4 Common Characteristics of a Successful Entrepreneur
Successful entrepreneurs range in age, income levels, gender, and race. They have different education backgrounds and experiences. Even with all the differences that make up a successful entrepreneur, most of them share these 4 common traits.
1. Dedication: It takes a lot of time and energy to build a successful business. An entrepreneur is dedicated to putting in the time and sometimes has to work 12 to 14 hours a day. No one will make their business a success except for them and dedication is the driving force behind getting things done.
2. Determination: The desire to achieve success motivates entrepreneurs. Persistence and being able to bounce back from the many challenges that arise is all part of determination. I haven’t come across a successful entrepreneur that wasn’t determined to be successful.
3. Flexibility: Entrepreneurs have the ability to move quickly in response to ongoing changing market needs. The reality of being a successful entrepreneur is that things change all the time. Technology changes, customers needs and wants change and economic conditions change. Successful entrepreneurs are aware of how important flexibility is in order to remain successful during times of change.
4. Leadership: A leader understands who they are and what they can do. Successful entrepreneurs influence others to achieve the same goal. They have the ability to inspire others and have a vision for their future. Entrepreneurs are their own boss and lead themselves to success.
Successful entrepreneurs are not born with these characteristics, they can be learned. Even though success is not guaranteed, a strong desire to start a business, combined with a good idea, careful planning, and hard work, will lead to successful ventures.
4 Common Characteristics of a Successful Entrepreneur
Success – what is it ? It is Impact…..
Don’t Let Fear and Failure Interfere With Success
Success and happiness depends on you. We all have the ability to make our own decisions and to shape our own fortune. We have to take control of our destiny, solve our own problems and create our own ideas.
Anyone who has never made a mistake has never tried anything new. – Albert Einstein
Taking risks and stepping out of your comfort zone are important when it comes to building a successful business. Starting a business can be scary, especially when we think about making mistakes and how they will affect us. Mistakes are what help small business owners become more successful. Try something new today and learn from your mistakes!
What would you attempt to do if you knew you would not fail? – Robert Schuller
Imagine what risks you would take if you knew that you wouldn’t fail. No fear, no risks of failing, every opportunity would be yours to take and you would do so without any fear. Life is too short to let fear and failure stand in your way. Every opportunity is yours to take and you are the only person standing in your way.
Success consists of going from failure to failure without loss of enthusiasm. – Winston Churchill
Starting a business takes a lot of courage and enthusiasm. When situations arise that don’t go the way you had hoped, it’s easy to lose our enthusiasm. Keep a positive attitude and continue to push forward. When you lose your enthusiasm to succeed, it comes across in everything you do. Keep your enthusiasm throughout your journey and the success of your small business will follow.
If you think you can, you can. And if you think you can’t, you’re right. – Mary Kay Ash
Attitude is everything when it comes to starting a business. What you tell yourself about what you can and can’t do determines your success. If you think you can’t do something, you won’t try and you will prove to yourself that you can’t do it. When you tell yourself that you can do something, your actions will be unstoppable and you will prove to yourself that you can do whatever you think you can do. Today, tell yourself how you can be a successful small business owner and then go do it!
To Blog or Not to Blog ?
5 Reasons small business owners should start a blog
A blog is a type of website where people can post journal entries about personal experiences, commentaries, descriptions of events, graphics or videos. Blogs are also a great way for a business to share a company’s expertise, build web traffic and to connect with potential and current customers.
5 reasons why small business owners should start a blog:
1. Low Cost- Blogging is a great low-cost alternative to gaining web presence. Small business owners often lack the time to learn web html or to hire a web designer/developer, so blogging is a cost effective way to get your company name out.
2. Position you as an expert – A small business owner who posts frequently about their specific industry or business, will gain the respect and following of others. This will help promote the business owner as an expert in the industry and lead to a consistent clientele.
3. Competitive Differentiation – Blogging can help a small business owner stand out from their competition, especially if they are blogging often and providing information their customers are searching for.
4. Brand Building – Building a brand for your blog will keep readers loyal and increase the number of returning visitors.
