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

14 Things Ridiculously Successful People Do Every Day

Having close access to ultra-successful people can yield some pretty incredible information about who they really are, what makes them tick, and, most importantly, what makes them so successful and productive.

“Whenever you see a successful person, you only see the public glories, never the private sacrifices to reach them.” – Vaibhav Shah

Kevin Kruse is one such person. He recently interviewed over 200 ultra-successful people, including 7 billionaires, 13 Olympians, and a host of accomplished entrepreneurs. One of his most revealing sources of information came from their answers to a simple open-ended question:

“What is your number one secret to productivity?”

In analyzing their responses, Kruse coded the answers to yield some fascinating suggestions. What follows are some of my favorites from Kevin’s findings.

1. They focus on minutes, not hours. Most people default to hour and half-hour blocks on their calendar; highly successful people know that there are 1,440 minutes in every day and that there is nothing more valuable than time. Money can be lost and made again, but time spent can never be reclaimed. As legendary Olympic gymnast Shannon Miller told Kevin, “To this day, I keep a schedule that is almost minute by minute.” You must master your minutes to master your life.

2. They focus on only one thing. Ultra-productive people know what their “Most Important Task” is and work on it for one to two hours each morning, without interruptions. What task will have the biggest impact on reaching your goals? What accomplishment will get you promoted at work? That’s what you should dedicate your mornings to every day.

3. They don’t use to-do lists. Throw away your to-do list; instead schedule everything on your calendar. It turns out that only 41% of items on to-do lists ever get done. All those undone items lead to stress and insomnia because of the Zeigarnik effect, which, in essence, means that uncompleted tasks will stay on your mind until you finish them. Highly productive people put everything on their calendar and then work and live by that calendar.

4. They beat procrastination with time travel. Your future self can’t be trusted. That’s because we are time inconsistent. We buy veggies today because we think we’ll eat healthy salads all week; then we throw out green rotting mush in the future. Successful people figure out what they can do now to make certain their future selves will do the right thing. Anticipate how you will self-sabotage in the future, and come up with a solution today to defeat your future self.

5. They make it home for dinner. Kevin first learned this one from Intel’s Andy Grove, who said, “There is always more to be done, more that should be done, always more than can be done.” Highly successful people know what they value in life. Yes, work, but also what else they value. There is no right answer, but for many, these other values include family time, exercise, and giving back. They consciously allocate their 1,440 minutes a day to each area they value (i.e., they put them on their calendar), and then they stick to that schedule.

6. They use a notebook. Richard Branson has said on more than one occasion that he wouldn’t have been able to build Virgin without a simple notebook, which he takes with him wherever he goes. In one interview, Greek shipping magnate Aristotle Onassis said, “Always carry a notebook. Write everything down. That is a million dollar lesson they don’t teach you in business school!” Ultra-productive people free their minds by writing everything down as the thoughts come to them.

7. They process e-mails only a few times a day. Ultra-productive people don’t “check” their e-mail throughout the day. They don’t respond to each vibration or ding to see who has intruded into their inbox. Instead, like everything else, they schedule time to process their e-mails quickly and efficiently. For some, that’s only once a day; for others, it’s morning, noon, and night.

8. They avoid meetings at all costs. When Kevin asked Mark Cuban to give his best productivity advice, he quickly responded, “Never take meetings unless someone is writing a check.” Meetings are notorious time killers. They start late, have the wrong people in them, meander around their topics, and run long. You should get out of meetings whenever you can and hold fewer of them yourself. If you do run a meeting, keep it short and to the point.

9. They say “no” to almost everything. Billionaire Warren Buffet once said, “The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything.” And James Altucher colorfully gave Kevin this tip: “If something is not a ‘Hell Yeah!’ then it’s a no.” Remember, you only have 1,440 minutes in a day. Don’t give them away easily.

