5 Traits Every Entrepreneur Needs To Have

Two key focuses of my blog is Financial Literacy/Money and Business/Entrepreneurship. Many people aspire to be entrepreneurs and have good ideas, but few understand what qualities it takes to be successful. There are specific traits that successful entrepreneurs have. The following contributed post is entitled, 5 Traits Every Entrepreneur Needs To Have.

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It’s easier than ever before to become an entrepreneur, but that doesn’t mean that being an entrepreneur is easy. Far from it! If you’re going to be successful, then you’ll need to first have some capital behind you and a stellar idea. And that’s not all: you’ll also need to have a series of character traits, which will help you to be the best entrepreneur that you can be. Below, we take a look at a few examples. If you don’t yet possess any that we’ve mentioned, then always remember that it’s possible to acquire traits, if you try!

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Energy and Drive

It takes a lot of time and effort to be a successful entrepreneur. Before launching your business, you’ll want to first ensure that you have the required energy levels. We have energy peaks and lows as we go through life, and it’s best if you get started from a strong position (remember, there are things you can do to boost your energy levels if needed). Alongside energy will be your drive, your determination to be a success. Always keep in mind why you want to be successful, not just how you’re going to do it.

A Love of the World

If you’re in the entrepreneur solely as a way to make money, then it’s time to rethink your approach. There are plenty of companies out there who value a dollar above all else; the world doesn’t need another one. In any case, given the time it takes to generate a decent profit, it’s not possible to be driven by money. So if not money, then what? A general desire to improve the world is as good as any other. If you’ve identified a problem, and genuinely believe that your company can help solve the issue, then you’ll have a deep-rooted motivating factor.

Striving Forward

It’s easy to focus on the potential positives of entrepreneurship; it’s much better to focus on the potential hardships. No company goes from strength to strength. There always bumps and mistakes along the way, and it’s how you handle these hardships that’ll determine your long-term success. To learn the art of perseverance, it’s recommended that you learn the stories of existing, successful entrepreneurs. Michael Zima, for example, had setbacks, yet had the belief and drive to carry on until success came his way. There’ll be times when you want to give up. If you’re going to be successful, you’ll need to overcome those doubts.

Optimism

Whether you think you can or you think you cannot, you’re correct. So goes the famous line. If you’re going to throw yourself into the crazy and exciting world of entrepreneurship, then you may as well do so with a positive mindset. Always act like good times are coming!

A Strong Work Ethic

Finally, keep in mind that there’s no substitute for a strong work ethic. You have to be willing to work, work, work in your quest to be successful. It will not happen if you’re not willing to put in the hours.

The Things People Don’t Consider When Becoming An Entrepreneur

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many people say they want to become entrepreneurs, but they don’t understand all that goes into becoming one. There are a host of other considerations involved than when being an employee. The following contributed post is there entitled, The Things People Don’t Consider When Becoming An Entrepreneur.

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When trying to become an entrepreneur, you’ll often find that people are only thinking about a few things, and nearly all of them are positive. People think about the money, the opportunities it could bring, and the general happiness of being their own boss. Does this sound like everything that’s going through your mind at the minute, or perhaps did go through your mind when you were setting up your business. But there really are some things that we know people just don’t consider when starting up their own business, for one reason or another. Perhaps the positives really do cloud the vision, and it becomes hard to see what the reality is behind it. Which is why we want to create this article for you, because we really do want to highlight some of the things you might not think about when becoming an entrepreneur. It’s not even if you’re just considering to become an entrepreneur, because we know that some of you reading this might actually already be an entrepreneur, and trying to deal with the scary realities yourself now. We want to make this journey easier, and we think the tips we’ve got below for you will do just that, so keep on reading to find out more.

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The Personal Losses

There are some personal losses that you will feel alllll along the way of your business journey, and the first will start at the very beginning. The first loss you’re going to have will be financial, because we hope that you’re not just going to rely on the banks to give you a loan. Do this, and the money you could be racking up will drown you in the coming years. Unless of course you do become that successful entrepreneur that can control the money of their company without having to keep dipping back into bank money to move forward. So, if you’re investing so much money, you probably want to know how to make sure it doesn’t become a personal loss, and more a personal gain. Well, all you have to do is grow, grow, and grow some more. If you take it steady, seek out opportunities, and focus on getting your company name out there in every way that you possibly can, then you’re heading towards success already.

