There are characteristics that successful entrepreneurs have, which I’d love to share with you. These characteristics separate the men from the boys, and the women from the girls. You need them, I mean if you want to succeed in any business. Here they are:
1. Successful Entrepreneurs Are Focused
Yes, you will easily find out that entrepreneurs are creative people brewing with ideas. Their minds are flooded with different ideas, and they are disposed to trying their hands on any of these at any time. But successful entrepreneurs are more focused. Broken focus leads to broken business dreams. If you want to go into a business, it is very important that you have a high level of focus, that is, focus on your area of strength.
Every new idea you develop must fall in line with your main business, because you can’t marry a soap business with poultry, or a cloth business with palm oil business. Although, you can of course have and run different businesses, but you have to learn how to build systems around them if actually you want them managed successfully. Nevertheless, focus is powerful. Focus on what you’re doing now and give it your best shot. Success will become yours sooner than you think.
2. Successful Entrepreneurs Are Diligent
Work never kills; it increases your skill at what you’re doing. Hard work is the wheel on which successful businesses run. And every successful person is a hard worker. Every successful business is a product of diligence, it is work that increases the worth of your business, if your customers have to be waking up before you and standing at your office gate at attend to them, I can 10a.m. every morning waiting when you will come in, to confidently tell you that you don’t love that around, your customers will move their business to them.
Laziness is the twin brother of poverty. How day do you spend building your business? Do your customers many hours a arrive earlier than you do at your business center? Do you leave the office before your employees do? Successful businesses are a product of massive hard work.
3. Successful Entrepreneurs Have A Lot Of Drive
The answer to moments of discouragement, stress and downturns is drive. You can call it encouragement, self-motivation or self-drive, But the important thing is that, this quality is one great possession successful business people display every day. They don’t give up when situations become tough; they don’t throw in the towel. They don’t follow the crowd. This is what John Maxwell, the great motivational guru on leadership says, “The man who follows the crowd will never be followed by a crowd.” You need a lot of drive to stay out of the way of the crowd.
A lot of people are tired of our economy, a lot of business people are packing up and closing down their stalls or malls, but the successful ones are not giving up. There is a powerful force called self-drive which keeps them keeping on. You need this to excel in business, too.
4. Successful Entrepreneurs Possess A Burning Desire
While watching the TV few days back, the MD of Access Bank Plc, remarked that two years before (2002) they decided that in the next five years, Access Bank would be one among the first five banks in Nigeria. After just two years, the bank has recorded a billion naira profit and is well on its way to meeting that target. Every design is a product of desire. It is when you desire something and you put the design (structures, plans, targets etc.) in place to achieve it.
Do you want to be a producer of excellent service in your industry? Do you want to provide excellent products with high quality? It is desire put to work that separates business successes from averages and failures.
5. Successful Entrepreneurs Are Full Of Determination
How determined are you? When you fail to reach a target, do you stay put, and plan the next line of action to achieve it or do you give up, give excuses for your weakness or you deal with them? A determined soul is unstoppable no matter how strong his opposition is. Your business needs a good and constant dose of determination to succeed. Don’t hesitate to run your business with determination.
6. Successful Entrepreneurs Are Good Stewards Of Money
Why a lot of businesses fail in this part of the world is because business owners immediately go on a spending spree when their businesses begin to show signs of profitability. You’ll find them host a lot of parties, chair a lot of functions, marry more wives in the case of men) and buy all sorts of toys, too many cars, household equipment etc). If you must succeed as an entrepreneur, you must watch and track your expenses,
How much did you make as profit in your business last year? How much did you spend on yourself? How much did you plough back into your business and how much did you invest to work for you? Can your young business comfortably accommodate the rate of expenditure you subject it to? You’ve got to learn how to manage your ‘cash flow very well in business to determine its wealth flow’.
7. Successful Entrepreneurs Make Themselves Accountable
Do you receipt every income and expense that you transact every day in business? Do you practice (Off the Counter) OTC transactions that do not go into your account books? Do you have an accounts department? Are you the MD of your company, as well as the accountant? Successful entrepreneurs don’t run their businesses without being accountable. They are accountable to the business. Until you make yourself accountable to your business, don’t expect success from it. Don’t expect productivity and profitability in your business when it lacks accountability,
8. Successful Entrepreneurs Have Value-Driven Businesses
The product you manufacture, does it fill the needs of people? Are you in business just to fulfill a passion that neither touches the lives of people nor solves their problems? Value is what adds value to your business. If you do it better than others, people will come looking for you. This is what Ralph Waldo Emerson, a man I have come to greatly respect, said, “a man can write a better book, preach a better sermon or make a the woods, the world will make a beaten path to his door.” Only the man/woman with a service or product of value attracts wealth to themselves, Money is only exchanged for value.
If you want men to rush to your business location every day to patronize you, then don’t stop to give them value. There is hope for a value-driven business than for any kind of businesses around. Emphasize value. Let your employees catch this spirit, and let it reflect in all you do in your business and you will guarantee your business continuous profitability and longevity.
9. Successful Entrepreneurs Hire Smart People
The only assets and resources that don’t depreciate are human resources. Every other asset depreciates, but human resources appreciate. You need people to run your business. You need smart people to grow your business. An average business with great people as employees, has more hope than a great business with average people as employees.
Like i mentioned earlier, it took just some smart, talented, professional people to turn around the fortunes of Access Bank. You need smart people to turn around your business fortunes. Behind the success of every great company are happy employees. Do you strive to make your employees feel as part of the business? Do you treat your employees with respect or contempt? Wal- Mart stores, the richest retail store in the history of mankind has a tradition where the word “associates” is used for “employees.”
When you treat your employees like monkeys and pay them peanuts, you are only delaying the growth and expansion of your business. A small company with great employees has a future than a big company with average employees.
10. Successful Entrepreneurs Build Systems, Not Prisons
Small business minds build prison cells as business, great business minds build systems. A system is a structure put in place to run a business, he is an independent structure that exists with or without the owner of the business. Do you know why most businesses in this part of the world fail? it is simply because many entrepreneurs build prisons as businesses and they alone have the key to the success of the business. So when they die these businesses fail to fly again.
Develop a system for your business, wrap it round a system and from time to time evaluate this system making relevant changes here and there.
11. Successful Entrepreneurs Follow Trends
Imagine a business that still keeps to typewriters in this age of computer technology! Imagine an entrepreneur that still uses surface mails, that is, the traditional postal system, without the email, GSM, computer, internet etc. to run their business today! How would you categorize these entrepreneurs? They are supposed to be living in the stone-age periods when the world was still made up of caves. Change therefore is a key to business success, and someone once said if you don’t change, you’ll remain in chains. Businesses that are open to change don’t ever get short-changed. They always blaze the trail.