Traits of an Entrepreneur - Success as a Small Business Owner

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TRAITS OF AN ENTREPRENEURBecoming a Successful Business Owner

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Table of ContentEntrepreneur.........................................................................................1

Traits of an Entrepreneur......................................................................2

Objective...............................................................................................3

Proactive...............................................................................................4

Ability to prioritize..................................................................................5

Adaptable..............................................................................................6

Informed................................................................................................7

Skillful in collaborating..........................................................................8

Leader...................................................................................................9

Able to simplify......................................................................................10

Prepared...............................................................................................11

Resourceful...........................................................................................12

Reinventive...........................................................................................13

Advantageous.......................................................................................14

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ENTREPRENEUR

Many people dream of owning a business. They see the benefits of being financially independent and are drawn to the idea of being their own bosses. They put a lot of energy into thinking of ways to take their idea and turn it into a solid running enterprise.

Becoming an entrepreneur can be beneficial and life fulling, but entrepreneurs are a special breed of people. They are individuals who take chances and believe in forging their own destinies. To become a successful entrepreneur it is important to possess certain traits. These traits are ingredients that enable entrepreneurs to start and run a successful enterprise. This book exposes the strengths of successful entrepreneurs and provides guidance and advise for the potential entrepreneur.

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TRAITS OF AN ENTREPRENEUR

● OBJECTIVE

● PROACTIVE

● ABILITY TO PRIORITIZE

● ADAPTABLE

● INFORMED

● SKILLFUL IN COLLABORATING

● LEADER

● ABLE TO SIMPLIFY

● PREPARED

● RESOURCEFUL

● REINVENTIVE

● ADVANTAGEOUS



OBJECTIVE

● Business decisions should be made strategically.

● Refrain from being impulsive.

● It's important to consider all possible outcomes when making decisions.

● Remain open-minded and approach situations with confidence.

● Base major decisions on facts and avoid entertaining opinions.

Successful entrepreneurs usually have a clear understanding of what they want and most importantly, they do not allow their decisions to be guided by their emotions. Every business decision should serve the goal of the company.



PROACTIVEEntrepreneurs need to be proactive. They understand that nothing will get done unless they put in the effort and take action. Being proactive can prevent entrepreneurs from being caught off guard. This skill can enable them to foresee and solve future problems.

● Do tasks, assignments and projects that can benefit the business immediately.

● Create a checklist for each completed task that is geared towards reviewing the quality of the outcome.

● Plan out worst case scenarios and how it will be handled.

● Resolve issues and situations immediately as they occur.

● Look for and create opportunities for the business.



ABILITY TO PRIORITIZEWhile multitasking is important, prioritizing allows entrepreneurs to focus on the most important task at that point in time. A good amount of effort and resources should be dedicated to completing the tasks that are most pressing.

● Keep an agenda for the business and update it daily to maximize efficiency.

● What is it that will bring the business the most benefit? Focus on that until it is completely done, then move on to the next item on the agenda.

● Cut out any workload that will not provide any benefits to the business.

● Do not overextend the business by putting energy into things that can be postponed.



ADAPTABLEBeing adaptable to any situation is very important. Business owners may think that they have everything under control and that their plan will work out flawlessly, but successful entrepreneurs understand that circumstances may change and they must find a way to work around unforeseeable occurrences.

● Don't be afraid to go in a different direction with the business.

● Look at alternatives to the way the business functions.

● Diversify the source of income for the business.

● Have a variety of skill sets and talent at the business' disposal.



INFORMEDSuccessful entrepreneurs are informed. They have a clear understanding about their business. They know the ins and outs of the enterprise that they own. Entrepreneurs should not get involved in a business without doing substantial research.

● It is important learn as much as possible about the business and the industry.

● Know the plans and actions of competitors.

● Understand the customers and their purchasing habits.

● Read books and listen to audio programs.

● Attend seminars, take courses and workshops regularly to stay current with trends.



SKILLFUL IN COLLABORATINGSuccessful entrepreneurs work well with others, they understand how to leverage others to promote their business. They stay involved with people who will positively impact their business. Most importantly, they hone the craft of delegation and communication.

● Lean how to work efficiently with others.

● Use others' skills and talents to achieve the goals of the business.

● Help others achieve their goals and they will return the favor.

● Use various technologies like social media and video conferencing to collaborate.

● Use schedules and deadlines to help coordinate with others.



LEADERBeing a leader is very important. Entrepreneurs must be decisive and accept accountability for the state of their enterprise. They should take the initiative when they lead and learn from any mistakes. The entrepreneur is the final person that the business organization looks to for guidance.

● As the entrepreneur, take charge of the enterprise.

● The business should have a single vision and a clear set of instruction.

● Having too many leaders can cause misunderstandings that lead to unfavorable results.

● Be a leader that unifies the efforts of everyone involved.



ABLE TO SIMPLIFYEntrepreneurs should take the simple approach to their business and life. They should not do anything that does not benefit their business. Entrepreneurs should adopt the habit of being direct.

● Do not do everything, delegate tasks that others can do.

● Eliminate all useless tasks and activities.

● Find ways the business can function smarter and more efficiently.

● Create plans that have clear and uncomplicated instructions.

● Outsource complex tasks to experts and specialist.



PREPAREDRunning a business can be very unpredictable. Know matter how much a business owner plans, they won't be able to foresee everything. Being prepared allows the entrepreneur to avoid excessive losses and setbacks that come with uncontrollable circumstances.

● Get insurance to avoid the worst possible outcomes.

● Use checklists to protect the business from losses.

● Setup an emergency fund.

● Pay attention to customers' needs & the market.

● Setup provisions that will protect against losses and reversals.



RESOURCEFULEntrepreneurs should keep their expenses low. Successful businesses are financially savvy businesses. Not only is it imperative to budget money, but time as well. Entrepreneurs should make smart financial and business decisions, this will allow them to quickly overcome difficulties.

● Create an audit and find costs within the company that can be cut.

● Use and study the business cash flow and balance sheets.

● Complete business tasks within as little time as possible and with the least amount of money, without compromising quality.

● The business should have a cash reserve.

● Any purchase of new equipment or reinvesting into the business should be studied thoroughly.



REINVENTIVESuccessful entrepreneurs constantly work on ways to reinvent their business. They try and improve the skills that they already have. The business world is constantly changing, so entrepreneurs are constantly improving and upgrading to compete in this competitive world.

● Change business methods to find more efficient ways to operate.

● Change daily routines to stay stimulated.

● Be creative and innovative in the approach to doing business.

● Re-evaluate and improve on things in the business.

● Learn a new skill that can be of great benefit to the company.



ADVANTAGEOUSSuccessful entrepreneurs are very advantageous. They believe in following through and giving 100% effort. Never slow down, seek out opportunities and approach them at full speed.

● Even after completion, follow up on all tasks and projects.

● Give 100% effort at all times.

● Take advantage of business opportunities.

● Never give up easily, always try to find a solution.

● Always seek to improve skills and business productivity.



Acknowledgments

Author: Greg Cooper

Images provided by: www.freedigitalphotos.net, Stuart Miles, Salvatore Vuono, Naypong, Master isolated images, renjith krishnan1, jannoon028, ddpavumba, suphakit73, artemisphoto, smarnad.



Traits of an Entrepreneur - Success as a Small Business Owner

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