Characteristics of Successful Entrepreneurs Part 2
For a home-based business to be successful, it must have:
- A competent entrepreneur
- A viable business concept
- Access to adequate capital
Characteristics of Successful Entrepreneurs
To be able to succeed as an Internet entrepreneur, you must:
Do what you enjoy: There are a number of options, such as Internet marketing, that you can choose from if you desire to become an entrepreneur. However, what you derive from your business in the form of personal satisfaction, work stability, enjoyment and financial gain will depend on what you put into your business. So, if you choose a business line that does not interest you, there is a high probability of you failing.
Plan everything: Planning every aspect of your home-based or Internet-based business is crucial and a habit that every business owner must develop. In business planning, you need to analyze each business situation, research and compile data and arrive at conclusions, based on facts revealed during research. Business planning also helps you in formulating the roadmap to your goals. The plans act as a yardstick to measure the success of each milestone within the plan.
Manage money wisely: The lifeblood of any business enterprise is cash flow, which is needed for the purchase of inventory, payment of services, marketing and promotion of your business and repairing and replacing tools and equipments. Therefore, all business owners must be wise money managers to ensure that there is enough cash to meet all operational expenses. A business owner must be adept at the two aspects of money management:
- The money received from clients in exchange for goods and services you provide (income).
- The money you spend on inventory, supplies, wages and other items (expenses).
Be accessible: You must make it easy for your clients or customers to conduct business with you, irrespective of the type of your home business. This means you must be accessible, have in-depth knowledgeable about your products and services and be able to provide whatever your customers want.
Top entrepreneurs read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications to improve their understanding of business and marketing functions and skills. They also join business associations and clubs and network with other skilled business people to learn new secrets of success and fine-tune their own goals and objectives. A successful Internet entrepreneur constantly follows up with customers, prospects and business alliances to enhance the value of each sale.