We think another big personal loss that people never seem to consider, is the loss of your time that you’re never really going to get back. You might think that your working life was restricting, but those of you who run your own business at the minute will know that your time just melts right away, and your main focus does become your business. All hours of the day are controlled by it, and if not because you physically have to do something, then because you’re thinking about it constantly. Don’t even get us started as to what it’s like when things start going wrong. You have all of these worries going on, and you just know how much is riding on it, yet you still have to try and balance normal life as well. Our top tip is to always communicate your fears with the people closest to you, and perhaps even have a business advisor on hand to help you through any of the tricky situations. Someones to talk to, and someone to guide you is actually going to be so beneficial.

The Problem Solving

Problem solving is something you’re going to have to become good at, but we don’t think people are actually prepared for how many problems they’re going to have to solve. It can become a serious issue for a business when there’s just so many problems present, but we think we have a few solutions for you. A big problem a company has is tracking what their employees are doing, and what they should be paid for. For example, some companies pay mileage if their employees are out on their road, but tracking actual business mileage can be hard. However, if you check out companies such as triplogmileage.com, you’ll find your solution to your problem. All you need is an app or software to track it for you, and you’ll find it’s so much more trustworthy than your employees. You also need to be able to track the hours they’re working, and we promise you there’s software for that to. We think that pretty much any problem you have can be solved with software, so check out what solutions you can find today!

Lingering Feelings

The biggest lingering feeling that every entrepreneur has to go through, is the one that they’re going to fail. It’s the feeling that your business is going to drop at the minute, and the financial weight is going to come crashing down on you. Because if you have a big investment from the banks and your business fails, you’re just going to have a whole world of problems to deal with. But these lingering feelings are something you’re most likely going to have to deal with everyday. The slightest change in your monthly profit, a slow day in the office, an employee leaving… it can all trigger these feelings. But, we think the best way to battle them, is to focus on turning them all into positives. If you know you’ve had a really slow month with your profits, figure out a plan that will ensure you more than make up for it the next month. If you feel like your business is becoming a little stale and that’s why you might not be able to attract as many customers, think of ways that you can jazz it up a little bit! We also find that business owners have the lingering feeling of success in their mind, which can only be a positive. If you always have that thought that you’re going to succeed in your mind, it’s going to be so much easier for you to have that drive to win. We think it pays for a business owner to be a little cocky in this respect.

Why You’re Not Reaching Your Full Potential As An Entrepreneur

The first principle of my blog is Creating Ecosystems of Success and two of its key focuses are Financial Literacy/Money and Business/Entrepreneurship. Becoming an Entrepreneur is often easier said than done as it calls individuals to use ‘muscles’ they never knew they had. There are several things to consider. The following contributed post is thus entitled; Why You’re Not Reaching Your Full Potential As An Entrepreneur.

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It’s not easy to be an entrepreneur. What started out as a drive to bring your ideas to life has now turned into something that’s much bigger, and it’s not always enjoyable. There’s the pressure, for starters, which, what with all the tasks you need to complete and so on, can quickly begin to feel quite overwhelming. In order to be the best entrepreneur that you can be, you need to reach your full potential. But how do you get there? Below, we take a look at a number of reasons why you might be held back.

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You’re a Boss, Not a Leader

You began as a solo entrepreneur, but pretty soon you took on employees, and now there’s a team of staff! Here’s the thing, however: being a boss isn’t going to take your business to the next level. Being a leader is. Alas, you’re not handed a guidebook when you take on staff that tells you how to lead them. If you’re micromanaging your staff, or you’re not hiring correctly in the first place, then you’ll be keeping yourself in a lower gear. Hire people who are more talented than you are; they’ll bring you up.

