Successful Entrepreneurs Characteristics. Forget Everything You Know About Small Business, and Then Read This!!
Successful Entrepreneurs Characteristics- Classic Ideas That Will Set You Apart From The Crowd!
Successful Entrepreneurs Characteristics. Think Like an Entrepreneur. My biggest problem in becoming self-employed was me.
In order to BE a self-employed person I had to start thinking like one. I found myself reverting to that nine-to-five mentality. If I wasn’t accomplishing a task every hour, then I must not really be working.
Sometimes a self-employed person has to make decisions about her business.
Sometimes she is just thinking about a solution to a problem. Sometimes she just has to quiet her mind so new ideas can come.
Just because you’re not pounding away at the typewriter every minute doesn’t mean you’re not working.
I’ve also learned that its okay NOT to answer the phone every time it rings.
That’s what voicemail is for, and the same goes for email. At my nine-to-five job I would leave the email program open all day and answer each one as it arrived.
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It took me a while to realize its okay to only check email several times a day instead of constantly being interrupted.
Its actually more productive than having to stop your thought process every time you have mail. At my other job, I was able to let a phone call roll over into voice mail, but it took me a while to be able to shut down the email too.
You’re going to have days where you feel you didn’t accomplish much. Then again, you’ll have days where you’ll feel you can conquer the world and you’ll be amazed at how much you got done.
Some days you may not finish many tasks, but you’ll make a decision on a problem that needed to be addressed. Or, you will have learned a valuable lesson about yourself.
And, I had to learn to stop breaking down all my tasks into dollars and cents. I tended to worry about how much I was or was not earning every day.
The truth is, some days you’re going to make more than other days. If I spent my day on marketing issues, even though I didn’t earn any money from it that day, I would benefit from it some time in the future.
Rather than worry about what benefits I do or don’t have, I realized the benefit I have in my business is that I answer only to me.
Tony Robins and Oprah
Everything I do will benefit me sooner or later. Instead of my income being dependent on somebody else’s budget, I can go as far as I dream.
And because I’m now doing what I truly love and not what someone else tells me to, I’m much happier and more content. I learned if you start THINKING like an entrepreneur, then you’ll actually be one.
Successful Entrepreneurs Characteristics- The Risks of Entrepreneurship.
Never Stop Learning and Give Back
According to Bloomberg, “the most powerful word in the English language is ‘Why.’ There is nothing so powerful as an open mind.
The “spark” for many entrepreneurs is seeing an opportunity that doesn’t yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered.
It took a lot of patience on Turners part to realize the vision, but he had read the market in a way that few “experts” did at the time.
In realizing the promise of CNN, Turner demonstrated another facet of the entrepreneurial spirit- PERSISTENCE.
There are a lot of bright ideas that never reach fruition; taking a “raw” idea and converting it into a successful business model is very hard work.
And that work never stops. No matter how innovative your idea, the competition is always just behind you.
A family sitting in the living room together surrounded by Christmas decorations on Christmas Day. They are sitting around, talking and laughing, the stepmother is about to hug her stepson.
With anything less than constant creative effort on your part, they may not stay behind you.
Are you still with me? Here is where I reveal why everyone isn’t an entrepreneur:
No opportunity is a sure thing, even though the path to riches has been described as, simply “…you make some stuff, sell it for more than it cost you… that’s all there is except for a few million details.”
The devil is in those details, and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.
It is not indicative of a negative perspective to say that an analysis of the possible reasons for failure enhances our chances of success.
Can you separate failure of an idea from personal failure?
As scary as it is to consider, many of the great entrepreneurial success stories started with a failure or five.
Some types of failure can indicate that we may not be entrepreneurial material.
Foremost is reaching one’s level of incompetence; if I am a great programmer, will I be a great software company president?
Attitudinal problems can also be fatal, such as excessive focus on financial rewards, without the willingness to put in the work and attention required.
Addressing these possibilities requires an objectivity about ourselves that not everyone can manage.
Other types of failure can be recovered from if you “learned your lesson.”
A common explanation for these is that “it seemed like a good idea at the time.”
Or, we may have sought too big a “kill;” we could have looked past the flaws in a business concept because it was a business we wanted to be in.
The venture could have been the victim of a muddled business concept, a weak business plan, or (more often) the absence of a plan.
When small businesses fail, the reason is generally one, or a combination, of the following:
* inadequate financing often due to overly optimistic sales projections;
* management shortcomings, — such as inadequate financial controls, lax customer credit, inexperience, and neglect, and;
* misreading the market, — indicated by failure to reach the “critical mass” required in sales volume and profitability,
— usually due to competitive disadvantages or market weakness.
