Personal Qualities Required To Be An Entrepreneur And Start Your Own Business

A lack of skill, ability and experience in certain business areas need not be a barrier to success and starting your own business. The personal qualities exerted by a small business owner overcoming deficiencies over and over again are vital and present in many entrepreneurs much more so that specific technical knowledge.

Not everyone is a master of all business attributes in fact very few are. Certainly being a master of all is a fantastic position but unrealistic while certain personal qualities are essential to fight the inevitable battles to come. Business battles the successful entrepreneur wins.

Businesses that have grown and become medium sized and bigger are not reliant on the business owner entirely. Employees are engaged with specialist skills and abilities to develop and grow the business. A sole trader just starting out has to settle for a comfortable living or have the ability to grow the business to the point where more specialist abilities can be added to the business.

Most small business owners who start a new business do so in an area where that small business owner has some knowledge, experience and skill. It is a natural progression having acquired the business knowledge and experience to use those abilities to build the business under self employment rules rather than earn profits for an employer.

The personal qualities a small business owner possesses are more likely to determine the level of success. Abilities such as hard work, determination, persistence, intuition, tolerance and aggression can be the bedrock of success. But the road to success is not all slam wham bang for the entrepreneur.

Small business owners invariably work longer and harder than employees. An employee works for wages and an adequate work performance is enough. A small business owner is more likely to be on the job at first light, miss the coffee and dinner break and twelve hours later announce he has to finish off for the day because he has to go home and do the business accounting books that he started on Sunday.

Determination and persistence go hand in glove with success. Every new business runs into problems at some time or reaches a stage where the business owner needs to be completely focused and stick with a strategy to make the plans work. Things go wrong from time to time; its normal, determination and persistence are valuable qualities to see through these times.

Aggression in forcing through a business plan may sometimes be the only viable option. Not physical violence but the heightened state of anxiety to push through the plan and make it work with controlled aggression and passion. On the other side of the coin there will be times when the small business owner has to exercise tolerance and just go with the flow.

Many small start up businesses go out of business within 2 to 3 years of starting a new business. A major cause is under capitalisation which basically means they run out of money. Liquidity is a major area of concern for every small business entrepreneur and a cautious approach to a new business can be of considerable value.

There is a strong tendency for a new business start up to borrow money and buy new equipment just to get started. Such businesses are taking a major risk the plans will work. Some plans do work but rarely it is a smooth path and a better option is to build the business and reinvest profits made.

A more cautious approach would be to start a new business without borrowing substantial funds because if the small business owner has the ability to make a success of the business and make money then they can usually do so without external funding and use the profits made to build the business in the future.

The sound reason for a small business or a start up business to borrow money is to already be showing a good financial performance. Use the extra funds to speed up future success while borrowing funds with no track record is a gamble and a gamble which fails only too often.

Franchise Your Business

Answering the phone, paying the bills, waiting on customers, ordering, attracting new customers, training staff, adding product, handling complaints. They’re all part of your day. All are part of working ‘in’ your business. It’s time for you to start working ‘on’ your business. What are we talking about?

You sell products and/or a service and you readily recognize these as the merchandise of your trade. But did you ever consider that your business itself is a product too! When you ultimately decide to sell for retirement, or to pursue other interests, such as converting your hobby into a money making venture, your business is the ‘product’ you sell to the new owner. Is this product ready?

Consider the vast world of franchising. Whenever a franchise is sold, the item purchased is a business; a specific way of doing business that perhaps includes a logo, color scheme, jingle or slogan, and maybe a recognized mascot. When we think of franchises we logically recognize the concept of a ‘business as a product.’ It’s time to think about your business in the same light. What can we learn from this fresh perspective? And how might this work ‘on’ your business, help you working daily ‘in’ your business?

I’d be willing to bet dollars to doughnuts that if you consider this franchise model, comparing it to your current operations for just 15 minutes, you will think of multiple ways to make your business more productive and therefore more attractive to any potential buyer.

The franchise’s most distinguishing feature, the one thing that sets it apart from all other businesses is its turn-key nature. It is ready to go, ready to be replicated over and over again. How is this possible? It has all been documented. Because of this scripting, results are predictable. The franchisor can say, “I have a product (a business) to sell you. Let me show you how it works.” Can you do this with your business? Could you step away today and have another be equally effective with your business? And just how would they do that?

It is directly because of this recorded channeling effort, their uniquely singular focus on operations of the franchise model that the consumer gets the very same product in Pittsburgh as Paris, Chicago as Cairo. Geographic multiplication is the natural notion we harbor when thinking of the franchise. But this replication applies just as effectively to the single location experience. Are your customers receiving the very same experience one after another, day after day? What value would it be for your business to have this level of control over results?

Documenting informs all on staff what is expected of them, who they report to, and how things are done in your business. It is the who, what, when, where, why, and how that makes your business unique. Why does a customer choose you over the competition? Do you know? Can you commit to writing the reasons why with certainty?