5. Search Engine Marketing – A blog is a terrific way for small business owners to gain search engine exposure by posting often and posting content that’s filled with keywords.
How do I monitor a small business
3 resources for monitoring a small business
Once a business owner is successfully running a business, continuous monitoring is essential to managing operations.
Here are 3 priceless resources helping small business owners with financial and growth monitoring.
Assessment Tool (SBA) – The assessment tool is designed to help small business owners better understand their readiness for starting a small business. The business will answer questions which allow the tool to assist in evaluating skills, characteristics and experience. The responses are scored automatically and an assessment profile provided, when you click the submit button. You will also receive, based on your score, a statement of Suggested Next Steps, directing you to the most appropriate SBA resources to help improve your business preparedness. Such next steps may include free SBA online courses, direct access to online counseling and/or targeted links to appropriate resources.
Business.gov Gadgets – The Business.gov Tools for Small Business have been organized into a “gadget” that you can place on your website or the iGoogle home page. Get immediate access to essential online tools and resources to help you run your small business. The gadget allows you to search for information from federal, state and local governments that can help you run your business. Find loans & grants applicable to your business. Get a list of licenses and permits that apply to your business. See what business owners are asking and discussing in the Business.gov Community. Read recent news articles posted on the Business.gov Community. Watch videos featuring expert advice from government agencies and small business owners.
Business Data & Statistics – Whether you are a new business owner or been in the business for awhile now, a solid understanding of your market and current economic conditions is key to your business’ growth and success. Here are just a few of the resources providing free access to business and economic statistics collected by the U.S. Government.
General Business Statistics
Demographics (people and population)
Business Data on Specific Industries
View all of the available resources
Grow Your Business – Proven Finance Tips
Want to Grow Your Business? Finance Tips
If you are reading this article then I am going to assume you are ready to take the next step in growing your business. Congratulations!
Business owners need to stay up to date on trends in the market place, advances in technology and best practices in the industry and local markets. Understanding trends and your customers prepare business owners to be proactive.
Growing your business means expanding your capacity. You are adding something physical, staff, technology, production or expanding your customer base or market area. A business owner needs financing to fund an expansion. When a business owner funds the expansion they have also increased fixed expenses and overhead, which will need to be covered by an increase in business to cover those fixed costs.
One program a business owner can look into is the 7(a) Guarantee Program
7(a) loans are the most basic and most used type loan of SBA’s business loan programs. Its name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.
All 7(a) loans are provided by lenders who are called participants because they participate with SBA in the 7(a) program. Not all lenders choose to participate, but most American banks do. There are also some non-bank lenders who participate with SBA in the 7(a) program which expands the availability of lenders making loans under SBA guidelines.
Get more information on the 7(a) Guarantee Program
Another loan program a small business owner could look into is the CDC/504 Loan Program.
The CDC/504 loan program is a long-term financing tool for economic development within a community. The 504 Program provides small businesses requiring “brick and mortar” financing with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization. A Certified Development Company (CDC) is a private, nonprofit corporation set up to contribute to the economic development of its community. CDCs work with SBA and private sector lenders to provide financing to small businesses.
Get more information on the CDC/504 Loan Program
5 Resources for Small Business
5 Pittsburgh Resources for Small Business Owners
It is important for small business owners to have the knowledge and access to as many resources as possible to help them be successful.
If you are a small business owner in Pittsburgh, PA looking for support and small business resources, this list will help you get started in the right direction.
1. URA (http://www.ura.org/) – The Urban Redevelopment Authority of Pittsburgh. This organization is committed to creating jobs and improving Pittsburgh businesses and neighborhoods. The Business Development Center within the URA Agency offers small business owners a group of loan programs that will leverage capital necessary for growth and success.
2. SBA (http://www.sba.gov/localresources/district/pa/pitt/) – U.S. Small Business Association. The SBA has helping small business owners since 1953 by offering loans, contracts, counseling sessions, and other forms of assistance. The Pittsburgh District Office is located downtown and provides program and services to 27 counties in Western Pennsylvania. Small business owners receive free counseling, pre-business and business planning workshops and even provide financial assistance through loan programs.
