Connect with us

Are You Suited to Entrepreneurship

7 Character Traits Every Entrepreneur Can Cultivate

Do you have what it takes to become a successful entrepreneur? Cultivate these traits to become a great achiever.

Dr John Demartini

Published

on

john-demartini

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.

1Find 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.

Related: Dr Demartini Will Be Sharing His 12 Steps to Great Achievement

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.

2Clearly define all the functions required to build their company

dr-john-demartini-company-profile

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.

3Meet 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.

4Manage 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.

5Have adequate liquidity also to prevent opportunity take overs

john-success-advice

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.

Related: Dr John Demartini on How to Sell to Anyone, Anytime.

6Keep 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.

7Be 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.

Dr John Demartini is a health professional, an expert on human behaviour, the mind and body connection and on the laws of the universe. He is a bestselling author of nine self-help books translated into 22 languages. He teaches full time assisting people across the world to see the order in their perceived chaos and consults to business leaders around the world. He is also the Founder of the Demartini Institute with a branch in South Africa, Johannesburg. Whenever he is in SA, he donates his time freely to deliver inspired talks to SA's Police Service, Prison Wardens, Prisoners, teachers and disadvantaged young adults. For more information on the Demartini Institute in South Africa call +27 11 0119093 or visit www.DrDemartini.com To receive a complimentary audio presentation by Dr Demartini titled: Staying Focused on Goals, visit http://www.drdemartini.com/entrepreneurmag

Advertisement
Comments

Are You Suited to Entrepreneurship

(Podcast) Being An Entrepreneur Is Painful

There is a pain attached to running your own business. It’s time to discuss how tough it is – address the reality and you might just be one of the successful few.

Nicholas Haralambous

Published

on

nicholas-haralambous

Entrepreneurship is fun. But on the whole, running a business is hard. Far fewer business owners succeed than fail. Statistically your business is going to fail. Those are the hard numbers.

There is a pain attached to running your own business. It’s time to discuss how tough it is – address the reality and you might just be one of the successful few.

Listening time: 5 minutes

Related: (Podcast) Playing To An Audience Of One

Continue Reading

Are You Suited to Entrepreneurship

3 Dangerous Entrepreneurial Myths You Need To Ignore

This terrible advice won’t actually get you anywhere.

Entrepreneur

Published

on

Entrepreneurial Myths

We’ve all heard the numbers about how hard it is to build a long-lasting business. While there are many factors at play to get there, without effective marketing and sales a business cannot survive.

Unfortunately, there is a multitude of dangerous and destructive marketing advice swirling around the heads of vulnerable entrepreneurs. Like vultures seeking their next meal, “gurus” pontificate nonsense that these hard-working business owners follow, only to discover that what they tried doesn’t work.

Often, once the damage is done, it is too late for them to do anything else about it.

If you want to not only survive, but thrive, here is some of the terrible advice you need to start ignoring:

1“You need to be everywhere”

I’m sorry, but how do these people sleep at night without the use of narcotics? “Experts” spew out dribble to make headlines saying you need to get on Snapchat, get on Periscope, do YouTube Live … be everywhere! They’ll say you need to get on this platform or that social media network. Oh, and use LinkedIn Live! And make sure to post on Instagram three times a day and Facebook twice a day. And don’t forget those Facebook Lives. Make sure to do them every day.

Related: The Journey Of Entrepreneurship: How The Tough Get Going

ACK! Just writing that paragraph stressed me out. How the heck are you supposed to be on all of those channels, never mind doing it all effectively, and still run your business? Of course you can’t. And you shouldn’t. (Unless self-torture is your thing, in which case have at it. There are books about that, but I’m not giving any titles because I’d have to Google them and then I’d be retargeted by the ads and that would just be gross.)

It is impossible to spend even half an hour on each major network and still get any work done. Forget about focusing on measurement, profit and return on investment. They don’t mention that on purpose, because then these crazy-pants suggestions would really make no sense. But, then these “experts” would stop making the headlines, so they keep serving up spoiled advice for the poor folk who chow down and then get sick on it.

Don’t allow yourself to fall victim to their plots of deception. Demand strategies that value your time and produce results in a significant and measurable way quickly.

2“It takes money to make money”

cash-flow-management

I didn’t take the easy way out. I am part of a group of scrappy entrepreneurs who have a lot of hustle and heart and little/no/negative funds. I didn’t come from family money, and the big banks certainly weren’t lending to businesses like mine.

The only way I was going to get a big pile of cash was if I won the lottery. And since I’ve only played about four times in the last decade, the chances of that happening were slim. What I had to find was the same thing you most likely want – a solution to predictably bring in customers when there is no marketing budget to play with.

3The Schmo-bags

The worst are who I call the “Ferrari Marketers.” They rent a sportscar for an hour or two, hang out in front of it and then sell us shiny object strategies that they haven’t even used in their own business.

Related: 6 Timeless Strategies That Drive Successful Entrepreneurship

They are abhorrent, hideous and dangerous. Not only are they crooks stealing the money of the people who are seeking a solution from them, but they may prevent really talented people who have a gift/service/product/offer to share that can help someone else from ever reaching them.

Did I mention they suck?