10. They follow the 80/20 rule. Known as the Pareto Principle, in most cases, 80% of results come from only 20% of activities. Ultra-productive people know which activities drive the greatest results. Focus on those and ignore the rest.

11. They delegate almost everything. Ultra-productive people don’t ask, “How can I do this task?” Instead, they ask, “How can this task get done?” They take the I out of it as much as possible. Ultra-productive people don’t have control issues, and they are not micro-managers. In many cases, good enough is, well, good enough.

12. They touch things only once. How many times have you opened a piece of regular mail–a bill perhaps–and then put it down, only to deal with it again later? How often do you read an e-mail and then close it and leave it in your inbox to deal with later? Highly successful people try to “touch it once.” If it takes less than five or ten minutes–whatever it is–they deal with it right then and there. It reduces stress, since it won’t be in the back of their minds, and it is more efficient, since they won’t have to re-read or re-evaluate the item again in the future.

13. They practice a consistent morning routine. Kevin’s single greatest surprise while interviewing over 200 highly successful people was how many of them wanted to share their morning ritual with him. While he heard about a wide variety of habits, most nurtured their bodies in the morning with water, a healthy breakfast, and light exercise, and they nurtured their minds with meditation or prayer, inspirational reading, or journaling.

14. Energy is everything. You can’t make more minutes in the day, but you can increase your energy to increase your attention, focus, and productivity. Highly successful people don’t skip meals, sleep, or breaks in the pursuit of more, more, more. Instead, they view food as fuel, sleep as recovery, and breaks as opportunities to recharge in order to get even more done.

Bringing It All Together

You might not be an entrepreneur, an Olympian, or a billionaire (or even want to be), but their secrets just might help you to get more done in less time and assist you to stop feeling so overworked and overwhelmed.

 

 

Written By: Travis Bradberry
Source: Inc.

The 10 Commandments of Wealth and Happiness

© Stuart Dee/Stockbyte/Getty Images
© Stuart Dee/Stockbyte/Getty Images

I’m now financially independent. I didn’t get this way overnight, nor did I do it by selling books or advice. I did it the same way you can: one paycheck at a time over many years.

One of my young staffers recently asked if I could condense everything I’ve learned into 10 simple ideas that would serve as a guide to those starting out, starting over, or maybe beginning to realize they’re not where they’d like to be. While certainly a challenge, it’s a worthy one. So here goes: the 10 commandments of achieving financial independence and being happier while you do it.

1. LIVE LIKE YOU’RE GOING TO DIE TOMORROW, BUT INVEST LIKE YOU’RE GOING TO LIVE FOREVER

The ease of making money in stocks, real estate, or other risk-based assets is inversely proportional to your time horizon. In other words, making money over long periods of time is easy – making money overnight is the flip of a coin.

Money is like a tree: Plant it properly, care for it occasionally, but not obsessively, then wait.

Stare at a newly planted tree for 24 hours and you’ll be convinced it’s not growing. Fixate on your investments the same way, and you could miss out on a game-changer.

The biggest winner in my IRA is Apple. I don’t remember exactly when I bought it, but I’m guessing it was in 2002 or 2003. My split adjusted price is around $1/share: As I write this, Apple’s trading at around $126/share. Had I been listening to CNBC or some other outlet promoting constant trading, I almost certainly wouldn’t still own it.

The lesson? Enjoy your life to the fullest every day – live like you’re going to die tomorrow. But since you’re probably not going to die tomorrow, plant part of your money in quality stocks, real estate or other investments; then hold onto them. Don’t ignore your investments entirely – sometimes fundamental things change indicating it’s time to move on – but don’t act rashly. Patience pays.

2. LISTEN TO YOUR OWN VOICE ABOVE ALL OTHERS

My job as a consumer reporter has included listening to countless sad stories about nice people being separated from their money by people who weren’t so nice. While these stories run the gamut from real estate deals to working from home, they all start the same way: with a promise of something that seems too good to be true.

And they all end the same way: It was to good to be true.

