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Entrepreneur

What entrepreneurs have in common

What entrepreneurs have in common

When looking at successful entrepreneurs, it is only natural to look for a pattern, something they all have that sets them apart from everybody else. Some point to education, where they grew up, or how rich their families were. Whilst it is undeniable that such factors can have a significant impact on how successful a person is, when looking at successful entrepreneurs, that is, those who have changed markets, a different pattern emerges, that of personality. It would seem that your personality, your mindset, your drive, are much more important than how many degrees you have when it comes to success.

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You have what it takes!

It is normal to look at the likes of Jeff Bezos and Richard Branson and think that they are different to the rest of us in some way, that they are a type-A person; academically excellent and incredibly ruthless. However, studies have shown that this just isn’t true. Research has revealed that the top two personality traits shown by entrepreneurs are perception and intuition. This suggests that success isn’t dependent on being the smartest, but rather it comes to those individuals who can identify opportunities and take them. To further breakdown the common traits of successful entrepreneurs and show you that you can have these also, we have put together the following five common personality traits.

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Determination

All successful entrepreneurs share a passion for what they do. Whilst money and success are of course important, they are not the sole drivers behind their success, initially, there has to be a passion for what you do. This passion is evident in the time and effort needed to be put into a successful business. From the long hours required, the extra work and of course the responsibilities. That is why passion is so important – you need to love what you are doing so that all this hard work doesn’t serve to put you off.

Staying focusing on your dream makes such hard work possible. Successful business people understand this and embrace hard work, often long after they need to. Steve Jobs, the iconic leader of Apple, once stated, “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”

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Motivate yourself and others

Being a leader means you have to remain motivated yourself and be able to motivate those around you. Having this drive to succeed is essential and often comes from the passion and love they have for their business. It is this passion, and their ability to pass this onto others that often makes successful entrepreneurs very successful entrepreneurs. Knowing your vision and being able to clearly communicate this to others is important. If you want your staff to invest in your company, your dream, then you need to be able to pass your passion to them, to make them want to join you on your journey.

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The glass is half full

With all the stresses related to starting out on your own, it is understandable to become a bit pessimistic sometimes. It is important to try and eliminate such thinking. Successful business people are often positive, very positive. They focus on opportunities and the future rather than obstacles and what could have been. This ability to stay positive can, of course, be difficult, but it can be made much easier if you stay true to your plan. By remaining clear in your goals and ensuring your team is also, will help you on your path to success. Staying to your plan and knowing your goals will help you and others to remain positive. Try to always ensure that everything you do has a purpose and that this purpose is aimed at helping you realise your goals.

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Think outside the box

Creativity is another common trait found among successful entrepreneurs. Their ability to look at things from another angle, to see things differently, is often what makes them so successful in the future. Businesses are often formed on big ideas, and these ideas usually come from looking at an issue in a creative way – differently from the usual. This ability, desire to think outside of the box enables you to improve existing processes, to identify new opportunities. Such thinking has led to ideas that have changed the world. Whilst you are not expected to change the world just yet, the more you think creatively the easier the process becomes and the more likely you are to come across good ideas.

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Take risks

As has been mentioned, successful business people are not opposed to taking risks. When starting your own business, you too must exhibit such bravery, understanding that risk-taking is a natural part of running a business. You must be clear in the knowledge that in order to realise your goals and dreams, you must take risks from time to time. Remaining safe and complacent will prevent you from achieving greatness, and you should therefore not be afraid to take a leap of faith now and again. You should try to view such risks as opportunities, to focus on the rewards rather than the risks involved.

Taking the leap

Taking the leap and starting your own business.

There is no doubt that starting your own business is a big decision. Whilst many people have great ideas for a business, only a small percentage actually start out on their own. This is because there are a large number of risks involved in starting your own business. From financial risks to those of security and the consequences of failure, there are numerous factors that you must consider before starting off. Such risks can be seen in a large number of new businesses that fail each year in the UK. Whilst many such businesses will often have great products and ideas, only a small percentage will actually go on to become high-turnover companies.

To help you get the best start possible, we have put together the following tips designed to let you know what is involved and what you can do to improve the chances of your business becoming a success.

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Know your stuff

It may seem obvious, but if you are going to start your own business, it is important that you know everything you can about it. You must, therefore, research the sector you wish to operate in, look at potential clients, identify your strengths and of course learn about your competition. Doing this will give you a much better chance of succeeding over the long term. Once you have done your research, you will be in a better position to create a realistic and effective business plan. This does not mean you are expected to become an expert in all areas. However, the more you know, the more you will be able to sell your ideas and vision to others. Being passionate about what you are doing is half the battle – love what you are doing, and the rest should come naturally.

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Make the leap

Once you have done your research, identified your strengths and have a clear understanding of what you need to do to succeed, you are ready to take your first risk – that of starting your own business. All businesses, of course, have the potential to fail. However, if you have done your research and believe in yourself and your business, you can make it. Starting your own business is a bit like taking a leap of faith, you must have faith in yourself and your abilities if you are to succeed. By working hard and knowing your stuff, you will be giving yourself a much better chance of succeeding. Whilst you will be expected to take risks, this doesn’t mean you have to be reckless. By taking calculated risks that take into account all factors, you will be able to reduce risk and increase your chances of succeeding.

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Be competitive

It is often not enough to simply know that your competitors exist. You must be prepared to take these on in order to succeed. If you believe you offer a better product/service, then tell people so. Do not be afraid to take on your competitors just because they are bigger and more established. Customers often do not care about such issues, and if you are offering something that is an improvement on others, they will want to know about it. Doing your research and understanding your competitors’ strengths and weaknesses will make it much easier for you to then exploit these to your own benefit. Of course, this doesn’t mean acting in an underhand manner. Rather, you are simply looking at what they are not offering and providing this service to customers who want it. Such business practices are what capitalism is based on. When looking at your competitors, remember, it is highly likely that they have or will be doing exactly the same to you.

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Make use of the internet

There is no doubting that technology has changed virtually every aspect of modern business. This can come in many forms and knowing what these will help you better take advantage of them. Firstly, with so much information now available on the internet, you would be foolish to ignore it. Once exclusively found in expensive business schools, there is now a wealth of information for entrepreneurs looking to set up their first business. From blogs and webinars to online education courses and government resources, you can now get expert advice, often completely free. Other valuable resources will include advice regarding your legal and tax requirements, as well as any available funding, such as grants for new businesses. Not only will you be learning more, but you will also be saving money with the knowledge you gain. Furthermore, such online resources are often two-way. This means if you have a specific question, you can ask this online – enabling you to see a variety of views and answers, and perhaps helping you find the solution you need.

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Unique selling point

When starting out, it is important to know what your Unique Selling Point (USP) is. This is what you believe will stand your business out from others, what sets you apart, what will help your business become a success. Your USP can take many forms, be it your experience, your staff, the market you operate in or the types of clients you deal with. Being clear about your USP is vital, and you really need to be clear about this before anything else. Knowing your USP will enable you to then create a business plan that makes the best use of this – helping you to make a niche in your targeted area and working your way to becoming a market leader.