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5 Common Traits of Successful Entrepreneurs

January 2, 2015

No matter how you define business success, there are specific characteristics that are common among successful entrepreneurs. Here are 5 that you’ll rarely see missing from prosperous businesspeople.

1. Do What You Love

Why bother wasting your time spending the biggest part of your day doing something that you loathe? Life is short. Building a business around something you love will give you a certain level of satisfaction. stability, enjoyment, and financial gain. It’s these components that make up the recipe for success when it comes to establishing and growing and successful business So if you hate what you’re doing, it’ll most likely reflect in your business’ success.

2. Manage Money Wisely

A business will quickly crumble if it doesn’t have a healthy level of cash flow. It’s why you’re in business in the first place. You need money to do everything, including paying for services, buying inventory, marketing your business, and paying yourself in the meantime. For this reason, it’s crucial to be able to manage money wisely in order to make sure that the money flows in nicely so all bills can get paid, leaving you with a little extra too.

3. It’s All About the Customer

Your business is not about your product or service, contrary to what many may think. It’s also not about your competitors and how to beat them. It’s actually about your customer. After all, without paying clients, your business would be nowhere. All aspects of your business must be focused on your customer, and what will make their experience with your business a positive one. This includes everything from payment options, warranties, policies, operating hours, and your website.

4. Project a Good Image

You only have one chance to make a first impression, and it’s got to be a good one. Making a positive and memorable impression on your customers is done in a passing moment, so you need to capitalize on it by always projecting the image you want your customers to have of you. Aside from a fancy business suit and sophisticated office, it’s also important to count on your creativity and attention to detail.

5. Establish Yourself as an Expert in Your Field

If you’ve got a problem that you need answers to, you go to the experts to seek a solution. You’re not going to go to a mechanic if you’ve got a toothache, nor would you go to an accountant if you need your shoes repaired. Naturally, you’re going to seek out a professional in that specific to help solve your particular problem. The more you become known as an expert, the more people will look for you and tap into your knowledge and experience.

This list is nowhere near exhaustive, but they’re a start. Before you consider going into business for yourself – if you haven’t already – put a checkmark next to each of these to see how you stack up.

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