NFIB

Do You Have What it Takes?
04/ 26/ 2004

by Vicki Gerson

Do you ever wonder why some small-business owners are successful, and others fail? Some people have the key entrepreneurial qualities it takes to start a business, while others simply don't.

The following can help you analyze whether you have the qualities to be successful in your own business.

Successful business owners are opportunity seekers. Even though entrepreneurs may be faced with a problem, they look for the opportunity. Analyzing the marketplace and listening to what people say, true entrepreneurs are always trying to figure out what needs aren't being met.

Successful business owners look to the future. Entrepreneurs don't look to the past, they look ahead. They are willing to spend their time and money to transform their ideas into a business venture. These business people monitor trends and imagine what people will want three to five years in the future. But they avoid fads, looking for products or services that are lasting.

Successful business owners are customer-oriented. Good entrepreneurs are very aware of what type of products and services their customers are seeking. Regardless of what they sell, the smart entrepreneur knows he or she is selling the customer's satisfaction. Customers who aren't satisfied don't stay with that business owner.

Successful business owners possess realism. Entrepreneurs know that competitors' ads may stretch the truth or salespeople may not be telling the truth in their promotional claims to the customer. They also know that all employees aren't honest or may not show up for work when they are supposed to. Suppliers may not deliver merchandise on time. They know all businesses don't believe in fair play.

That means successful entrepreneurs have done their homework and developed plans and back-up plans. They know starting a new business isn't easy; it will take time, effort and money. They make the decision to stay on course and practice good management.

Successful business owners are resilient. These entrepreneurs are willing to stay the course when things get rough. They will face the challenge and deal with the failure. They know that some things are out of their control such as a rise in loan rates, a recession or a poor job market. But they hang on.

Successful business owners are good decision makers. Entrepreneurs know that decisions must be made. They can't be wishy-washy or indecisive. They must be focused. They can't procrastinate. Knowing they must make the call, they are wise and listen to advice and, when necessary, can be flexible.

Successful business owners must be the best. A person who considers him or herself an entrepreneur is always looking at ways to be the best. They seek new ways of doing things, look for new technology to make their business run smoother and are good students and listeners. They know they have to be better than their competition.

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