If someone promises they can make you 3,000 percent in the stock market, they’re either a fool for sharing that information or a liar. Why would you send money to either one? When you hear someone promising a simple solution to a complex problem, stop listening to them and start listening to your own inner voice. You know there’s no pill that’s going to make you skinny. You know the government’s not handing out free money for your small business. You know you can’t buy a house for $300. Stop listening to infomercials and start listening to yourself.

3. COVET BAD ECONOMIC TIMES

Wealth is realized when the economy is booming, but that’s not when it’s created. Wealth is created when times are bad, unemployment is high, problems are massive, everybody’s freaking out, and there’s nothing but economic misery on the horizon.

Would you rather buy a house for $400,000, or $200,000? Would you rather invest in stocks when the Dow is at 12,000 or 7,000?

Nobody wants their fellow citizens to be out of work. But the cyclical nature of our economy all but assures this will periodically happen. If you still have a job, this is the time you’ve been saving for. Stop listening to all the Chicken Littles in the media_ The sky isn’t falling. Get busy – put your cash to work and create some wealth.

4. WORK AS LITTLE AS POSSIBLE

A friend of mine, Liz Pulliam Weston, once wrote a great story called Pretend You Won the Lottery. She asked her Facebook fans to describe what they would do if they won the lottery. From that article:

Most of the responses had a lot in common. People overwhelmingly wanted to:

◦Pay off all their debts.

◦Help their families.

◦Donate more to charity.

◦Pursue their passions, including travel.

Note these goals are largely achievable without winning the lottery. And that was her point: Listing what you’d like to do if money is no object puts you in touch with the way you’d really like to spend your life.

My philosophy takes this concept a step further: When it comes to work, you should try to do something that you regard as so fulfilling that you’d do it even if it didn’t pay anything. In other words, the word “work” implies doing something you have to do, not something you want to do. You should never “work.”

If you’re going to spend a huge part of your life working, don’t fill that time with what makes you the most money. Fill it with what makes you the most fulfilled.

5. DON’T CREATE DEBT

I’m always getting questions about debt. “Should I borrow for this, that, or the other?” “What’s an acceptable debt level?” “Is there such a thing as good debt?”

There’s way too much analysis and mystery around something that isn’t at all mysterious. Paying interest is nothing more than giving someone else your money in exchange for temporarily using theirs. Rule of thumb: To have as much money as possible, avoid giving yours to other people.

Don’t ever borrow money because you want something you can’t afford. Borrow money in only two circumstances: when your back is against the wall, or when what you’re buying will increase in value by more than what you’re paying in interest.

Debt also affects you on a level that can’t be defined in dollars. When you owe money, in a very real way you’re a slave to that lender until you pay it back. When you don’t, you’re much more the master of your own destiny.

There are two ways to achieve financial freedom: Have so much money you can’t possibly spend it all (something exceedingly difficult to do) or don’t owe anybody anything. Granted, since you still have to eat and put a roof over your head, living debt-free doesn’t offer the same level of freedom as having massive money. But living debt-free isn’t a matter of luck or even hard work. It’s a simple choice, available to everyone.

6. BE FRUGAL – BUT NOT MISERLY

The key to accumulating more savings isn’t to spend less – it’s to spend less without sacrificing your quality of life. If going out to dinner with your significant other is something you enjoy, not doing it may create a happier bank balance, but an unhappier you: a trade-off that is neither worthwhile nor sustainable. Eating an appetizer at home, then splitting an entree at the restaurant, however, maintains your quality of life and fattens your bank account.

Finding ways to save is important, but avoiding deprivation is just as important.

Diets suck. Whether they’re food-related or money-related, if they leave you feeling deprived and unhappy, they’re not going to work. But there’s a difference between food diets and dollar diets: It’s hard to lose weight without depriving yourself of the foods you love, but it’s easy to reduce spending without depriving yourself of the things you love.

