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Have a great business idea? Want to quit the desk job? Looking
for extra income? Want to be your own boss? Whatever your motivation,
before you get started, it's important to understand seven key secrets
of successful entrepreneurs. And remember: "Success consists of simply
getting up one more time than you fall" (Sign in Locker Room: Jerry
Maguire).- Goal Setting: Successful entrepreneurs set goals and review them regularly. Not to sound too "New Age" but I think there is a lot of truth to the idea that when you put your desires out to the universe, you are a lot closer to achieving them. Maybe this is because it means you have actually defined them. For example, what specifically are your financial goals? Are you looking for pocket-money or a rock 'n roll lifestyle? In an ideal world, how will the work fit in with your family? Do you want a passive income or a job? Don't be afraid to be "unrealistic"....it will help you determine your true motivators and from there you can make an action plan.
- Risk vs. Reward: Successful entrepreneurs understand the relationship between risk and reward. Sometimes to make money, you have to spend money, and sometimes you have to risk money. Before you even consider doing this, you need to think about your risk appetite. In general, women tend to be far more risk averse than men...not always a bad thing. There's probably far less women jumping out of buildings because they lost everything than men. However, without doubt to get extraordinary results, you sometimes need to take extraordinary actions. Not many people get rich working for an employer in life or when their main risky purchase is the house they live in. A general rule of thumb is never risk what you cannot afford to lose and don't invest in something you don't understand. Diversify, know your limits, do your research and never ever trust some-one who promises you a sure thing...there isn't one...
- Know Thyself: Successful entrepreneurs know their strengths and weaknesses and know how to capitalize on this knowledge. In today's globally connected world, it is very easy to find inexpensive labor to augment your own skills. Whether setting up an auto-responder, paying a freelancer to set up your website or handle administration, or employing a sales rep, make sure you are spending YOUR time on the things that really matter.
- Passion: Successful entrepreneurs know that passion counts. Both because clients pick up on real enthusiasm and because success takes time and effort, initially with little reward. Many businesses falter in the initial stages where you are trying and maybe failing to get market traction. It will your be passion and self belief that pulls you through the slow or tricky times!
- Have a Plan: Successful entrepreneurs know that there is quite a few steps between the creation of an idea and world domination. Have a business plan however rudimentary. To find out whether your business will be viable you need to be able to sell a service or product that people will want and make a profit from it. Focus on your income sources as many "good ideas" do not actually transmit to bringing in dollars. Also bear in mind, your potential start-up costs and your break-even point... and carry out some analysis on your proposed market. Who are your target prospects? What competitors do you have in the marketplace? What do your proposed customers think of your product or service? What are the Strengths, Weaknesses, Opportunities and Threats to your proposed idea? The Internet is a great tool for this kind of research but where possible you might also canvas opinions from your networks of friends, neighbours, ex-colleagues or clients or you might carry out focus groups or local surveys.
- Perseverance: The secret of successful entrepreneurs is perseverance. No one should expect overnight success but consistent and concerted efforts can and do reap rewards. No matter how good your ideas, nothing will ever come of them if you cannot or do not implement them.However, a good piece of advice for your first venture is to pick the thing that is easiest to implement right now and start with that.
- Diversify with Strategic Partnerships: Successful entrepreneurs know not to put all their eggs in one basket. In an uncertain world when even major banks can fail, it's not ideal to rely on only one income source or just one client. Don't be greedy, share risk with others, build partnerships and always be on the look-out for new opportunities...
thanks for sharing these seven secrets of successful entrepreneurs with us, Leanne! excellent article! Entrepreneurs like Yuri Mintskovsky or Bill Gates were also passionate about their business and so they succeeded in their careers. They are great role models!
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