Friday, August 28, 2009

Do You Know What Takes To Be Successful Entrepreneur?

By John Desmond

How many times have you daydreamed about being an entrepreneur? Never missing a little league game, enjoying all the benefits that come with being self employed. Perhaps you can see yourself sitting on the beach sipping Mojitas as your bank balance grows.

Wait just one moment, don't sign the contract for the summer home in the Hamptons just yet. There is something you need to consider first: Is it in you to be a true entrepreneur? Do you have the stamina and the guts to earn lots of money and be rich?

To find out the truth rate yourself on the character traits listed here. Would you:

-Press on when there is no gratification, results are slow to come? In the beginning the sheer rush of owning your own business will color the way you see and feel about everything. Adrenaline will pound through your veins for days or even a month.

Unfortunately, the high does not last very long. Now you are faced with working long hours trying to make a go of it and all the adrenaline has dried up. The hardest part at this point is you are working diligently without any tangible results. Leaving you with little if anything to motivate you on to your goals.

So again, I ask you: Is it possible for you to stay with something without instant rewards? If you answered yes, it is possible that entrepreneurship will be just the ticket for you.

-Let a losing idea die? Look, when you spend precious time on an idea it will feel like a part of you and truthfully it is, this is your baby so to speak and it will be hard to turn lose of your brainchild.

Nevertheless, what do you do when the proposition is not working? Worse yet what if your little idea is taking your whole business down? Do you have what it takes to say goodbye? Even though you are committed to the idea and truly love it? If you can do this, you have the right mentality for an entrepreneur.

-How is your self assurance? Your friends and even your family are going to have enough doubt to share. Laughing at you and calling your plans ridicules may be common place and if you buy into any of this you will never make it.

If you have confidence in your capabilities and your proposal then you might have the stuff to be an entrepreneur.

-Do you have a firm grip on the value of what you are offering? This is a huge problem; many times a new entrepreneur will work their fingers to the bone for nothing. Most of the time this is a result of not valuing the solution they are providing. A new business owner has thoughts like "I would never pay that much for this product or service, so I better set a low price."

You are the provider of service or product, not the consumer of it. Your job is to offer something of value to people and then be fairly compensated for the effort. If you go wild and over price the product or service your customer base will be quick to let you know.

If this is not happening you are on the right path and valueing your product or service rightly. At this point you are close to being a good entrepreneur.

-Solve difficulties? Last but not least, do you offer something that solves a problem?

Problem solving is probably the number one key to being an entrepreneur. Not only should you offer a product that solves a problem but you must be quick to solve business problems as well. You are the boss and the buck stops at your door. Be quick to unearth a problem and find the answer.

The main reason you have to be a problem solver is to stay in business and make a killing! Trust me if you can spot a problem in the lives of people and then solve it they will pay dearly for the answer. When you have successfully accomplished this you are a good entrepreneur.

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