Successful Entrepreneurs Characteristics. Products that Sell: Five Secrets Every Entrepreneur Should Know
1. The most successful products solve a problem. You may think you have a great idea, but if it doesn’t solve a real problem, then you’ll have a tough time generating interest.
A good rule of thumb when brainstorming a new idea is to look for the problem first. Find out where consumers are experiencing pain, and then find a way to relieve it.
Example: If a manufacturer designed a special blend of potting soil that made it so people never had to water plants, the new potting soil would be solving a problem. People would no longer need to remember to water plants or spend time caring for them.
On the flip side, if that same manufacturer designed a special blend of potting soil that was red instead of black, the manufacturer isn’t really solving a real problem as the color of potting soil does not present a problem to most consumers.
2. Products that are dependent on another product are cumbersome. Innovation leads to change which leads to better products. Manufacturers are constantly improving their products to keep existing customers and attract new ones.
If you create a product that depends on another product or attaches to another product, you run the risk of becoming obsolete. Stand-alone products are generally more appealing and easier to market over the long run.
happy family laughing while watching movie on laptop near dog on christmas
Example: If you create an attachment that fits on a lawnmower, your attachment will only work as long as the size and measurements of the lawnmower never change.
So while you may have a good idea that solves a problem with that make and model of lawnmower, its better to stick with a free-standing product that is self-supporting.
3. Sex appeal sells. Even when you’re talking about a hand saw. Consumers are attracted to products both for what they do and how they look. The more bells and whistles you have, the more appeal your product has.
Plus, it needs to look sexy, too. Color and design play a big part in a products success. This is especially important if your product is not the first of its kind. You need to be able to differentiate yourself and stand apart from all the other choices available to consumers.
Example: Anyone can make a shower head, but a shower head with 10 different settings and an adjustable neck has more appeal and will typically sell better in the mass retail market. It doesn’t hurt if it comes in chrome, white and black, too.
4. Market research doesn’t have to be expensive. One of the most important aspects of launching any new product or service, market research is often skipped or overlooked because people think it costs too much.
But in reality you don’t have to pay exorbitant amounts of money to conduct good market research. You don’t even need to hire a firm to do it for you. The best market research is often based on input from friends and family. After all, they are consumers, too.
Kid with dog, waiting for Santa to come in their house
Example: Once you have an idea, talk to several friends, family members and even co-workers about your product. Come up with a short questionnaire and ask them to honestly rate your idea.
Ask them whether they think it solves a problem, if its appealing and if they’d buy it. Tell them to critique your product idea as well find out what it doesn’t solve and what they don’t like about it. Then make changes based on the majority opinion.
5. A test market is right in your backyard. Another common misconception is that you have to take on the big guns right away. Not so. Targeting small community retailers is a great way to gain valuable insight and sales experience that will build the foundation for mass-market retail success later.
Example: If you have designed a revolutionary new garden hoe, try approaching two or three locally owned hardware stores. Set up a meeting with the owner, and tell them you’d like to solicit their opinion about your new product.
Bring along your prototype and a video demo of your product in action, and ask for feedback. The best outcome, obviously, would be if they agreed to sell a few of your products in their store.
But if nothing else, they will give you great advice on how to make your product better. Then, once you meet with a few owners, take their advice and make improvements to your prototype.
Then come back and try again! Don’t give up. Persistence pays off and will have you headed for success in no time.
Beautiful girl enjoying outdoor with group of little cats and dog. Looking at camera.
Another of my sayings:
Business is a lot like marriage: you learn a lot from the first one that may come in handy the second or third time around.
Successful Entrepreneurs Characteristics. Business Marketing Strategy.
What is it and who needs one?
The term business marketing strategy might sound like it is esoteric or stratospheric, so lets take the mystery out of it so you can devise and implement your own business marketing strategy that fits in to your small business plan.
Strategy comes from a Greek word stratage in meaning to be a general. Think of a strategy as an overall plan of action needed to win a war.
The smaller, detailed actions are called tactics. You can have tactical plans which help you achieve your strategic marketing plan or overall business marketing strategy. That’s simple enough, isn’t it?
A business marketing strategy or strategic marketing plan is an overall plan of marketing actions you intend to take in order to accomplish a specific goal for your company.
Start with a goal: $2 million in sales this year; expand into new premises by a certain date; double the size of the company in 2 years whatever the goal may be. Something realistic but challenging. That’s the “war” you want to win. Guess who the general is.
