Did you know that forty percent (40%) of young people want to be their own boss someday? That’s a lot of excited future-business people. Millions, in fact. However, truth is, only a fraction of those people ever really start a business. Of the one that actually try to start a business, many fail. The ones that succeed, though, have a few things in common. Here is a list of the Top 5 attributes that successful business owners possess.
1. Be a Salesperson
Never underestimate the importance of being able to sell. Whether you are selling products to customers, ideas to investors, or your company vision to future employees, selling is in every entrepreneur’s job description. Selling is absolutely critical to business success. If it’s not your strong point, practice and perfect your pitch, so you can succeed.
2. Delay Gratification
No business is successful from day one. Very few are successful at the end of year one. If you think entrepreneurship is a one-way ticket to instant wealth, you may need a reality check. You will constantly be working toward long-term goals, sometimes facing what seems to be certain failure.
3. Be Uncomfortable
Nobody thinks running a business is easy. As a general rule though, people tend to underestimate how hard it actually is. You likely will find that for months on end, you will be under significant pressure and stress, worry and discomfort. Becoming an entrepreneur can mean you may have to live and function in this state for extended periods of time. The key is to find ways to shut it off, and not bring it in to your personal life.
To be an entrepreneur, you need to be inspired. You may have to inspire others; employees, partners, suppliers, but most difficult, you have to inspire your first customers, even with no track record behind yourself. More importantly though, you need to inspire yourself. Sometimes your inspiration and vision is the only thing that will take your business to the next level.
5. Understand Numbers
It’s not all abstract and feelings when it comes to starting a business. It all comes down to the cold, hard numbers. If you don’t understand them, how do you know if your struggles and sales pitches are paying off? A lot of entrepreneurs close their businesses because of a lack of understanding of their numbers. A simple spreadsheet can go a long way to determining profitability of your various revenue streams, and can tell you what to focus on, and what to drop.
Ok, I said five, but this one is a bonus. When you start your business, you need to be able to fall on your face, and get back up again. You need to make mistakes, and take note of them for the next time. Avoiding mistakes shouldn’t be your focus. Your recovery strategy is where the real growth is built.