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Traits of an Entrepreneur - Success as a Small Business Owner
1. Presents
TRAITS OF AN ENTREPRENEUR
Becoming a Successful Business Owner
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2. Table of Content
Entrepreneur.........................................................................................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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3. 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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4. TRAITS OF AN ENTREPRENEUR
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OBJECTIVE
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LEADER
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PROACTIVE
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ABLE TO SIMPLIFY
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ABILITY TO PRIORITIZE
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PREPARED
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ADAPTABLE
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RESOURCEFUL
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INFORMED
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REINVENTIVE
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ADVANTAGEOUS
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SKILLFUL IN
COLLABORATING
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5. OBJECTIVE
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.
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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.
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6. PROACTIVE
Entrepreneurs 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.
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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.
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7. ABILITY TO PRIORITIZE
While 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.
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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.
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8. ADAPTABLE
Being 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.
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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.
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9. INFORMED
Successful 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.
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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.
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10. SKILLFUL IN COLLABORATING
Successful 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.
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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.
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11. LEADER
Being 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.
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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.
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12. ABLE TO SIMPLIFY
Entrepreneurs 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.
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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.
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13. PREPARED
Running 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.
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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.
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14. RESOURCEFUL
Entrepreneurs 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.
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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.
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15. REINVENTIVE
Successful 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.
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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.
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16. ADVANTAGEOUS
Successful 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.
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Even after completion, follow up on all tasks
and projects.
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Give 100% effort at all times.
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Take advantage of business opportunities.
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Never give up easily, always try to find a
solution.
Always seek to improve skills and business
productivity.
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