Then work out a simple, overall plan of the major marketing steps needed to accomplish that (for example):
1. Publish a newsletter for all existing customers and mail out quarterly.
2. Work out 4 special offers in the year and promote them to all our customers.
“Woman is smiling, with pets is sitting and resting outdoor.”
3. Set up on-line shopping and expand the web site.
4. Direct mail campaign promoting the web site to all customers.
5. Get mailing lists of (target markets) and do a series of 3 mailings of postcards to them and follow up on and close all leads.
6. Etc.
You get the idea. Don’t rush this. Do your homework. What worked in the past? Read up on successful marketing campaigns.
Your business marketing strategy needs to be laid out in the right sequence and you should have some idea of budget when you write it. Run a series of 30 second TV ads during the Superbowl might sound like a good thing to do but can you afford it?
On the other hand, when you build your business marketing strategy you mustn’t try and cut corners. If you don’t promote heavily, it doesn’t matter how good your product or service is, no one will know about it and you will go broke.
What really works when it comes to marketing?
Many business owners don’t have a good enough answer to this important question. I learned by a combination of study and trial and error.
From my own hard won experience I have discovered that a real marketing campaign will take into consideration at least the seven points which are outlined below:
1. Target Your Market
Your marketing will produce the best results for the lowest cost when you target prospects with the greatest need for what you offer.
Identify the best people to send your postcards to. Design your postcards to appeal to their greatest need.
If you are able to break down your target market into sub markets you can then write postcards that specifically speak to the needs of those people. Successful Entrepreneurs Characteristics (an example is breaking down your own customer list into customers who buy most often, customers who spend the most money with you, customers who have been your customers the longest and then making them special offers based on the category they fit into).
2. Create A USP For Your Business
USP stands for “Unique Selling Proposition”.
It is a statement of what is different about your company and its products. Your USP gives the reason people should do business with you. It amplifies the benefit of doing business with you and your company. My USP is POSTCARD MARKETING EXPERTS.
Create your own USP and put it on all your promotional materials, invoices, shipping labels etc.
Use your USP to communicate the benefit of doing business with you and why you are better than any of your competitors.
3. Always Make an Offer
Make sure you ask your prospects and customers to do something when they receive your postcard. By offering them something you know they are likely to want and giving them a smooth path to respond on, you are making it easy and desirable for them to respond.
4. Create and Maintain a Database of The Customer Information You Collect From The Responses To Your Mailings
Most people who receive a postcard from you won’t contact you the first time they receive one.
But once they contact you, you must create and maintain a database which allows you to repeatedly contact them with offers to respond to.
Fifty percent or more of many businesses’ sales come as a result of following up with people who were previously contacted, but didn’t buy right away.
No kidding, repeat contact does drive sales. One-time mailings can get response, but are bound to leave sales on the table. Those sales can be picked up with repeated mailings.
5. Take Away the Fear of Loss
People don’t want to be fooled, plain and simple. Unfortunately trust does not run high today between customers and businesses in general. People have been disappointed too many times by being sold one thing and getting another.
A guarantee or warranty is a good way to reduce or eliminate the customers risk of getting something other than what they bargained for.
Guarantees and warranties increase response and sales by reducing customer risk.
6. Expand Your Product Line
Getting new customers is more expensive than selling to existing ones. By regularly developing new products and services to sell to your customers and offering these new products and services to them, you can expand your business efficiently and easily.
7. Test Your Postcard Promotions
Track the effectiveness of your postcard mailings. How many people responded to your mailing? What dollar amount of sales resulted from those responses?
Is the money you are spending to attract new business giving you a good return? What can you do to make your marketing more effective? Change your offer, headline, price, the timing of your offer. When you do track the results and improve your response.
These are the points to follow when designing your own marketing strategy. When you are done, you will have laid out the steps needed to accomplish your goal using existing resources to achieve a great marketing ROI (return on investment).
After that, you simply have to get those steps executed and that might require further planning but it is all in the context of your main business marketing strategy.
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Training will be taken down at any time due to High Demand for this product.
Affiliate Marketing in conjunction with well known companies, such as Clickbank, can be very profitable and rewarding. Your payments are guaranteed every 2 weeks and is entirely up to your Marketing Efforts and Abilities on how much you get paid. I also bought into and highly recommend John Crestani’s Super Affiliate System (SAS) for Affiliates.
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Successful Entrepreneurs Characteristics – Recommended Products You Might Like.
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