There are many who despises their current jobs, so they set their sights on becoming an entrepreneur. Many are taking the quantum leap to becoming self employed, to start their own business. This is easier said than done, as the statistics for failure remain staggering. Entrepreneurs it’s found, is a rare species of individual.
The majority don’t have what it takes, so the key becomes to narrowing down its traits. What’s known is that there’s a complex set of characteristics, this to become successful. Most of these can be difficult to measure, and impossible to master. All that’s known is it’s an uphill battle.
So what are these unique distinctions, what does it take to cross that threshold. It goes beyond being sick and tired of working for a living, and dreaming of a life of financial freedom, hoping success will arrive.
Above Average Intelligence
What appears to be a core and vital factor in whether any aspiring entrepreneur will become successful, is having an above average IQ. What this involves is the ability to think abstractly, while being able to analyze, and synthesize.
The ability to problem solve independently. It’s found that solving problems which arises on a daily basis, appears to be the key to successful entrepreneurship.
Most issues can’t be solved by using past solutions or by a quick Internet search. So what’s needed is to become water tight by problem solving on your own, and what this takes is relatively high intelligence.
Self Motivation And Drive
What’s known is that things rarely go as planned. So those who has an inveterate drive and motivation to keep going forward regardless of what happens, have a big advantage.
What’s known is that time is money, as every successful entrepreneur knows the hazards of wasting resources, or producing bad results because of poor planning, fruitlessly scrambling to get things done.
Running a successful business, similar to life, what procrastinators has is a massive strike against them.
The Hunger For Profit
What many fail to understand, is the concept of buying low and selling high to make a profit. What most wanna be entrepreneurs, or something they don’t teach in MBA school, is to comprehend or activate this simple concept, which is the key to making money.
Successful entrepreneurs instinctively know that this is the formula, to get dirt cheap products, and then flip them for a higher price.
This could be purchasing low cost advertising to get targeted traffic for their product, which has a high conversion rate. What entrepreneurs will also do is take action by taking calculated risks.
Getting To “Yes”
What entrepreneurs crave for is as many “yeses” as possible. This includes finding low cost efficient outsource help, vendors who are willing to provide credit, people willing to share their information or equipment at low cost.
Most importantly, to find hungry customers and clients who’s willing to buy their product, at a cost that’s affordable for them, while providing good profit.
The most successful entrepreneurs has is an ability to convince others to say yes, this without using strong arm tactics, or needing to be aggressive.
So take a look at your own personality traits, professionally and personally. Do others tend to agree with you, say yes once you ask them.
Motivated By Money
Once asked, what most successful entrepreneurs will say publicly is they want to help people, to make a difference in the lives of others.
But know that their true intent, the reason why they do what they do, is to make money, that profit is their key motivation. What remains true however is they need to help others in order to make this profit. Any entrepreneur knows money is how you keep score.
Shades Of Greyhat
What’s expected is having honest unwavering ethics. What’s also understood is that karma will usually strike the common unethical sleazebag. Then they’ll usually fail.
What successful entrepreneurs know is that rules, good ethics at times need to be bent in their favor. They’re also smart enough to cover up their modest ethical misbehavior’s so they won’t get caught.
Those who twists the rules slightly are the ones more likely to succeed, than those who are scrupulously ethical.
Regardless of how efficient a business operates, what it’ll invariably suffer are setbacks. What entrepreneurs wait for and welcome is failure, this to learn a lesson, to fix the problem.
They’re also objective enough to recognize when there’s a better way to do things, better ways to use their time and money, ones which offers more efficiency or greater profit.
Executing The Idea And Plan
The concept and planning of a business needs to be sound. It doesn’t need to be groundbreaking or innovative. Attempting to be cutting edge often requires too much risk.
So unless you have deep pockets or infinite investors, you can’t afford too many mistakes. It’s better to replicate rather than to innovate.
Take a proven concept, and be more effective or efficient, provide better service. What following a proven concept offers, is a higher probability of success, than thinking out of the box.
Look To Scale Up
The key to expand, make more money, once the concept becomes successful, is to scale up or clone it. Successful entrepreneurs know this is the low risk fast track method to generate more profits.
So perfect a simple low-cost method and continue to build on it. Regulate yourself so you won’t expand too quickly, as you’ll then begin to lose control over quality.
Then take action. You could have the perfect plan, but nothing happens until you execute. Take action on the plan. Minimize risk while expecting to fail, then work out all the kinks.