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Entrepreneur

3 Things Every Successful Entrepreneur Has

Being a successful entrepreneur is something many dream of due to the independence and freedom it offers! However your success is dependent upon much more than simply focusing on the benefits this lifestyle may present! The fact is that being successful as an entrepreneur involves vision, the proper mindset and lots of discipline!

Here’s a look at how certain traits of an entrepreneur, such as the 3 we’re about to review below, can lead to their enviable accomplishments and yours as well!

Goals

The fact is that without goals you have no target or even the ability to know whether your efforts are effective or not! Whether professionally or personally, your success typically starts with a set of clearly defined goals.

Think about it, being successful generally means you’ve accomplished what you set out to do, but if you have no goals, then there seems little for you to accomplish! Remember it all starts with a vision, a want or a need which then evolves into steps or goals that must be completed to achieve your desires! Without goals your efforts will be unfocused and thereby ineffective!

Good Mental Attitude

Maintaining a positive yet realistic outlook is one of the most common traits of an entrepreneur who typically succeeds at what they’re doing! It is always nice to have the support of the people around you, however if you’re experiencing any self doubt at all, it will only serve to sabotage your efforts! Ultimately the mindset or attitude one may have can be the single biggest difference between whether it is successes or failures that person is to experience!

Focus

In many cases, the depth of your desire, insofar as what it may be you aim to accomplish, will determine the level of your focus! Maintaining the necessary focus needed is often a test of discipline but then again, if the desire is strong enough, this discipline should be easy enough to maintain!

Once again being successful normally calls for the completion of certain tasks or the achievement of specific goals! This all requires a quality effort which results from being highly focused on what it is you’re trying to do unless of course you expect somebody else to do it for you!

Becoming a successful entrepreneur involves much more that day dreaming about the benefits you may experience! Commonly the traits of an entrepreneur who typically succeeds at what they are trying to accomplish involves vision, discipline and the proper mindset to bring it all together!

These traits, as reviewed above, do not call upon skills of any sort but rather a deep desire that will be the driving force behind your success! It simply comes down to really ‘wanting’ something bad enough that you’re willing to focus both your mind and efforts to turn your wants into your realities! Being successful be it in business or even personal endeavors will always require a certain investment from you! It’s this willingness to invest of yourself insofar as having a desireBusiness Management Articles, direction and focus that will determine the level of your success or failure!

Categories
Entrepreneur

7 Questions to Ask Yourself Before You Become an Entrepreneur

Are you a $100K+ executive who is thinking about leaving Corporate America and starting your own coaching or service business?

Making the decision to venture out, take the risk and become an entrepreneur is hard, whether it’s because you can’t find a job in this tough economy or you’re simply tired of working for someone else. And, believe me I know.

In 1992, I decided to start my own business after being laid-off twice in the same year. Now, the idea was not completely new to me. My father, grandfathers, and many uncles on both sides of my family were bit with the “own-your-own-business bug.” Although, I knew exactly what I was getting into and even though I come from a long line of entrepreneurs, I still faced the same questions and fears that you’re facing right now.

Below, I show you how I made my decision to start my executive coaching business 17 years ago. And this process still works today as I ask my clients the same seven questions when they tell me that they want to transition from executive to entrepreneur.

The Top 7 Questions I Asked Myself Before Transitioning From $100k+ Executive to an Entrepreneur

Question #1: What is your motivation for becoming an entrepreneur?

Your motivation to become an entrepreneur must be strong enough to carry you through the ups and downs. Wanting to work part time while taking care of your children, trying to work as a 1099 until a better opportunity comes along, or having nothing better to do are poor motivators for starting your own business.

Question #2: What is your background and experience at work?

If your experience is in a back-office function or you’ve never had the experience of working directly with customers, you need to think about how you will acquire these skill sets. This does not mean that you need to master the art of cold-calling, but you must know how to close a deal.

Question #3: What strategies and tactics will you use to find leads?

More than anything, you need to hit the ground running. You need to find potential customers fast so that you can make deals happen. My advice is to delay building your marketing materials – including your website, brochures, and tools – until you know where and how to reach potential customers.

Question 4: How will you address the three big challenges of Money, Product and Pricing that every new business faces?

Under capitalization is the biggest reason company’s become bankrupt within the first year. You need to know how to finance your start-up. Personal cash reserves, credit and loans from family and friends are the most common methods.

Building a product or service includes the time and money needed to develop these materials and you need clarity about what your target market wants and needs. Take the time to learn through your network before you spend large amounts of money on prototypes that may not sell.

Pricing is the hardest challenge of all. My advice is to slightly under price your product and/or service to enter the market and as you prove your worth and brand, you can raise your prices over time.

Question #5: What course of action will you take to make your business successful?

This question goes to the heart of your commitment and what you are willing (and not willing) to do to make you a successful entrepreneur. Going into any new venture requires you to evaluate your discipline and diligence as it relates to your desired level of success.

Question #6: What are you going to do to market yourself?

Marketing yourself is all about the process of gathering strangers into your network and bringing them to a state of interest. This requires strategic planning that enables potential customers to engage in you, experience your value proposition and build trust before turning them into a potential sale. Building a website or a social networking site is not enough.

Question #7: How long will you stay involved in your business before you receive a consistent revenue stream?

Given that most businesses take nine months to a year to build a healthy and consistent revenue stream, you must look at your finances and determine what you will do in the meantime. Key questions include: How will you supplement your income requirements? What can you do to drastically cut your break-even point? How will you make up the difference?

There is also a personal side to building a business. You must transition from an accidental entrepreneur to taking your business seriously in order to be successful. And your family must be willing to give you the time and the resources to get your business off the ground.

Becoming an entrepreneur is one of the most satisfying, challenging, exciting endeavors any executive can do. If you want to take charge of your career, build something that gives you long-term control and provider yourself with the ultimate in freedom and flexibility, then making the transition from $100K+ executive to entrepreneur is well worth the effort.