Human behaviourist Dr John Demartini divulges a few important character traits that entrepreneurs are wise to recognise or cultivate if they desire to be great achievers.
1. Find a need to fill that will also fulfill them as well
First and foremost, the most important thing an entrepreneur needs to do is to find out what exactly it is that the some portion or the possibly majority of the world needs, and make sure that this matches what is absolutely most meaningful and inspiring to the entrepreneur as well.
It is wise to find some need in the world that they can fill and thus serve the greatest number of people.
This need or value that they are going to fill must also be important to themselves and on their list of highest values so that they have a relentless drive to go and serve this need.
In other words, it is important to make sure that they are doing something that’s meaningful and inspiring to them, that serves a great number of people.
The key is to have equity between them and their market or to strike a balance.
2. Clearly define all the functions required to build their company
Those functions are based on exactly what is systems and structures are required to fulfill their customer’s needs or values and to profit.
They must imagine every single step required to serve their customer. This helps them build an infrastructure in steps.
3. Meet the need and generate the income
I think a great number of entrepreneurs set up fantasies that they have to depend on money to get their business started.
They have this grandiose idea that they’re going to do this, and then they need a certain amount of capital to get it going, instead of going in and actually meeting a need and generating income and then infusing capital into a proven model.
If they do it that way, then they don’t have to give away portions of their business and accumulate possibly unnecessary debt.
They are wise to ask themselves how they can be paid up front to fulfill each essential step instead of how they can borrow to fulfill them. Sure selling in advance is often wiser than borrowing and gambling on what customer might want.
Those who decide to wait for capital before they start their business often feel they can’t get it started without outside capital. Then, a year later they’re still trying to get the capital together to get their business started.
It’s often wise for them to actually make sure that they have something that really meets a need and be willing to work from the grassroots up and prove themselves and then infuse capital based on what’s already produced and proven and build it that way.
They keep ownership of a higher percentage of the business and they infuse capital (debt) they know you can pay back.
4. Manage money wisely
Entrepreneurs are wise to save a portion of their money earned, and take another portion and return it back into the business to grow it.
It’s important to have a liquid cushion – it’s unwise spending all their money and putting all of it back into the business and then having no cushion to fall back on.
They are wise to make sure that a portion of their money is put into liquid cash. The greatest companies have a great reserve of cash. Liquid cash is important.
Many unwise entrepreneurs are gambling instead of investing and looking for a quick return instead of being patient. That’s a setback.
5. Have adequate liquidity also to prevent opportunity take overs
Entrepreneurs are wise to watch out for opportunists – when they are running their successful business. There will be opportunists who come along and offer to purchase their business for much less than it may be worth.
That is another reason to have adequate liquid capital on hand, because without it, entrepreneurs can become vulnerable to others coming in and taking over their business.
Leverage buyouts can occur. Remember, cash is king. Cash grabs opportunities. So be sure to save and invest.
If you put all your money into your business, one lawsuit can wipe out your entire fortune. If a person doesn’t have sufficient capital, they can become vulnerable, which is why they are wise not to let their capital diminish.
We recommend: Dr John Demartini on How to Sell to Anyone, Anytime.
6. Keep both eyes on the ball
If entrepreneurs are not making money, then they must not be serving people. So they must make sure they are truly meeting their customer’s needs and serving them.
They cannot take their eyes off their mission. They must keep their eyes on the ball. They are unwise to become so successful that they forget the things that got them there.
7. Be true to themselves
Entrepreneurs must not try to be somebody that they are not. They are not to envy and imitate other companies, and end up not being what their true values are.
It is wiser to recognise where and when they already own the traits of the greats according to their own highest values. They already have what it takes.