08/ 09/ 2004
by Vicki Gerson
Not all businesses are successful – it takes a little something extra to make something really shine. And you’ll find that extra element in the heart and soul of the small-business owner. It’s that extra edge, that pure determination that sets the accomplished entrepreneur – and business – apart from the rest.
So, do you have the stuff of a successful entrepreneur? Check your business practices against this guide:
How can this help me?
Entrepreneurs don’t look at a situation and see a problem, they see an opportunity. They are constantly analyzing the marketplace and listening to what people say. Marketplace buzz is the best avenue to tap into what consumers need, and the problem solver in any entrepreneur is always trying to figure out what needs aren’t being met. Take the personal chef industry for example. Since many households have both adults working outside the home, numerous people have become personal chefs. They either cook in the person’s home and then freeze meals for the week, or bring the meals once or twice a week to the client’s door. This growing career is based on need.
Living life a step ahead
Entrepreneurs are always planning for the future. They are willing to spend their time and money to transform their ideas into business ventures, but not without some strategic planning. These business people monitor trends and predict what will people want three-to-five years in the future. But they avoid fads that might trip up their business and, instead, look for products or services that will endure.
The customer’s always right
Good entrepreneurs are very aware of what type of products and services their customers are seeking. They may ask the customer: “What else can I do for you? What service can we provide that we aren’t providing now? Is there a particular product you’d like to see us carry?”
Regardless of what you’re selling, 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.
A firm grasp on reality
The business world is far from a perfect one. Competitor’s ads and salespeople may stretch the truth, customers and co-workers aren’t always as honest as you would like and, often, employees run on their own time schedule and follow their own code of ethics – both of which might not coincide with yours.
But shrewd entrepreneurs do their homework, develop plans and then create 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, practice good management and be prepared for any glitches along the way.
The ability to bounce back
Sometimes there are a few stumbles along the road to success, but dedicated entrepreneurs are willing to stay the course when things get rough. They will face the challenges and deal with the failures. They know that some things are beyond their control, but that doesn’t mean losing control.
Stick to your guns
Good business people know that decisions must be made in a quick, effective manner. They can’t be wishy-washy or indecisive. A lack of focus or a delayed response could mean lost business, money and time. Knowing they must make the call, they are wise and listen to advice and, when necessary, can be flexible.
Always reach for the stars
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; they are good students and even better listeners. They know how to hone their strengths – and weaknesses – to truly make themselves and their business a success.
Are you an entrepreneur at heart? Only you know for sure.
