Having a good idea doesn’t make you an entrepreneur. Neither does a business degree. Entrepreneurs come from a wide range of backgrounds, challenges and influences.
Unfortunately, many businesses are started and then dissolved, not because they didn’t have a workable idea, but because the entrepreneur lacked certain skills. Often times many hardships must be experienced before this reality can be seen.
Growing up with an entrepreneur as a father we have had countless hours of conversation on the success and failure of small businesses. Many times we would see individuals who were spectacular at their craft, but brutal as a business owner. It was common to see big dreams disappear by their lack of understanding of the intricate details of entrepreneurship.
Just because you can bake the best bread outside of France, doesn’t make you ready to start your own business. As well as being the best graphic designer doesn’t qualify you as a sure bet to successful freelancing.
Here is a basic blueprint of the layers of involved in a successful startup. This can beneficial to anyone thinking about starting his or her own business.
1. A Business Plan
2. Funding
3. Market Research (Who are you customers?)
4. Advertising
5. Marketing
6. Sales
7. Customer Service
8. Accounting
9. Basic Business Laws
While many of these business basics can be outsourced, it’s vital as entrepreneur to have an understanding of each component. Especially, as you map out your business plan. Many entrepreneurs fail, because they under estimate and don’t understand how each level fits within their plan of attack.
Entrepreneurs not only have knowledge of business basics, but also inward fortitude to overcome the challenges that will arise. Here are eight common traits that a small business owner and entrepreneurs possess.
1. Vision
2. Passion
3. Purpose
4. Adaptability
5. Leadership Skills
6. Networking Savvy
7. Determination
8. Positive attitude
As you can see turning your idea into a business involves multiple layers, but if executed with precision it can generate financial success and personal achievement.
If you are an entrepreneur that has seen your idea mature into a successful business, what would you add to this list? What skills did you discover that was needed? What inward strength and skill set did you lean upon?
Here is a list of our favorite business magazines.
Nice article. Its refreshing to see that people actually post that there are qualities and work to being an entreprenuer. I see far to many sites over hyping automation. It drives me crazy as any true entreprenuer knows that there is work involved to creating success.
Thanks for an honest article and veiws refreshing. I will be back for more
Megan
I think you must have “Funding” twice in your list, and the “connections” is missing. Nice post
Excellent article. very motivating. Thank you for sharing you perspective on the topic.
Hi David,
Great article! The only thing I would add is putting PERSEVERENCE as numbers 2,4,6 and 8 on your list of common traits.
Mike
Nice post…!
How about adding knowledge of competition and substitues in the first list and creativity in the second?
[...] In an effort to bring you a fabulous Top Ten List, I found that there were quite a few worthy lists out there already. And so I present to you – the mother of all small business top ten lists. These resources touch on many of the skills and characteristics it takes to be an entrepreneur. [...]
Excellent post…I have actually written several about this topic on my own blog. I would defintiely agree with Mike though that “perserverance” must be on the list. I would also add “discipline” in their somewhere. Discipline is vital when it comes to managing both your time and your finances. Without it, you are setting yourself up for failure.
Keep up the good work. I’ll be back often!
Great post…you pretty much outlined all the key elements to start up a successful business…
I lost alot of money in the early days because I jumped into the water without testing the temperature. From 9 elements you listed, I find market research is the most important step.
Before take on a big project, it’s best to start with a lower end product that’s easy and quick to produce. Release onto the market and see how people are responding. Collect feedback and then move on to the next stage.
Quite often, there will be alot of adjustment and adaptations before an idea mature into a successful venture.
Excellent post. I have been in business for 14 years and the one thing I have had a lot of is BELIEF! Also one of the comments above notes PERSEVERANCE and I would say that is an essential part of the puzzle. Anyone can learn the skills to be their own boss - it just takes a lot of drive and work!