‘This is it, the next big thing and you’re going to make a killing with it!’ you think as you start on the road to entrepreneurial success.
However, before you venture into the business of running your own company, it would be a good idea to find out if you have what it takes – and if you do, then to use the experience of those who have gone before, to ensure that you give and get the best out of your ad-venture!
First, let’s take a look at the characteristics that could define an entrepreneur, these include:
- Being proactive
- Always looking to discover something new
- Embracing new ideas
- Taking the initiative
- Asking questions
- Solving problems
- Focusing on constant and never-ending improvement
Here are 9 habits that you can enforce to help you succeed.
- Be passionate and motivated
There is a saying that you should “find a way to get paid for the job you’d do for free”. Whether you enjoy working outdoors in the garden, or tinkering with technology, all you need to do to turn your passion into a business is motivation.
- Self-belief, hard work and disciplined dedication
Entrepreneurs seem to be quite ‘one track’ minded, in some respects showing a certain stubbornness in their commitment to their product, service or business – this is often supported by their discipline and dedication in taking the business from breaking even to hugely successful.
- Getting personally involved
Entrepreneurs know the value of being personally involved in their business, handling sales and customer demands, speaking to clients directly as well as to staff in order to gauge how well the business is doing.
- Using technology
In addition to having a sought-after product or service, an entrepreneur also needs to market this product and maintain contact with clients. In this day and age, a website is a must, however a clever businessman can also use the advantages of social media - Facebook, Twitter and direct marketing campaigns.
- Understand your offering – and its market
Entrepreneurs know their product offering inside and out. They also know the marketplace and its dynamics inside and out. Remaining unaware of changing market needs, competitor moves and other external factors can bring even great products to failure.
- Knowing when to change tack
Even though you have an amazing idea, you may need to adapt it to better suit your market, or change the way you reach your client or even your premises. Whatever you change, remember you will only find out what works through trial and error.
- Manage your money carefully
A steady flow of cash is important in any business but when you’re just starting out this may seem difficult to maintain. It is a good idea to set aside some money just in case something happens. It is just as good an idea to talk to your loved ones about the possibility of there being less income during the start-up phase. To find out how best you can manage your money, sign up for our free financial literacy course.
- Develop a good network
Find successful business people that can help mentor and nurture you as you go through your start-up phase. You can also reach out to other start-up entrepreneurs and speak about the different activities that have helped you and them. Having good networking abilities and experienced mentors is a key characteristic of successful entrepreneurs.
- Take out business insurance
Last but not least, purchase both short-term and long-term insurance. Short-term insurance will help you recover, should something happen to your stock, your premises, your equipment etc. while long-term insurance will help take care of any debt and your family, should something happen to you.