Written text informs suppliers of what is expected as well. A famous hamburger purveyor learned that French fries sometimes ended up soggy even though they were cooked exactly the same way, time after time. Since the oil and cooking temps were constant, it just had to be something about the potatoes. The moisture content of the soggy fry spuds was tested. Potatoes with moisture content in excess of 23% yielded a soggy fry.

This experience allowed them to provide suppliers with notice they would accept no spuds with such high moisture content. Simply stated, “You want to do business with me? This is how you keep me as a customer. This is what I want.” The supplier is genuinely pleased to know how to keep this customer happy.

This scripting idea may conjure up feelings of a company manual the size of the U.S. Internal Revenue Code. You may also shelter thoughts of you having to record it all this week. If so your imagination has the better of you. However, you can prove the value of the franchise model to your business knowledge now, particularly if you never seem to have enough time.

Over the next week keep a list of all the chores, the tasks, you personally find yourself committed to as a business owner. Add a check mark for each additional time you are called to perform that task. Merely making a mental note won’t work. At week’s end you’ll benefit greatly from the visual confrontation a physical record provides. The more detail you supply, the more valuable your list.

At the conclusion of your experiment, review the evidence of where you spent your time. With a critical eye, ask yourself what assignments should be occupying your time? As opposed to those which actually did occupy your time. Think about the specific tasks and functions that lend themselves to delegation? As you pose questions regarding this experience, be aware of what you are doing. Considering tasks that can be delegated and choosing the assignments you need to concern yourself with; these are the process of defining your position, contracting the focus to the critical path that really matters in your line of business.

Congratulations! You are now working ‘on’ your business. You are shaping, forming, and creating the product that is your business. The sharpened focus the process develops obviously makes you more effective working ‘in’ your business as well.

This little exercise can be repeated in most areas of your business. It will help isolate problems as well as recognize opportunities. A recorded outline form is sufficient. No doubt you will make modifications as time goes on.

The process helps you create a turn-key operation: one that gives you time away from the grind stone. If you’re with me, you realize the greater opportunity created is that now, documented your method of operation, your unique product – your business – can be replicated. You could be the franchisor, selling your business model to others. As long as you can demonstrate convincingly, “I have a product (a business) to sell you. Let me show you how it works.”

An Affiliate Business is Awesome!

Affiliate marketing companies themselves are often excellent sources of information about how to get started in the affiliate business. If you want to start the affiliate business for your first internet marketing business then I recommend you to choose the smallest hosting package. Start your own legitimate home based affiliate business FREE. Affiliate business programs offer other benefits on top of the easy money as well, such as exposure for your business and more resources for your customers. An affiliate business is a win-win for both parties, because it costs nothing but the space on your page. These businesses make income through affiliate programs that are simple in concept and work much the same way that word of mouth advertising does. While running an affiliate business you should remember that you will not make fortune overnight , you have to be dedicated for quite some time before you make any fortune , but keep working you will surely get good results.

Traffic is the life and blood of your affiliate business, in fact, any online business. What you should understand is that without traffic, you won’t get any sales. One of the most important reasons for failure in affiliate marketing in my list of 5 reasons for failure in affiliate marketing is not getting enough traffic. However, businesses cannot simply rely on their websites to drive traffic. The key, of course, is owning your own traffic. The content of your site with good keywords will make for a busy site with lots of traffic. What I have learned is that what most people mean is, “Where do I market my business so that I get traffic and sales. Why not monetize your traffic by offering other products and/or services also known as back-end sales.

There are countless opportunities everywhere a person looks. As it becomes harder each month to make ends meet more and more people are looking for internet home business opportunities or ways to earn extra income online. It is quite a job to sort through the information you have collected,this is what you need to find legitimate offers. If you want to truly build a business where the value continues to increase, which reflects your values and will build you a legacy, then you must look for opportunities within your passion. Follow the basics, especially when starting out for the first time.

1. You have to find a quality product to sell

2. A good website with high traffic with highly search engine optimized pages

3. Employ a good business credit card for various purposes.

Please take note: These are the essentials for anyone entering into an affiliate business online!

Commission based business has always been fruitful since ages and in the age of internet, this has taken a new turn. If you have a good website with huge traffic then you can always promote and distribute others product for some commission. The affiliate promoters, who wish to sell their commodities online, take the help of affiliates to advertise their product who are paid commissions. Sponsor’s products are the key to receiving commissions. “Most affiliate marketers aren’t even aware that their commissions are being stolen from under their noses by thieves”. Protect yourself from the hijackers that steal your commissions. If they can’t see that it’s an affiliate link, lower the possibility of you getting stiffed of your commission. Sign up through an affiliate partner such as Commission Junction, Clickbank or eBay.

What you need to do is start by planning out your business. Make sure that you have an overall business plan. Research for the best way to put into play your business plan. You are looking at a business plan that will take a short time to produce the results you are looking for. Here, you’ll find a workable plan for setting yourself up as a corporation, thinking through your long-term business goals, and growing your business by using outsourced help. To be a successful affiliate one has to have awareness, interest, desire and action to make any marketing plan successful. When you start to treat your affiliate marketing business like a real business, you will start to plan and execute the strategies to make your business growth. A step by step business plan guide is the only way to go.