There are many who despises their current job or have just recently lost it, so their sights are set on becoming an entrepreneur. Many are taking the leap to becoming self employed, to start their own business. This is easier said than done, as the statistics for failure remain staggering.
Successful entrepreneurs who can ditch employment it’s found, is a rare species of individual.
What the majority doesn’t have is what it takes, so the key becomes narrowing down its traits.
What’s known is there’s a refined set of characteristics, to become successful.
Most of these can be difficult to measure, and impossible to master. All that’s known is it’s a work in progress for many.
So what are these unique distinctions, what does it take to cross that threshold.
It goes beyond being sick and tired of working a 9-to5 living, and dreaming of a life of financial freedom, hoping success will happen.
1.) – Above Average Aptitude
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.
What’s known is it’s found 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.
What’s needed is to become confident by problem solving on your own, and what this takes is relatively high intelligence.
2.) – Self Motivation And Drive
What’s known is things rarely go as planned. Those who has an inveterate drive and motivation to keep going forward regardless of what happens, have a big advantage.
It’s known time is money, as every successful entrepreneur knows the hazards of wasting resources.
What’s avoided is 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.
3.) – The Hunger For Profit
What many fail to understand to become successful, is the simple 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 easy concept, which is the key to making money.
Successful entrepreneurs instinctively know 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 to their product, which has a high conversion rate.
What entrepreneurs will also do without fail, is take action by taking calculated risks.
4.) – Getting To “Yes”
What entrepreneurs crave for is as many “yeses” as possible, in everything they do.
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 the ability to convince others to say yes, 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.
5.) – Motivated By Money
What most successful entrepreneurs will usually say publicly is they want to help people. To make a difference in the lives of others.
But know their true intent, the reason why they do what they do, is to make money. 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.
6.) – Shades Of Being Unethical
Many preach the need to have honest unwavering ethics. What’s feared is karma can strike them when performing unethical action, which leads to failure.
What successful entrepreneurs will do on occasion however, is at times bend the rules in their favor.
They’re also smart enough to cover their modest unethical misbehavior, so they won’t get caught.
Those who slightly twists the rules are the ones more likely to succeed, than those who are scrupulously ethical.
7.) – Extremely Resilient
Regardless of how efficient a business operates, what every entity invariably suffers are setbacks.
What successful entrepreneurs wait for and welcome is failure, treat them as lessons, then solve 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.
8.) – Execute A Proven 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 innovate.
Take a proven concept, and be more effective or efficient, such as providing better service.
What following a proven blueprint offers is a higher probability of success, than thinking out of the box.
9.) – Look To Scale Up
The key to expansion, to make more money once the concept becomes successful, is to scale it up or clone it.
Successful entrepreneurs know this is the low risk, fast track method to generate more profits.
Learn to perfect a simple low-cost method of making money, and continue to build on it.
Regulate yourself so you won’t expand too quickly, as you’ll begin to lose control over quality.
Always take action. You could have the perfect plan, but nothing happens until you execute.
Minimize risk while expecting to initially fail, then work out all the kinks until you succeed.