These days, it’s common for people to want to “live the dream” of entrepreneurship. And I can’t say that I blame them. After all, I enjoy the entrepreneur lifestyle. I can set my own schedule, work with clients that I respect, and earn as much (or as little) money as I want.
I have a flexible lifestyle that allows me to meet friends for lunch, be home when my son is done with school for the day, and to spend time with my husband.
But being an entrepreneur is rarely easy all the time. Successful entrepreneurship doesn’t just happen. It takes a lot of work to find success.
Here are some of the characteristics of successful entrepreneurs:
If you plan to succeed, it’s vital that you have confidence in your ability. You need to know that what you are doing is worth the time and effort (and sometimes expense) that goes into it.
Confidence also helps when you are trying to sell yourself. I wouldn’t have as many clients as I do if I didn’t have the confidence to approach them — and to ask for the rates I charge.
Whether you are selling a product, or whether you are founding a company, you need to portray confidence and competence if you expect to succeed.
Successful entrepreneurs know that organization is key. It’s not just about organizing your company or your day in a way that allows you to get your work done. You also need a business plan.
A good business plan can help you stay on track, and organize your efforts. Understanding how to manage your resources, and organize your time can yield the best possible results for your business.
There are days that I don’t want to write anything. However, the nature of my business means that I have to just do it sometimes. Even if I don’t want to write, there are deadlines to meet, so I need to just grit my teeth and have the discipline to complete my client work.
Self-discipline is about being able to motivate yourself, and accomplish what needs doing, even if you don’t feel like it. Successful entrepreneurship requires that you work hard, even though you don’t have a “boss” and a regular paycheck to motivate you. (See Also – 15 Routines Successful People Do Every Single Morning)
Are you building a good reputation? If you want to succeed as an entrepreneur, you need to build that good reputation. Clients and customers need to know that they can trust you. If you have a good reputation, your company has a better chance of success.
Additionally, you will be offered more opportunities as your reputation grows. Make it a point to act with integrity, and develop a solid reputation, and you might be surprised at how much good it can do for your business.
5. Know When to Quit
It’s true that being an entrepreneur sometimes requires an ability to work hard and maintain the discipline to keep working, even when you don’t want to. However, successful entrepreneurs also know when to quit. Sometimes, you just need to take a break.
Taking the time to relax can help you in the long run. When you take breaks the right way, you recharge your creativity, and can re-ignite your passion. A well-planned break can also help you maintain your relationships with family and friends, which can also be important to your well-being and ability to function at a higher level as an entrepreneur.
6. Money Management Skills
Develop some basic money management skills if you want to succeed in business. While you don’t have to know everything about business finance to get started, the reality is that you should have a basic understanding of good money management.
Your business relies on your ability to bring in more than you spend, and to make wise choices with your business resources. An understanding of how money works, and knowledge of sound accounting practices, can help you make better decisions for your business. (Check out Personal Capital)
7. Understand Where to Focus
One of the most important characteristics of a successful entrepreneur is an understanding of where to place your focus. Do you know which activities are most likely to yield the best results?
The Pareto Principle posits that 80 percent of your results will come from 20 percent of your efforts. Do you know which 20 percent of activities in your business will yield the best results? These are the activities you should spend more of your time focusing on.
It also makes sense to understand when to outsource. I have a virtual assistant that manages much of my social media and takes care of other mundane tasks. I am more effective as a business owner when someone else takes care of the things that anyone else can do, and I focus on what I do best.
The amount of money I can make focusing on what is most important in my business in two hours far exceeds what I pay my virtual assistant in that same time period.
Once you understand what’s most important for your business, and you take the time to develop the qualities of a successful entrepreneur, you will be more likely to succeed, no matter what you do.
What other traits do you need in order to become a successful entrepreneur?