Twenty Great Traits of A Successful Entrepreneur (Qualities of a Successful Entrepreneur)

Member Name: Praskipark

Product:	Qualities of a Successful Entrepreneur
Date:	05/08/09 (56 review reads)
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Advantages: Turning the impossible into the doable

Disadvantages: Not all plain sailing - a few blows along the way

*Where did Dooyoo find this pic?* Entrepreneurs hardly ever look normal - they are always a bit weird and eccentric.*

Ever since I was a school kid I have always had a head full of ideas and knew how to make a few bob or two. It runs in the family. My great grandad was an entrepreneur, so is my father and my brother. There is something magical - putting your own money making ideas into practise and reaping the benefits. I know I am no Richard Branson but over 30 years I have managed to keep the wolf away from the door, lived in and set up 3 successful businesses in different countries.

Here are what I think are the twenty great traits of the leaders in this field. If you want to have a go at being an entrepreneur, check off the ones you've got and work on the others you need to add.

1) Desire

The starting point is desire. You really have to want it. Being an entrepreneur has to be the most important objective. You can't imagine earning a living any other way.

2) Vision

You have a vision of what the future looks like. You can articulate it and visualise it. You can feel yourself in the desired state. It's real.

3) Confidence

You have to feel good about yourself. Self-doubt and worry are corrosive and draining and will deflect you from your goal. Being confident brings its own energy and good fortune.

4) Self- belief

Take confidence a stage further and turn it into self-belief. Become your own follower. Do not get distracted or discouraged by people who challenge your dream or tell you to "get a haircut and get a real job."

5) Dare to dream impossible dreams

Do not limit yourself to what seems rational or realistic. Somebody has to achieve great things; why not you? The really fun aspect of being an entrepreneur is turning the seemingly impossible into the doable.

6) Be positive

Nothing is possible without a positive disposition. Your default setting has to be "yes." Don't spend time with cynics who want to make your life as negative as their perception of the world.

Reinforce your beliefs with regular positive affirmations. It works.

7) Entrepreneurs are convincing

If you have traits one to six, people will believe in you. They will be persuaded by your natural enthusiasm and optimism. They will want to be part of something successful. As your business grows, this will be vital in attracting high caliber staff and financial backing.

8) Action orientation

Entrepreneurs live in the present simple; the here and now. They are doers, not talkers. How many people do you come across in bars talking about what they might have been or might do yet? While ever you are talking about what you are going to do, you are not actually doing it. The action button means you won't sit at home waiting for good fortune to arrive miraculously through the letter box but you'll go out and make it happen. You change the world to suit your needs.

9) Seize the moment

One thing that sets entrepreneurs aside from other people is the ability to seize the moment. Many products, services and customer desires exist in a brief window of opportunity. By the time most people have recognised it, the chance has gone. Entrepreneurs are observant and sensitive to market vibrations. They act quickly, not waiting to see what the pack will do - they seize the moment and hold onto it tightly.

10) Imagination

As well as following markets, entrepreneurs can create them. That's because they are naturally creative and not inhibited by narrow minded thinking.

They are able to come up with ideas "out of the blue" because they have freed up their minds to allow ideas to pass through unencumbered.

11) Risk takers

If the default is 'yes' then the risk taking strategy is generally twist rather than stick. Entrepreneurs take chances; they must. However, that is not an unconditional jump of the edge of a cliff and hope for a safe landing but a calculated risk with as many as the possible pitfalls designed out. They are the well prepared stuntmen and women of the business world.

12) Self-publicists

Talking of stunts, entrepreneurs are great self-publicists. Did you ever see Richard Branson scale down the side of the Northern Rock Building Society offices like a super-hero? He is one of the masters of self-promotion and is always looking for an opportunity to get his brand in front of the media. You need to do the same.

13) Networkers

As another means of promotion, networking is a great approach but it's not just about selling. Networking keeps you connected, you can build relationships and an extended family within the business world. You are part of the grapevine and you can feed in and pull out information. You know what's going on and you are part of what's going on.

14) Manage time and goals

Being successful isn't just about vision but also requires great personal organisation. Successful people are very time conscious and can't bear to waste a minute of the precious stuff. All grand ideas are converted into action lists with specific deadlines. Here the decimal system is very effective; ten minutes, ten hours, ten days, ten months, ten years. Ten minute deadlines are a great way to get things done. The other aspect of this style of time management is the 'be here now,' approach. If your body's here, your mind should be too. Focus on the present; finish this task and then move on.

15) Able to delegate

Another important aspect of time-management is delegation. As your business grows, you will not be able to do everything yourself. However, true delegation power comes when you not only delegate actions but decisions too. Have the courage to employ experts in their field and trust their judgment. Your job is to manage the business, raise it's profile and come up with the next great idea - unless you've delegated that too!

16) Stay in control

Delegating doesn't meaning losing control but just understanding how control works.

The key areas to keep control of are:

Emotions

Either you control emotions or they control you - which do you think is best?

Finances

Keep track of the numbers; above all manage cash flow. Always, always but always expect your liquidity needs to be greater than expected. Start building a storm fund for times of recession. Build a strong asset base and remember that effective tax planning is just as, if not more, important than building sales.

Actions and words

Learning not to put your foot in it, is one of the greatest life skills you can develop.

17) Lucky

OK, everybody needs a bit of good fortune and entrepreneurs are no different. Just remember the old adage, "the harder I work, the luckier I get!"

18) Bounce-back-ability

An English football manager when interviewed after his team had been beaten 4-0 was asked how the team would respond. His answer was "through their bounce-back-ability." There isn't really such a word but there is certainly such a concept. The journey will not be all plain sailing and you are sure to take some heavy blows. You just have to have the courage and fight to keep bouncing back.

19) Love life, be persistent

Overall, entrepreneurs are not fazed by difficulties because they love life. This gives them the energy and enthusiasm to keep going when others would have quit. They don't start the day with 'Monday morning blues' but instead can't wait to get going. If anything, the world is too slow and sleepy for them. Their exuberance and joie de vive is contagious and they bring happiness when they enter a room, motivating and inspiring others.

20) Believe in the natural law of reciprocity

Here is the clincher. You might think that being an entrepreneur is all about self-interest and accumulating the biggest pile of money possible but you'd be wrong. True entrepreneurs believe in the natural law of reciprocity or as some might say, what goes around, comes around. That's usually interpreted negatively but of course, that's not our philosophy. Entrepreneurs are natural philanthropists, they are looking for opportunities to help others in business and in life. In so doing, their kindness and generosity is repaid in more than equal measure, which in turn they can pay forward once again, strengthening the cycle of success.

Now that you've read them all, do you still want to be an entrepreneur? You do? Then what are you waiting for? Get started. Good luck!

* This article has also been posted on Helium using my real name - Janet Sandford*

Summary: Tips on how to become a succesful entrepreneur