Wasting Time

There are a lot of tasks that need to be completed if a company is going to be successful. However, nothing says that you’re the person who needs to be in charge of them. In fact, it’ll be better for your company if you’re not handling the time-consuming or complex tasks, as it’ll free up your time to work on things where you can actually contribute something positive. Instead of wrestling with your technology, for instance, you should hire a company that offers integrated technology services. Instead of spending time figuring out the latest marketing strategies, hire a company to handle it for you. The same can be said of accounting, answering calls, and so on. These tasks will be managed, and you’ll have more time to work on tasks that involve your skills. It’s a win-win situation.

Too Many Good Ideas

To be an entrepreneur doesn’t mean having a good idea after a good idea. It’s being able to tell which ideas are worth pursuing and which should sit on the sidelines. If you have too many good ideas, and try to put them all into practice straight away, then all that’s going to happen is that you’re going to end up with a bunch of half-baked ideas floating around the company. Commit to just one idea, and make sure you’re doing it well.

The Ego Rules

You do need to have some ego in order to be an entrepreneur. After all, you need to believe that the world needs whatever you want to offer it, even if deep down you know that this isn’t really the case. But once you’ve actually set up the company, it’s worthwhile limiting the importance of your ego. It’ll only hold you back, and make you blind to the good ideas of other people.

How Technology Is Freeing Up Entrepreneurs’ Cognitive Resources

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship, and Technology. Like every other facet of life, technology has changed the entire landscape of business. Many of our new technological innovations have freed up the minds of entrepreneurs from the simpler tasks and are now allowing them to focus on the more critical aspects of their enterprises. The following contributed post is thus entitled; How Technology Is Freeing Up Entrepreneurs’ Cognitive Resources.

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Entrepreneurs have to think about a lot of things on any given day. Some of those things are profound and uniquely human, but a big chunk of it is formulaic and not particularly exciting. What’s interesting, however, is that technology is increasingly taking over much of the grunt work, freeing up entrepreneur’s cognitive resources.

Over the last couple of decades, technology – especially digital technology – has improved enormously. But not, with the advent of artificial intelligence, we see the emergence of machines which can perform cognitive tasks. For a while, smart software has been able to do things like reading handwriting – helpful for keeping a record of expenses – but today’s AI is moving far beyond that to do more sophisticated things, giving business leaders more time to focus on the things that matter.

Distributed Computing

Take the cloud, for instance. Managed IT services mean that businesses no longer have to worry about providing their own IT solutions. All that’s required for most companies today is an internet connection and a few notebooks connected to the network. In many cases, it’s no more sophisticated than a setup you might find at home. All the servers, admin, security and updates get done automatically, off-site by professionals who have a deep understanding of what they’re doing.

The role of the cloud shouldn’t be underestimated. It means that entrepreneurs don’t have to wrestle with IT issues in the same way as they did before. There’s no need to troubleshoot networking problems or do anything of these non-business critical activities. Founders are free to pursue the ideas which matter most to their business – they can deal more directly with their customer’s needs.

Artificial Intelligence

Artificial intelligence helps too. Although powerful applications of the technology are still relatively new, they’re helping those at the top of business automate much more of the dull, day-to-day stuff that needs to get done to run a business. Accounting apps, for instance, have made it so that small businesses no longer need to spend hours filing away receipts or calculating VAT. Instead, it’s all done automatically by the app with minimal user input using AI technologies. AI is also helping businesses with their customer service, with things like chatbots on their websites. Chatbots can provide customers with timely information on a range of issues without ever having to use the resources of real people in the business. These automated, website-based programmes can answer most questions.

Other technologies, like RSS feeds, are also reducing the difficulty of doing research. Articles posted straight to one’s feed reduces search time and conveniently provides updates.

The Long-Term Trends

This trend of freeing up entrepreneurial time for the most creative and high-value-added activities is set to continue. Economists at the University of Oxford suggest that the majority of formulaic work – stuff that can be broken down into a series of tasks – will be automated by smart software over the next twenty years. Thus, technology, in their opinion, will reduce the value of doing rote work and increase the earning potential of entrepreneurs with creative flair.

Making The Most Out Of Your Entrepreneur Skills

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Being an entrepreneur requires a different set of skills than being an employee. Before becoming an entrepreneur it’s helpful to know what those skills are, and even are starting your business activities, it’s important pay attention to those skills and intentionally grow them. The following contributed post is thus entitled; Making The Most Out Of Your Entrepreneur Skills.

