The word "entrepreneur" is derived from the Old French verb
entreprendre, which means "to undertake." Every year,
nearly one million Americans undertake one of the biggest
transitions of life: from employee to entrepreneur.
We have all heard that most businesses fail in the first
five years. But an in-depth study in 1993 by the New
Jersey Institute of Technology suggests those figures may
be a myth. They found that no more than 18% of new
companies fail during the first 8 years of business. 54%
survive more than 8 years with their original owners or a
change in ownership, and the 28% of the remaining
businesses voluntarily terminate operations without losses
to creditors.
While many of those million people will give up, go
bankrupt and go back to the employee life the statistics
confirm that most of those people will find new
satisfaction, a good living, and a path of pursuing their
heart's desire. This will be our focus today on Minding
Your Business: How to start a business the right way, and
if you're already running a business, how to take that
business to the next level.
The First Step In Starting Your Own Business is to Honestly
Assess Whether or Not You Have What it Takes to Own Your
Own Business. There are some key characteristics of
successful entrepreneurs. While every successful
entrepreneur does not possess all of these traits, these do
tend to be the traits shared by the successful.
Trait #1: The Need to Achieve
The need to achieve is an internal force that demands that
you accomplish things in your life. Don't confuse this with
the need to exercise power or the need to be liked or the
desire to earn a lot of money.
Trait #2: Perserverence
Perserverence is the ability to "hang in there" and not
give up. This includes the ability to follow through on
commitments.
Trait #3: Positive Mental Attitude
Optimistic attitudes create positive outcomes. The
connection between how you think and what happens is
mysterious, but true. You attract to yourself what you
think about. Consequently, you must be able to think
positively to make yourself successful.
Trait #4: Objectivity
This is the ability to accurately assess risks with
decisions to be made and also not allowing your ego to
dictate your course of action
Trait #5: Foresight
This is the ability to anticipate changes that are needed
before the problem arises
Trait #6:Good interpersonal skills
Business owners are politicians, and the best business
owners get along well with other people.
Trait #7: A thick skin
Many hard decisions have to be made. The successful
entrepreneur has to be able to withstand criticism.
Everybody is always second-guessing your decisions. It's
amazing how many "arm chair" entrepreneurs are out there
who have never run their own business, yet would love
nothing better than to tell you how to run yours.
Trait #8: Strong communications skills
The ability to write well and speak well is very important
to success. That being said, you can "hire" written
communication (as in copy writing). You have to be able to
communicate well to contractors, employees and others
involved in providing for you.
Trait #9: Resourcefulness
Resourcefulness is the ability to solve unique problems in
creative ways in which you have no experience. It's a wild
card. Think of it as the "MacGyver" factor. Can you solve
problems using simple household items? If so, you're
resourceful.
Trait #10: Technical knowledge
You have to know what you are doing, or at least be able to
learn. Most entrepreneurs are information sponges.
Especially in the internet business, there is plenty to
learn. If you think you can just put up a website and sit
back and wait for your millions, you still have some
learning to do.
Trait #12: A respectful attitude towards money
Money can't be seen as an end in itself, but as a means for
making things happen and accomplishing goals.
So, with all that in mind, it's time for you to sit down
and accurately assess your strengths and weaknesses. If
there is an area above that you lack, what will you do to
overcome that weakness?
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Mark Albertson is a nationally known business coach,
author, speaker and business attorney. Mark is also a radio
personality in the Seattle area, hosting KVI talk radio's
"Minding Your Business" show. Mark coaches people
interested in starting business as well as established
entrepreneurs. Visit Mark's website at
http://www.u2b-rich.com .
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