Nine Characteristics of Successful Entrepreneurs

Have you ever thought about striking out on your own? After all, being your own boss can be an exciting prospect. However, owning a business isn’t for everyone. To be a successful entrepreneur, you must have — or develop — certain personality traits. Here are nine characteristics you should ideally possess to start and run your own business:

1. Motivation

Entrepreneurs are enthusiastic, optimistic and future-oriented. They believe they’ll be successful and are willing to risk their resources in pursuit of profit. They have high energy levels and are sometimes impatient. They are always thinking about their business and how to increase their market share. Are you self-motivated enough to do this, and can you stay motivated for extended periods of time? Can you bounce back in the face of challenges?

2. Creativity and Persuasiveness

Successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. Are you willing to promote your business tirelessly and look for new ways to get the word out about your product or service?

3. Versatility 

Company workers can usually rely on a staff or colleagues to provide service or support. As an entrepreneur, you’ll typically start out as a “solopreneur,” meaning you will be on your own for a while. You may not have the luxury of hiring a support staff initially. Therefore, you will end up wearing several different hats, including secretary, bookkeeper and so on. You need to be mentally prepared to take on all these tasks at the beginning. Can you do that?

4. Superb Business Skills 

Entrepreneurs are naturally capable of setting up the internal systems, procedures and processes necessary to operate a business. They are focused on cash flow, sales and revenue at all times. Successful entrepreneurs rely on their business skills, know-how and contacts. Evaluate your current talents and professional network. Will your skills, contacts and experience readily transfer to the business idea you want to pursue?

5. Risk Tolerance

Launching any entrepreneurial venture is risky. Are you willing to assume that risk? You can reduce your risk by thoroughly researching your business concept, industry and market. You can also test your concept on a small scale. Can you get a letter of intent from prospective customers to purchase? If so, do you think customers would actually go through with their transaction?

6. Drive 

As an entrepreneur, you are in the driver’s seat, so you must be proactive in your approaches to everything. Are you a doer — someone willing to take the reins — or would you rather someone else do things for you?

7. Vision

One of your responsibilities as founder and head of your company is deciding where your business should go. That requires vision. Without it, your boat will be lost at sea. Are you the type of person who looks ahead and can see the big picture?

8. Flexibility and Open-Mindedness

While entrepreneurs need a steadfast vision and direction, they will face a lot of unknowns. You will need to be ready to tweak any initial plans and strategies. New and better ways of doing things may come along as well. Can you be open-minded and flexible in the face of change?

9. Decisiveness

As an entrepreneur, you won’t have room for procrastination or indecision. Not only will these traits stall progress, but they can also cause you to miss crucial opportunities that could move you toward success. Can you make decisions quickly and seize the moment?

 

 

 

Written By: Ruchira Agrawal
Source: Monster

Investor Confidence Holds Steady at 7-Year High

© TheStreet
© TheStreet
© TheStreet

NEW YORK (TheStreet) — Retail investors are feeling optimistic about their financial futures, according to a new poll.

The Wells Fargo/Gallup Investor and Retirement Optimism Index showed that U.S. investor confidence held steady in the second quarter at a seven-year high.

“They have confidence in the economy, they have confidence in the job market, the housing market seems to be inviting more first time homebuyers, so the American Dream, in their minds, seems to be alive and well,” said Mary Mack, President of Wells Fargo Advisors.

Optimism however, trumps planning.

Less than half of those surveyed have a written financial plan, according to Mack.

“I think it’s scary for some people,” she said. “So our financial advisors work with them, break it down, talk about goals and dreams and risks, and what worries you,” added Mack.

The poll found that investors also said access to online or digital investing tools is nearly equally as important as having a strong relationship with a personal financial advisors.

Additionally, a majority of investors said they do not  feel confident about investing in the market on their own and prefer consulting with a professional.

The survey also asked investors about their financial worries.

The majority of respondents, 57%, said their number one worry is personal identity theft.

That was followed by cyber-attacks on their savings or investment accounts, stock market volatility and elder financial abuse.

In a press release, Mack stated “over the past three years, we’ve seen reports of such abuse coming in from our advisors, and unfortunately, we expect to see that growth continue as the population ages.”

The poll of 1005 investors was conducted in late May. Of those surveyed, 59% reported annual income of less than $90,000, while 41% had income above that level.

Written by Rhonda Schaffler of The Street

(Source: The Street)