3. Pittsburgh Institute for Entrepreneurial Excellence (http://www.entrepreneur.pitt.edu/) – The Institute for Entrepreneurial Excellence is at the Joseph M. Katz Graduate School of Business, University of Pittsburgh. The program has been helping businesses since 1995 with leading edge educational programs and individual consulting. The website lists resources for small business owners such as websites, organizations and literature that provide valuable information and support.
4. Small Business Development Center Duquesne University (http://www.sbdc.duq.edu/) The SBDC offers free and confidential services and training workshops for small business owners in South Western Pennsylvania. Business owners and those thinking about starting a business can receive information on advertising and sales, accounting and recordkeeping, financial planning, marketing, and strategic planning and direction.
5. Bridgeway Capital (http://bridgewaycapital.org) Bridgeway Capital offers business owners capital and tools for business growth. The organization has been providing unconventional financing for 18 years. According to their website, their mission is “To make western Pennsylvania a thriving region for all. The capital we provide will drive business growth and new jobs, leading to a revitalized regional economy.”
3 online resources for great business advice
3 Online Resources for Business Advice
Running a business is time consuming, challenging and sometimes even overwhelming. Getting support and having available resources are essential to the success of a business.
There are so many online resources available to business owners on topics including business ideas, how to start a business, business financing and marketing. Check out these 3 online business resources to help your business be more successful.
1. BusinessOwnersIdeaCafe.com – Started in 1995the site offers a variety of topics for small-business owners. Topics include business planning, small business loans and grants, promoting your business, business forms, and home business ideas.
2. Score.org – Score offers free and confidential advice for small- business owners and entrepreneurs. Score has 364 chapters throughout the United States and offers free services such as online mentors and online workshops. The organization has helped businesses such as Vermont Teddy Bear and Vera Bradley Designs become successful.
3. Entrepreneur.com – This website is filled with hot topics for business owners. Get advice on starting a business, marketing, home-based businesses, online businesses, and much more!
Client Retention – 5 Surefire Strategies
5 Ways to Retain Long-Term Clients
Client retention is crucial to the success of a business. Long term clients are more likely to refer customers to you and continue to purchase products or services from you r business. Here are 5 ways to retain your long term clients and keep your new clients coming back for more.
1. Position yourself as a long term resource. Differentiate yourself from your competition by letting your clients know you are available to them even after the sale. Your clients will appreciate that you are there for them whenever they have additional or needs.
2. Create a loyalty program. Offer your clients a bonus to continue using your service. This can include deep discounts, free products and gifts for being a long term customer.
3. Gain trust by being consistent. Clients continue to work with those who are trustworthy, dependable, and credible. Maintain your honesty and respect with your clients at all times and they will be satisfied and stay loyal to you.
4. Get to know your clients. Show in interest in learning more about your clients on a personal level. This shows them that you are not just after their money. Once you learn about their interests and hobbies, bring up those topics in conversation, pass on an article or resource that would benefit them. Your clients will be impressed you took the time to remember their interests.
5. Send hand written Holiday cards. The ease of sending an email or e-card has taken the place of hand written notes and cards. Clients will appreciate you took the time to send them a hand written card and that you thought of them during the holiday.
The more you do for your clients the more satisfied and loyal they will be to you.
Recent Radio Interview – Advice on Growing Your Business
Advice on Growing Your Business
If you have survived the start up stages and successfully built your business, it’s time to take it to the next level. There are a number of ways to grow your business beyond its current position.
1. Network with those who are experts and leaders in your field. Ask them for advice on how they got to the next level. Talk to people you trust, outside of family and friends, who can recommend ways to increase your business.
2. Expand and diversify your product and/or services. Stay on top of current trends and research your industry. Adding products or services is a great way to grow your business and to stay ahead of the competition.
3. Focus on your strengths and identify your weaknesses.
4. Under promise and over deliver. Don’t make promises to customers if you are unsure of being able to keep them. Not only will you lose that customer, but you risk losing potential customers as well. When you over deliver it shows you go above and beyond to satisfy your customers and clients.