Cottage cheese isn’t a suitable substitute for steak, but a used car is a perfectly acceptable substitute for a new one. And the list goes on: watching TV online rather than paying for cable, buying generics when they’re just as good as name brands, using house-swapping to get free lodging, downloading books from the library instead of Amazon. No matter what you love, from physical possessions to travel, there are ways to save without reducing your quality of life.

7. REGARD POSSESSIONS NOT IN TERMS OF MONEY, BUT TIME

You go to the mall and spend $150 on clothes. But what you spent isn’t just $150. If you earn $150 a day, you just spent a day of your life.

Almost every resource you have, from physical possessions to money, is renewable. The amount of time you have on this planet, however, is finite. Once used, it can never be replaced. So when you spend money – especially if you earned that money by doing something you had to do instead of what you wanted to do – you’re spending your life.

This doesn’t mean you should never spend money. If those clothes are all that important to you, by all means, buy them. But if it’s really not going to make you that much happier, don’t. Think of it this way: If you can live on $150 a day, every time you forgo spending $150, you get one day closer to financial independence.

8. ALWAYS CONSIDER OPPORTUNITY COST

This is related to the commandment above. Opportunity cost is an accounting term that describes the cost of missing out on alternative uses for money.

For example, when I said above that not spending $150 on clothes puts you $150 closer to independence, that was a gross understatement. Because when you save $150, investing those savings gives you the opportunity to have more savings. If you’re earning 10 percent, $150 invested for 20 years will ultimately make you $1,000 richer. If you can live on $150 a day, ignoring inflation, you can now retire nearly a week sooner, not just a day.

One of the exercises in my book, Life or Debt, is to go around your house and identify things you bought but probably didn’t want or need. A quick way to do this is to find things you haven’t touched in months. These were probably impulse buys. Add up the cost of these things, multiply them by 7, and you’ll arrive at the amount of money you could have had if you’d invested that money at 10 percent for 20 years rather than wasting it.

And when you do this, consider the stuff in your closet, the stuff in your garage, the rooms of your house that you heat and cool but don’t use, the new cars you’ve bought when used would have worked. The truth is that most of us have already blown the opportunity to achieve financial independence much sooner. Maybe now’s the time to stop.

9. DON’T PUT OFF TILL TOMORROW WHAT YOU CAN SAVE TODAY

Shortly after I began my television career in 1988, I went on set with a pack of smokes, a can of soda, and a candy bar. I explained that these things represented the kind of money most of us throw away every day without thinking about it; at the time, about $5. But compound $5 daily at 10 percent for 30 years, and you’ll end up with about $340,000. That’s why learning to save a few bucks here and there and investing it is so important.

Fortunes are rarely made by investing big bucks, nor are they often made late in life. Wealth most often comes from starting small and early.

There are limited ways to get rich. You can inherit, marry well, build a valuable business, successfully capitalize on exceptional talent, get exceedingly lucky – or spend less than you make and consistently invest your savings over time. Even if you’re on the road to any of the former, why not do the latter?

10. ENVY IS YOUR ENEMY

You can either look rich or be rich, but you probably won’t live long enough to accomplish both. I’ve lived both ways, and trust me: Being rich is way better than using debt to appear rich.

Most of us will admit that, when on the verge of making a purchase, we’re often thinking of what our friends will say when they see it. Normal human behavior? Sure, but it’s not in your best interest, or theirs. Making your friends jealous isn’t nice and feeling envy for other people’s possessions is silly. Possessions have never made anyone happy, nor will they.

Decide what really makes you happy, then spend – or not – accordingly. When your friends make an impressive addition to their collection of material possessions, be happy for them.

One of the stupidest expressions ever coined was: “The one who dies with the most toys wins.” When you’re on your death bed, you won’t be thinking about the things you had – you’ll be thinking about the times you had.

Written by Stacy Johnson of Money Talks News

(Source: Money Talks News)