What Qualities Do Entrepreneurs Need?

Surviving the First Year of Business

The more I read, the more I realise that starting and surviving your first year of business is first of all down to mindset. If you don't keep a powerful focus, and a bulldog determination on your end goal - there won't be a second year.

In "Midas Touch - why Some Entrepreneurs Get Rich - and other's Don't" by Robert Kiyosaki and Donald Trump, they talk about what traits sets great entrepreneurs apart. Strength of character is important. Without emotional intelligence, it will be bye-byes to a business and hello job.

Specialist or Generalist?

Most intelligent types currently start off getting all this education and then specialising into a field to apply your talents (law, accountancy, commerce, reporter, medical, science, etc). You are then a highly-trained specialist and can command more dollars per hour than others.

None of this helps YOU become an entrepreneur. In fact, you'll be limited to the peak hourly rate (after expenses) with the possibility of shares in the business as the only path to wealth. And many doctors, lawyers, and project managers find that the work just builds on and on relentlessly - the more you learn, the more in demand you are.

Rob and Don say, "Midas Touch entrepreneurs are generalists who hire specialists to get the work done". They themselves work on creating a Mission (your spiritual purpose), building a Team, and providing Leadership. The kind of leadership they are talking about is one where the leader takes responsibility for any failures of the team or the business (Midas Touch, 2011, p.76).

When you start a small business or micro business, you rely on your talents to make your business a success. But you cannot also be good at sales, marketing, bookkeeping, brand design, legal, and finance - and it's madness trying to be. The point is, many young businesses fail because the owner doesn't realize that a TEAM is necessary to build a successful business.

More franchisees than solo businesses succeed, because proven systems and marketing are provided for them. The owner still needs people skills, delivery of great service, and an eye on profits.

Pulling Together for a Cause

I strongly believe Entrepreneurs do not have to be doing it for just the money. What bonds people together is working for a higher cause. The draft mission for my planned business is "empowering couples to better manage their money and build wealth".

On the non-profit side (where some profits will be funnelled to), free courses will be provided to young people and those on low incomes, so they can break free of poor money conditioning and go on to increase their confidence, their money control and their wealth. Training in counselling will help on the mindset side. The cause is greater than me, it reaches out to all local people suffering from poor money skills.

In 1989, Jennifer left New Zealand just a teenager with a rudimentary education and a dream of getting a 'good job'. She has worked in secretarial, marketing, DTP, editing, copywriting, written personal finance/growth books, and runs her own business Power of Words. She thinks its better than packing kiwifruit.

Jennifer Lancaster runs Power of Words (copywriting, publishing). She has written a book "Sack Your Financial Planner: Wealth Creation for all Australians". If you'd like to be an alliance partner, email: jennifer@pow.net.au or see http://www.pow.net.au/.

Original article

1 comment:

stacie28 said...

Qualities like hard-work, passion, patience or determination are absolutely necessary to be a successful entrepreneur. Famous entrepreneurs like Richard Branson, Bill Gates or Yuri Mintskovsky share these important qualities.