“Every time you state what you want, you’re the first to hear it. It’s a message to both you & others about what you think is possible. Don’t put a ceiling on yourself.”– Oprah Winfrey
Entrepreneur Topics: Love, Vision, Customer Focus, 4Ps, Work Hard, Sell, Ask, Organize, Hats, Team, Learn, Recover, Flex, Track, $$$ Mgt, Expert, Biz Plan. Break.
If you really want to be a successful Entrepreneur, keep in mind it’s not a job, it’s a lifestyle. You’ll learn a lot about it below. It defines you. Forget about an easy life. Your success will depend on how well you learn and how well you respond to changes. If you survive & succeed, it’s one of the most rewarding things you’ll do in your life – as you’re fulfilling your dream.
1. Do what you Love
To be willing to make the sacrifices necessary to start a business, you’d better be sure you love it , because you want to endure thru the hard times.
2. Vision for what you want to Accomplish
What are your Goals? How will you achieve them? Have you setup Mile-stones along the way to keep on the right track.
3. Customer Focus
Customer Focus leads to understanding what the people you sell to want, what they need, how they think, and how to best reach them. Then follow up – about a week after the sale – to assure they’re happy and make sure they’re using all the capabilities of your product. It also means responding to the them rapidly to resolve any problems.
4. The 4 P’s of Entrepreneurship
There’s a lot of talk about the 4 “P” words: Passion, Passion, Perseverance & Persistence. Most successful entrepreneurs have these traits to a degree. My favorite “P” word in entrepreneurship is “Planning,” because you are most likely to succeed if you Plan & Organize. Stubbornness is good too. It is a derivative of Perseverance & Persistence.
5. Create a Competitive Advantage
What can you do better than your Competition? Be better, faster, cheaper !!! What is your Unique Selling Proposition? Find a unique Niche Listen to Customers & strongly “support” them. Make it easy to business with you. Ask possible Customers if they need help with problems/
6. Willingness to Work Hard
You need the devotion to know that you have to work hard – long hours. There’s no fast track to success. Discuss with your relationships – so they understand – there is a bit of sacrifice. But don’t over do it. Make sure you have a Work-Life Balance.
7. Sell your Benefits
You aren’t just selling a product or service. You are selling what you do better than anyone else.
8. Always ask for the Sale
You can’t wait for Customers to come to you. You need to go out and find them, then if they have a need, be assertive and ask them to buy what you are selling. Especially if it’s to their benefit.
9. Get & Stay Organized
Analyze your Target Market. Conduct a SWOT analysis. Use whatever tools work for you, to keep your business organized to be more effective, efficient. Don’t let your lack of planning & organization be your downfall.
10. Limit the number of Hats you wear
You can’t be an expert at everything. It’s important to determine what you do well, and what you would be better to delegate to someone else – a Partner, Team member.
11. Build an outstanding Team
You don’t have all the skills necessary to run your business successfully. Find others who compliment your skills, and you’ll be more successful. Train them and listen to their feedback – so you can run your Biz better.
12. Knowing what you “Don’t know” . . .
is sometimes more important than what you do know. Now you can educate yourself in that area to overcome your deficiency.
13. Invest in Yourself
To become an Expert in your field, you need to invest time & energy into learning as much as you can about your industry. Then become as competent as possible by experience – even tho’ you may have to give yourself away at no charge.
14. Recovering from Mistakes
When you’re doing something new, you may make a few mistakes along the way. You have to bounce back and learn from your mistakes so you can keep improving. Edison did thousands of experiment, before he go the light bulb right.
15. Being Flexible
You have to be open to change/s, if circumstances change. Determine the best way to handle it, then go ahead. Henry Ford wanted to stick with the highly successful Model T forever, but his competition started beating him with more modern cars.
16. Track your Progress
Have regular meetings (ie, weekly) to determine where you are and how you’re doing. Listen to feedback from your Team, for good suggestions + celebrate your wins & milestones – so your Team are drawn closer together & motivated.
17. Manage $$$ wisely
Good businesses have failed because of insufficient $$$ to get you thru until you start to make a profit. Keep it as “lean” as possible – to survive – until you get to the break-even point.
18. Become a shameless Self-Promoter . . .
without becoming obnoxious. More often than not, you are not going to be discovered if you don’t reach out. You need to promote your business about every way you can think of – to enable people to find out about it. Target those that really need your product.
19. Level the Playing Field with Tech
Successful entrepreneurs utilize the latest technology available to them. Using available technology to your advantage, can make the difference between a run-of-the-mill small business, and one that can stand up to bigger competitors.
20. Become known as an Expert
Being able to make yourself into an Expert in your industry will help people view your business with more confidence. Whether this involves a Blog or getting involved in professional groups in your field. Successful entrepreneurs are also industry “thot” leaders.
21. Build an “outstanding” Reputation
To be a successful entrepreneur, your customers, investors, and those in your industry need to be able to trust you. Don’t ever give them a reason not to. Become an Expert in your field and give “free” advice.
22. Business Plan or not?
It doesn’t have to be a formal Business Plan; an Executive Summary can work just fine when starting. An Exec Sumry has all the elements of a full Biz Plan, but it just doesn’t have the in-depth details that a Biz Plan has. I recommend you start with Exec Sumry, then do a full Biz Plan when your Startup is more mature. I can help you with your Exec Sumry – if you need it. Peter@Wiz4.biz
23. Get involved in your Community
As an Expert in your industry give “free” advice and help those in the Community when they need it.
24. Take a Break
Successful entrepreneurs aren’t all work and no play. Take time off on a regular basis to clear your mind of your business – to let new ideas come in. (ie, make Sunday your Fun Day !!!
Comments: What do you think are the most important Traits of a successful Entrepreneur?
suggested by Biz Plans 10-19 then re-written by Peter/CXO Wiz4.biz