10 Secrets of Successful Entrepreneurs

Written by Jenny Fulbright

Running a one-person business is a creative, flexible and challenging way to become your own boss and chart your own future. It is about creating a life, as it is about making a living. It takes courage, determination and foresight to decide to become an entrepreneur. Fromrepparttar relatively safe cocoon ofrepparttar 117171 corporate world, where paychecks arrive regularly, you will be venturing intorepparttar 117172 unchartered territories of business.

Is there a way to determine whether you can be a successful entrepreneur, or you are better off to work for somebody else? Alas, there is no formula for success. However, most successful entrepreneurs share these ten characteristics. Check if you possess any one of them:

1. Think success. To attainrepparttar 117173 kind of success that you want, you need to dream big. Every success story starts with big dreams. You need to have big dreams for yourself - which you want to be somebody rich, famous or fulfilled. You need to have a clear vision of what you want to achieve. But it doesn't stop in dreaming alone. You should actively visualize success in your mind that you can almost feel it, touch it or it is within your reach. Play this image back at every opportunity. What does it feel to triple your current income? How will your life change? What will your business look like if you achievedrepparttar 117174 million-dollar mark?

Successful entrepreneurs possess an attitude of openness and faith that you can have what you want if you can simply envision it asrepparttar 117175 first step onrepparttar 117176 path of action to acquiring it. Management gurus have taught usrepparttar 117177 power of visualization - seeing yourself in your mind as having accomplished your dreams. If you want to be a successful writer, envision yourself signing books for a throng of people who have lined up to have your autograph. If you want to be rich, picture yourself in luxurious surroundings holding a fat bank account. Andrepparttar 117178 process of envisioning success for you should be a constant activity! You need to think that you are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals forrepparttar 117179 moment: when climbing stairs, recite your goal with every step you take. So if you want more money, say "I will have money" in every step ofrepparttar 117180 stairs. This technique will reinforce your goal and keep it fresh in your consciousness.

2. Be passionate with what you do. You start a business to change any or all part of your life. To attain this change, you need to develop or uncover an intense, personal passion to changerepparttar 117181 way things are and to live life torepparttar 117182 fullest. Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals about things that we love. If you hate your job right now, do you think you will ever be successful at it? Not in a million years! You may plod along, even become competent atrepparttar 117183 tasks, but you will never be a great success at it. You will achieve peak performance and do what you have to do to succeed only if you are doing something that interests you or something that you care about. Entrepreneurs who succeed do not mindrepparttar 117184 fact that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate and crazy with your tasks and activities.

3. Focus on your strengths. Let's face it; you cannot be everything to everybody. Each of us has our own strengths and weaknesses. To be effective, you need to identify your strengths and concentrate on it. You will become more successful if you are able to channel your efforts to areas that you do best. In business, for example, if you know you have good marketing instincts, then harness this strength and make full use of it. Seek help or assistance in areas that you may be poor at, such as accounting or bookkeeping. To transform your weakness to strength, consider taking hands-on learning or formal training.

4. Never considerrepparttar 117185 possibility of failure. Ayn Rand, in her novel The Fountainhead, wrote, "It is not inrepparttar 117186 nature of man - nor of any living entity, to start out by giving up." As an entrepreneur, you need to fully believe in your goals, and that you can do it. Think that what you are doing will contribute torepparttar 117187 betterment of your environment and your personal self. You should have a strong faith in your idea, your capabilities and yourself. You must believe beyond a shadow of a doubt that you haverepparttar 117188 ability to recognize and fulfill them. The more you can develop faith in your ability to achieve your goals,repparttar 117189 more rapidly you can attain it. However, your confidence should be balanced with calculated risks that you need to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk inrepparttar 117190 pursuit of profit. As they always say, "no guts, no glory."

10 Lessons for Every "Shoestring" Entrepreneur

Written by Isabel M. Isidro

Starting a business requires adequate capital. However, many entrepreneurs are finding that capital alone is not a guarantee for success. Some businesses start out with millions inrepparttar coffers, yet end up inrepparttar 117170 dumps. While a few businesses with shoestring budgets eventually grow to become extraordinary successes.

How can this be? Success in entrepreneurship is not necessarily a contest of havingrepparttar 117171 fattest wallets. Rather, it is an exercise of smart financial management, careful strategic planning, and yes, lots of luck. Successful entrepreneurs know how to stretch and maximize every single dollar.

Here are ten ways entrepreneurs on a tight budget can still come out a winner:

1. Set realistic goals. The first step every start-up entrepreneur must do is to determinerepparttar 117172 right scope and size of your business. Many entrepreneurs simply jump intorepparttar 117173 idea of starting a business, without understanding whatrepparttar 117174 business really entails - financial requirements, management know-how, and technological skills, human resource requirements. They eventually fall short of what they can really do. Reviewrepparttar 117175 business you have in mind and determine if it is within a range that's both attainable and desirable.

2. Plan your costs properly. A lot of entrepreneurs start a business withoutrepparttar 117176 faintest idea of whatrepparttar 117177 costs will be. They either overestimaterepparttar 117178 cost, or worse, underestimaterepparttar 117179 financial requirements needed to properly capitalizerepparttar 117180 business. This is particularly evident inrepparttar 117181 preparation of financial projections inrepparttar 117182 business plan. Some entrepreneurs prepare financial projections with numbers that don't square with other sections ofrepparttar 117183 business plan (e.g. marketing section calls for local television advertising yet budget is only $200). Some do not even include a list of assumptions to explain their numbers. From out ofrepparttar 117184 blue, they feel that their business can grow from 20% inrepparttar 117185 first year to 40% inrepparttar 117186 second year, without explaining howrepparttar 117187 increased growth can be achieved.

3. Smart financing for your business. Financing a small business is not a lock-stock-and-barrel proposition. For many entrepreneurs, there is no single source to finance their entire operation. The money provided by one source (e.g. your mom) may be enough to buy your raw materials, but you still need money for your working capital. Entrepreneurs need to look at financing asrepparttar 117188 sum ofrepparttar 117189 parts of their business: what you finance arerepparttar 117190 individual assets needed for your business. Your question should always be: "What'srepparttar 117191 best way to finance this asset usingrepparttar 117192 least upfront dollars?" The ideal financing source is one that providesrepparttar 117193 longest payback period, carryrepparttar 117194 lowest interest rates, require little or no collateral and demand no personal liability. Alas, that may be fairy tale. The next best thing is to choose what makesrepparttar 117195 best sense for you and your business, given your priorities

4. Put your money where it will bear fruit. Shoestring entrepreneurs have one common characteristic: they lack money and often struggle to raise capital for their businesses. Capital of a start-up venture goes to either of these investments: "fixed assets" (furniture, fixtures, and equipment), or "working assets" (inventory and working capital). Despiterepparttar 117196 lack of capital, many small business owners put most of their money to buying fancy equipment and chic office space - costs that a struggling start-up can do without. This is a common error in business decision-making. Successful business owners put as much money as possible intorepparttar 117197 working assets - which bears cash and sales - and as little as possible into fixed assets.

Cont'd on page 2 ==>
ImproveHomeLife.com © 2005
Terms of Use