your competition, surely today or tomorrow you will find success.
The other things is, before reaching to your ultimate success, you will come across many obstacles, there might be time when you feel like giving up all, but if you hold it all tight and move towards your goal; success will be yours.
I really like #6 and #8. If you can grab people’s attention and have people that inspire you around, you can become a successful entrepreneur.