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Business and the Successful Entrepreneur -- Personality Traits

Article:

Every year over 400,000 people start a business with the hope of

being a successful entrepreneur in the UK alone. Clearly the

number started globally must run into millions. Unfortunately

only 20% of those companies will survive long enough to

celebrate their 5th anniversary and only 20% of those will

survive long enough to celebrate their 10th anniversary.

To save you doing the math, only 4% of all new companies formed

will survive at least 10 years. For anyone contemplating

starting a new business, or already running a business the

question of what makes a successful entrepreneur is very

important.

Successful entrepreneurs come in all shapes and sizes. Success

in business is not determined by age, sex, race, religion,

intelligence or education but successful entrepreneurs do have a

few things in common.

There have been many answers to the question of what makes a

successful entrepreneur. Some people think entrepreneurs are

born, others that they are made. Some see entrepreneurs as

passionate leaders with a tunnel vision that is totally focused

on one objective, while others describe them as compulsive

control freaks. Some commentators say entrepreneurs are risk

takers while others say they are risk averse. Who are we to

believe?

All of these words may describe some entrepreneurs but they do

not describe all successful entrepreneurs. It is my position

that all pre-eminently successful entrepreneurs will have the

following traits in common.

1 Successful Entrepreneurs Never Stop Learning and

growing.

No one can possibly know everything they need to know about

running a business. As we all know the world is changing at an

ever increasing pace and the only way to keep up with the change

is to keep learning and keep adapting. If you believe your

business can be the same in five years time as it is today then

I feel that sadly you are about to join the 96% who do not

survive.

As it happens all business skills and behaviour can be learnt

through study and practice. Why is it so important that an

entrepreneur concentrates upon her own education and growth?

If at this moment you own and manage a business turning over

$1,000,000 and you wish to turn it into a business with a

$3,000,000 turnover you must first be big enough as a business

person to run a $3,000,000 business. As the owner and manager of

the business you set the tone. If you wish to double the size of

your business start by going to work on yourself and becoming a

person who can manage a business of that size.

2 Successful Entrepreneurs are Willing to Seek Advice

Trying to reinvent the wheel on a regular basis just takes far

too long. Sure you may be able to find the answer to every

problem on your own but how much more would you get done if you

simply asked someone who already had the answer and then adapted

it to your needs.

Thinking you have to do everything yourself is a good way to

join the 96% club. No one can know everything and no one can do

everything. Do the things you are good at and set up systems to

ensure the rest gets done.

We will come back to the vital area of systems shortly.

3 Successful Entrepreneurs Never Give Up

We all have bad days; we all have bad weeks and at times we can

have what seems like a disastrous year. If you wish to be

successful you will face many challenges that will leave you

feeling like giving up at times. Give up and you fail, it is as

simple as that.

When I am having a hard time as I do from time to time just like

everyone else I read the following poem. Why not frame it and

put it on a wall in your office?

Don't Quit

When things go wrong as they sometimes will, When the road

you're trudging seems all uphill, When the funds are low and the

debts are high And you want to smile, but you have to sigh. When

care is pressing you down a bit - Rest, if you must, but don't

quit.

Life is queer with its twists and turns, As everyone of us

sometimes learns, And many a fellow turns about When he might

have won had he stuck it out. Don't give up though the pace

seems slow - You may succeed with another blow.

Often the goal is nearer than It seems to a faint and faltering

man; Often the struggler has given up When he might have

captured the victor's cup; And he learned too late when the

night came down How close he was to the golden crown.

Success is failure turned inside out--- The silver tint of the

clouds of doubt, And you never can tell how close you are, It

may be near when it seems afar; S0 stick to the fight when

you're hardest hit - It's when things seem worst that you must

not quit.

Anonymous

4 Successful Entrepreneurs Focus on Marketing

Most entrepreneurs are not trained in marketing. Most people

start a business in a field they understand. Accountants start

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accountancy practices and mechanics start a garage.

Unfortunately repairing cars and preparing accounts will not

bring in business. If you wish to be a successful entrepreneur

you must take an interest in and become a student of marketing.

Marketing will drive your business forward because without it

you will not have many clients. If you need help them get some

help. Successful entrepreneurs are not afraid to seek help.

Whatever else you do you must develop a marketing focus in order

to succeed with your business.

5 Successful Entrepreneurs are Willing to Test and

Measure

Whatever you are doing in any aspect of your business you can be

sure of one thing: there is a better way of doing it, you just

have not found it yet. Successful entrepreneurs are willing to

test everything and measure the results in order to establish

what works and what does not.

Most times if you try something new you do not know if it will

work. Test small and measure the results. If the test works then

roll the new idea out. If the test is a failure try something

new.

You should constantly be trying something new and improving both

the business and yourself. Constant small improvements will soon

move you well ahead of your competition because most of your

competition will be doing the same things in the same way in

two, three or four years time. Will you?

6 Successful Entrepreneurs are Systems Orientated.

Michael Gerber teaches us that all great entrepreneurs are

systems thinkers. Your business should not be a group of people

but a system run by people. The systems should do the work while

the people run the system. Systems will set you free. With

systems your business is not dependent upon a few key people -

including you. If someone leaves they are easier to replace. If

you wish to take a couple of months of the business will not

collapse while you are away.

If the performance of your business is not as good as you would

like stop blaming your staff and take a look at the systems you

are using. With good systems in place you can work as much or as

little in your business as you choose. As an added bonus you

will find the systems substantially increase the value of your

business when you come to sell.

About the author:

Stuart Lockley is a UK based Business Growth Coach. To obtain

further great ideas and information to help you grow your

business visit www.stuartlockley.com and download the "Business

Growth Toolkit" Free