Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









The Entrepreneurs Checklist

Written by: Tim Knox

Article Overview: I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for entrepreneurial success.

Free Download - Whats In A Name When It Comes To Your Business Plenty By Tim Knox
Name: Email:

The Entrepreneurs Checklist

I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for entrepreneurial success. This is by no means a definitive list, but I'd be willing to bet that if you don't have at least a majority of these traits, your chances of business success will be greatly diminished.

You must be self motivated.

If you don't have the wherewithal to bounce out of bed each day without your spouse drenching you with cold water, chances are you don't have the self motivation or discipline required to be an entrepreneur. Business demands that you take action based solely on your own volition. You have to do a hundred things every day that will not get done unless you make yourself do them.


You can't be afraid of hard work.

If you think working for someone else is hard work, try starting your own business. You will be required to give every ounce of blood, sweat, and tears you can muster and then some. You will have to work long hours and be on call 24/7, at least in the beginning. If the mere thought of hard work makes you tired, maybe you should just keep your cushy day job.

You should have experience in the type of business you plan to start.

If you can't locate your car's engine you have no business buying an oil change franchise. The most successful business owners have prior experience in the industry in which they have set up shop. Consider working in an industry at least part time for a year before jumping in with both feet.

You must be able to climb back on the horse.

I always say: "If business was easy, everybody would do it." Starting a business is hard work and the odds for failure are against you in the first few years. If you want to ride herd on your own business, you must be willing to fall off your horse and get back on a few times without giving up.

You need the support of your family.

When you start a business you may have to spend more time away from the family than you like. The business may also put a strain on you financially. You will have enough obstacles in your way without having to worry if you have the support of your family and those closest to you

You must have a thick skin.

If your feelings are easily hurt, keep your non-threatening day job because business is not for you. Many days in business, rejection waits around every corner and you must be able to handle rejection without taking it personally.

You must interact well with others.

Being an entrepreneur requires interacting with a variety of people, from your own employees to vendors to customers to investors. You must have the ability to effectively manage people without offending them; the ability to accept good advice from mentors and politely discount the bad; the ability to overlook mistakes or quietly rectify them; and the one I have trouble with: the ability to tolerate incompetence without losing your cool (at least not on the outside).

The deeper your pockets the better.

The number one cause of business failure is a lack of money. Before you start your business you should have access to enough capital to see you through until the business can sustain itself.

You must be able to delegate.

Running a business requires the performance of dozens of simultaneous tasks and it's foolish to try to handle them all yourself. You must learn to put your trust in others. If you can't dish out responsibility without worrying over the result, your business growth will be limited.

Related Articles
  Strategic Internet Marketing
  Sales Tips-"You Want Fries With That?"
  Hire On Attitude Not Skill
  Getting Things Done
  Opening a New Office Location

Home > Starting-A-Business > Tim Knox > The Entrepreneurs Checklist
Article Tags: blood sweat and tears, business demands, business success, cold water, day job, entrepreneur business, entrepreneurial success, first few years, herd, hundred things, oil change, ounce, personality traits, self motivation, shallow waters, starting your own business, successful business, sweat and tears, volition, water chances

About the Author: Tim Knox
RSS for Tim's articles - Visit Tim's website

Tim Knox, Entrepreneur, Author, Speaker, Radio Host Founder, The Insiders Club, Giving You The Power To Start Your Business Today www.theinsidersclub.com Bestselling Author of: "Everything I Know About Business I Learned From My Mama" www.timknox.com

Click here to visit Tim's website
Dashed Line

More from Tim Knox
Conducting Market Research From The Back Of A Boat
Never Say It Cant Be Done
Do Your Homework To Find The Best Location For Your Business
Starting Your Business By The Book
Do Your Homework To Find The Best Location For Your Business


Related Forum Posts
CEOs and Email - Slaves? CEOs and Email - Slaves? - I wonder if the emails they are responding to are filtered thru their assistants first 'cos they seem to spend a lot of their off hours responding to them. True they are successful but I'm not sure I'd be willing to pay that price. I'd be interested to know what's the in the typical day planner of Entrepreneurs on the Forum. Entrepreneurs are a different breed than Paid Employees- so it would be interesting to view the contrast.
Fundraising for 3rd world Entrepreneurs Fundraising for 3rd world Entrepreneurs - How great to learn that Evan is doing something for Entrepreneurs in Africa! It just makes me even more thankful to be part of this forum! After helping create a new charity for animals in my local community last year, I created a vision for a charity empowering Women Entrepreneurs. It won't happen for a while yet, but I know it is something I will do within the next few years. As we allow ourselves to think bigger, the opportunity to impact people becomes much bigger as well. Does anyone else have a desire to really make a difference in the world through this means?
Re: Greetings from Camping Embroidery Re: Greetings from Camping Embroidery - You are welcome to the club. You are networking with the best Entrepreneurs on the whole wide web
Re: New Funding Source Now LIVE! Re: New Funding Source Now LIVE! - I have checked the site and it seems it for American Entrepreneurs only. Please correct me if I am wrong
Re: Hi from Baku Re: Hi from Baku - Welcome to the site. I have been reading some of your posts. I'd like to get some of your feedback in the Young Entrepreneurs section. See you there.


Recommended Article for You close

  Strategic Internet Marketing

Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.



Featured Article


Bottom Footer
Share for a Cause












Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Name:
Email:
Popular Articles

The Death of the Sales Magazine

9 tips to increase ROI in PPC Campaigns

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.