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Life as an entrepreneur is never going to be dull, wouldn’t you agree? Your mind is constantly buzzing with fresh ideas, new approaches to things or even the next step on your business journey. However, there are always you can improve things so that you are living your best entrepreneur life. You may be wondering how you go about doing that? After all, the main impression of any entrepreneur is you either have the gift, or your don’t. However, there are ways you can improve your life as an entrepreneur, making things easier on yourself and even advancing your business in some way.

Many people choose the life of an entrepreneur. They enjoy the thrill they get from creating something out of nothing. They are money magnets, always wheeling and dealing and able to turn their hand at anything. Some people envy them. However, one thing that people don’t think is that the life of an entrepreneur is hard. These things come easily don’t they? But that is where they are wrong. It takes work, dedication, and a lot of hours slugging away to make things a success. The thing that does come easy is the passion. But if you are hoping to make things a little easier on yourself as an entrepreneur then read on to find out more. I have shared with you what I think could help you make more of the entrepreneur skills that you have.

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Improve your general business knowledge and skills

Perhaps you feel that you may have more that you can learn regarding business practices. It might mean that you choose to do things a little different, perhaps having a different approach or process to implement into your own business empire. You could take on a business management course, or even be very specific such as focusing on areas like marketing. Courses such as that can really enhance your skills and make you more confident in new trends and different ways of doing things. Other ways you can improve your knowledge is through networking. Heading to seminars and being around people in a similar industry or share similar interests can really help your business and you.

Be open minded to where technology can help you out

There is so much great technology out there these days, that you definitely need to be open minded to know exactly when and where it can help you out. Let’s start with the basics and the advancement of smartphones and tablets. Now as an entrepreneur you can be on the move and still working wherever you are. You might also want to think about the smoothness of transactions between technology and your servers and this is when server movers could be beneficial to your business. Other advancements in technology has to be in terms of how quick and easy you can reach people nowadays. Thanks to the digital platforms of a website and social media, you can be up and in business i a matter of hours. Having the right strategies in place to ensure that your business is seen, from a decent social media marketing plan to ensuring the content you use is optimised for search engines, can both be extremely beneficial to help you build a successful business life.

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Change your attitude towards business

Your attitude could be your biggest hindrance. It can be your biggest asset or your worst flaw. A bad attitude is never received well. People don’t respond to negativity, and they certainly don’t respond to frustration and disrespectful attitudes. However, an attitude can be your biggest saviour in business, especially if you are prepared to put in the hard work and graft that is required of you. Sometimes you need to be able to ensure that you as a person come off in the best possible light. No matter what you do, first impressions still count for a lot. It is just these days you are able to make a first impression without needing to be face to face with someone. Think about what you say, how you act, and how you portray yourself online to ensure that you do all that you can to have the right attitude.

Have a more positive outlook on life

Positivity breeds positivity and having this sort of outlook on life can really help you as an entrepreneur. Naturally, you should be a fairly positive person anyway, many entrepreneurs are, but it can dwindle from time to time if things aren’t going your way. Many famous entrepreneurs believe in the power of positivity and things like the law of attraction so it might be worth acquainting yourself with some positive affirmations. Ding this daily and having the right affirmations and outlook on life can actually make you a much more productive person in other aspects of your life. It is about being proactive and having the tenacity to go out and get the things that you want out of life.

Look at the nitty-gritty of your business model

Finally, look at the nitty-gritty of your business model and see if there are any improvements to make. Things like a change in social media strategy, a different marketing campaign to sink your teeth into, or even something like a change within ranks in your business model such as offering other team members different roles, so you get a fresh set of eyes on different departments. You may also want to think about the benefits of outsourcing. It can be so tempting to want to do everything yourself, but this can often mean that you don’t complete tasks, or perform them with mediocrity. There is always something you can do, and your business is always there to be improved. Which helps you to grow and succeed in other ways. Doing this regularly can often ensure that you don’t miss out on potential opportunities.

I hope that this helps you to make then most of your entrepreneur skills and to make the most out of what you have available to you for yourself and for your business.