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- Mr BizPlan Says (44)
- December 31, 2008: It Was The Best Of Times, It Was The Worst Of Times
- December 24, 2008: A 2008 Christmas Poem
- November 23, 2008: The Next Great Depression...In High Definition
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
What does it take to be successful in business?
rpdenning asks
What does it take to start and manage a successful business? What qualities must the entrepreneur have to avoid the high cost of failure?
Mr BizPlan answers
In all the years that this author has been working with start-up businesses I can honestly say that there is no such thing as a typical “Entrepreneur”. Many articles attempt to answer the question; “Is entrepreneurship right for you?” And, many proclaim to have the answer listing characteristics such as decision making skills, planning and organizing skills, motivation and being a self starter.
While many of these guides ring somewhat true they should be taken with a grain of salt. The number one characteristic that sets apart those who start a business from those who don’t is determination.
The real question should not be “Is entrepreneurship right for you?” but, “Are you determined to learn how to be an entrepreneur and follow through?” Which is the number two key trait is the willingness to learn. Because so few business owners are “born entrepreneurs” they have to learn by immersing themselves in the myriad of resources available on and off the web. This includes networking with other entrepreneurs, investors, and business support services (for example technical assistance programs such as SCORE and SBDC). This also includes surrounding yourself with people who are smarter than you…as any honest business owner will tell you; they didn’t do it all alone.
Number three trait is a solid business plan or business model with quality market research to back it up and a genuine business opportunity. Business planning serves four main functions: Raising Capital, Strategic Planning, Feasibility Testing, and Opportunity Discovery. Entrepreneurs who take the time to go through the process have a greater chance of success then those who do not.
The number four trait is access to capital. Unfortunately, this is where many businesses come up short. In my experience lack of adequate capital it is the number one reason why businesses fail. The number two reason is overly optimistic sales projections (which coincidentally leads to a lack of capital).
The fifth trait is a sense of what good marketing is (overt benefit) and a sales orientated personality. No…this doesn’t mean you have to use a greasy or hard sell approach. But in some ways you have to have a “silver tongue” in negotiating with customers (especially in B2B) and know how to overcome objections.
The sixth and final is a keen eye for numbers. Business is all about “cash in and cash out” which means you have to know what your cash position is today and what it will be tomorrow. This means knowing how to read financial statements, reviewing them monthly and analyzing trends to make sure your business is heading in the right direction.
Mr BizPlan