But, once you discover a game-changing system, you are responsible for implementing it. You can’t be distracted by shiny objects any longer.

As Jack Welch says, “Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion.”

Don’t allow yourself to be enticed or distracted by fads or the “latest and greatest/not greatest” new social media strategy, channel or tactic.

Once you uncover how to truly get results, be strong-willed and stubborn. Repel any idea, strategy or initiative that requires you to keep spending money to make money. If you keep throwing dollars and time at a goal, hoping and wishing that it will work, yet not tracking or measuring the results and scaling accordingly, then you cannot expect results.

Start measuring, tracking and demanding results from your time and money, rising above others and landing in the successful minority that thrives instead of survives.

This article was originally posted here on Entrepreneur.com.

Continue Reading

Are You Suited to Entrepreneurship

5 Mindset Changes You Must Make When Going From Employee To Entrepreneur

As one prominent author wrote, “Entrepreneurs don’t finish when we are tired. We finish when we are done.”

Sujan Patel

Published

on

entrepreneurship-mindset

Thousands of people dream of the day they can quit their jobs and escape the 9-to-5 life. In fact, Gallup found that 87 percent of the employees it surveyed worldwide did not see themselves as engaged.

But quitting your job and starting your own business is only half the battle. You need to prepare to be an entrepreneur. Besides getting your finances in order and having a plan in place, you also need to prepare your mind.

Your habits dictate your success, and if you’re still stuck in that 9-to-5 mindset, your endeavors will fail. You must adopt an entrepreneurial mindset and start thinking the way the world’s top leaders do.

Being an entrepreneur is very different than being an employee, and the way you envision it may be completely off base. Here are five changes you must make to your thinking in order to prepare yourself for the realities of being an entrepreneur.

1Train your mind to think outside the box

Once you leave your office job, you’re no longer confined by corporate life. That means you need to open your mind to new possibilities – possibilities that may not have been an option in your old life.

Related: For Shatty Mashego Success Lies In Maintaining A Positive Mindset

In an article for TIME magazineWarren Buffett, CEO of Berkshire Hathaway, said, “People will always try to stop you doing the right thing if it is unconventional.” In short, others may not see your vision, but you can’t let that stop you. You need to be creative with your business, offer something new and be different to be successful.

2Develop both short-term and long-term vision

Albert Einstein once told the New York Times, “A new type of thinking is essential if mankind is to survive and move toward higher levels.”

That new type of thinking needs to be focused on a strategic goal. You must have a vision for your company – an idea of where you’re going and how you’ll get there.

As an entrepreneur, you are the leader of your company, and your team members are looking to you to show them the path to success.

What’s your plan? You should be able to see the big picture as well as all of the steps it will take to reach your main goal. Then, you must communicate that vision to those on your team and ensure they each understand their individual roles in the plan.

3Let it all fall on your shoulders

stress-on-shoulders

Becoming an entrepreneur can be scary. Your success is now completely dependent on the work that you do. You can no longer fall back on a salary or benefits.

As an employee, if you had a bad day at work, you were still paid your salary, regardless. But as an entrepreneur, if your business isn’t successful, you won’t make any money. Plus, you now have others relying on you for their livelihood.

Ryan Farley is a typical example of corporate employee-turned-entrepreneur, quitting a fast-paced finance job to start lawn care marketplace LawnStarter Lawn Care. “I was used to working extremely long hours in the corporate finance world,” Farley told me. “I thought that would have conditioned me well, but nothing can prepare you for this amount of stress.

“It’s pretty common for founders to have the stress get so bad it affects your physical and mental health,” Farley continued. “But you have to press on, and you’re better off for it.” Prominent entrepreneurs like Brad Feld and Mark Suster, have expressed similar sentiments.

Working for yourself also means you need to be your own motivator. You no longer have a boss hounding you to get your work done. You need to stay organised and focused, and you’re going to have to be comfortable with hard work and long hours.

Related: 8 Mindsets That Will Set You On The Path To Success

4Get ready to be a jack of all trades

As an entrepreneur, you can’t say “That’s not my job.” Every job is your job now. There’s no one else to pick up the slack but you. You need to make sure everything in your business continues to run on track, and that may mean doing work you aren’t used to doing. You may need to be the accounting department, IT, marketing and more in addition to leading your company.

Entrepreneurs wear many different hats and are constantly learning new skills and working hard. If you think becoming an entrepreneur means you get to sit back and kick your feet up, you’d better stick to your day job.

As entrepreneur, author and investor Robert Kiyosaki has written on Twitter, “Entrepreneurs don’t finish when we are tired. We finish when we are done.”

5Be flexible, focused and positive

Attitude is everything in business. You can’t let challenges get in the way of your dream. Entrepreneurs need to be optimistic and stay focused on their goals. Your passion must drive you.

Related: An Entrepreneurial Mindset – Why And How To Develop One

As Steve Jobs once said in an interview with the Smithsonian Institution, “Unless you have a lot of passion about this, you’re not going to survive. You’re going to give it up. So, you’ve got to have an idea, or a problem or a wrong that you want to right that you’re passionate about; otherwise you’re not going to have the perseverance to stick it through. I think that’s half the battle right there.”

This article was originally posted here on Entrepreneur.com.

Continue Reading

Trending

FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​