Is It possible to narrow down the characteristics of a successful entreprenuer to only 10?
It is said that if you wanna make “job-quitting” income, and I’m talking multiple six-figures a year, and you’re not doing that now, it’s safe to say that when do accomplish that goal, you will be a different person than you are today. Ineed something will change… and what will change is you’ll develop the qualities I’m describing below. Why not develop them now so you can get a head start in your online business?
You can Google the top the characteristics of successful entrepreneurs but I want to do something a little bit different in this post. I want to present the information in a way that’s going to make it more relevant for you; that is, I want to take you through the steps of starting your own business and how these entrepreneurial qualities are going to be needed during that process.
Anyone can do it but yet if you don’t have those characteristics, you’re going to have to develop them because somewhere along the line if you’re a successful business owner you’re going to be a different person than you are now.
In case you haven’t read my story, which is on this blog and my YouTube channel here, I’ve been an entrepreneur for over 20 years, saying goodbye to my bosses in 1992 and so I knew I know what it takes to run a successful business. Read more about that by going to this blog post.
Just so you know, I do know what I’m talking about.
So, let’s get on with it. The top 10 characteristics of a successful entrepreneur:
Characteristic #1 – A VISION:
A vision is the first and number one thing you need to have your business – a clear image in your mind of what you want to create and what this creation will look like when it becomes the killer money making vehicle you know it will.
Ask yourself these questions…
What will your business look like? Are you going to be working from home or are you going to be renting an office? Maybe you’re going to be hiring employees or maybe you’re going to have your spouse work with you. What kind of sales do you want to have? What products are you going to be selling? How will you be delivering those products? Digital online? Physical products by mail? How will your life be different? Will you be working fro exotic locations? Will you be taking your children to school and working evenings?
So many choices to make. You need to have a clear vision of how you want to see your business and that that means choosing something that you can get clear about.
What this doesn’t mean though trying different things out haphazardly. So many people online do that. Do you do that?
You know you want to start an online business, but you don’t have any idea what it will be… so you try this and that, moving from one thing to the next, without any success. You’re like a boat without a rudder, aimlessly floating through the oceans, not knowing where you’re going or when you’ll get there.
This is NOT how to start and run a successful business.
If you are doing that, stop in now! You obviously don’t have a clear vision and you need to get one and work that vision only – nothing else – until it succeeds!
Characteristic #2 – PASSION:
Passion – yes passion. You need to be passionate about your business. You need a fire inside you that burns hot and motivated you and gets you unbelievably excited – a go getter attitude and a passion that just won’t quit! When you get this passionate, there is nothing that’s going to get in your way – no obstacles that are going to hold you back – no challenges or negative feedback from others will sway your opinion.
You also need to have a passion for your niche.. Let me give you an example.
If you love dogs you might want to create a dog website about dog training and dog breeds that are easy to train. That’s a good thing if you love dogs, but if you don’t and you do it for the money, it will show through and people will catch on. Most important though, you’re not going to want to stick with it. It won’t be fun. It will be like work.
If you’re going to be working your business every day you want to do something that you consider fun that you’re passionate about… whether it’s dogs or golf or something else.
Continuing on with the website about dogs, you’ve decided to go that route. You have a vision. You’re website is going to list the different dog breeds and which ones are easy to train. You’re going to include different catagories of training, such as stopping barking, house training, tugging on the leash, etc. Then, you’re going to put adsense ads on the site, sell an affiliate product on dog training, and include an amazon store selling dog supplies.
You’re going to market using facebook ads, social media, and Youtube. You plan on selling 10 dog training courses per week, making $25.00 each to start, for a total of $250.00 per week. The amazon store will bring in another 2K per month, at which time you can quit your job. Etc. etc.
You’ve just developed a clear vision, and as your passion for dogs has morphed into this business, that vision has gotten excited.
There you have it Can you see now how this approach to starting an online business is the right approach?
Characteristic #3 – BELIEF:
Belief is an interesting concept because it can be very controversial. All kinds of people believe all kinds of things in this world. However, that doesn’t make them necessarily true.
Think about all the people who believed the world was flat. I’m sure, at the time, they 100% believed that to be true. There are lots of other examples, from the esoteric such as God, to aliens. Who knows. Someday, we all might have proof that aliens exist!!!
Who can to say what’s true and what’s not. Unfortunately, the truth sometimes doesn’t matter. It’s what people believe that matters and gets them to act in a certain way.
This brings me to your business. YOU need to have believe in YOUR business in order to rise above the challenges, I’m talking unwavering belief and therefore, faith. Faith that your concept is a good one. Faith that you can do it. Faith that people will want to buy what you have to sell.
Question… What would society be like today if the cival rights activists of the past did not believe, without question, that all people deserve the same rights? Those people believed so strong in their cause they were willing to die for it. Now, that’s strong belief!
Let’s talk about the dog training website. If you’ve had success training your dogs and you know for a fact that you can tell other people how to do it because you just know this stuff works, no doubt about it, that’s the formula you need. Your vision and passion will fuel your belief to gargantuan levels. You’re going to be able to run with it and you’ll probably see success.
On the contrary a lack of belief is going to cause you to doubt when things are going wrong and your facing challenges. You’re going to doubt yourself. You’re going to doubt whether your concept is valid. That will turn into inaction and that will cause your business to languish.
Belief is extremely important. Whatever you have to do to believe, do it. It’s one of the keys between success and no success.
Characteristic #4 – Creativity/Inventiveness:
So you’ve got your vision, the passion, and the belief in what you want to do. Now it’s time to get to work developing your business.
As you’re deciding how to implement your vision, one important aspect of your thought process should be creativity and inventiveness.
Have you ever heard of the USP? It stands for “unique selling proposition” and it’s a very important concept you must understand. Most likely, you aren’t the first person to develop a business in the niche you’ve selected. However, you must be unique.
For instance, if there are 10 other websites or or 100 other websites teaching dog training how are you going to be different? You need to stand out.
Maybe you have a unique angle. Perhaps it’s your presentation. Maybe you are doing a comedy version of dog training where others are doing a serious version. Whatever it is you need to think about how to be creative and inventive with your business to stand out from the competition. Perhaps it’s ideas for marketing. Maybe it’s a unique traffic generation method. Maybe it’s giveaways or contests.
Creativity is something that you need to to to bring to your business.
Characteristic #5 – GOOD PLANINNG AND GOAL SETTING SKILLS:
Like any business, you need a business plan, something concrete that you can follow and will guide you through all the tasks that need to happen. Think of it as a road map to get you from point A, your starting point, to point B, a money making business.
Good planning and goal setting skills are essential for this step. Without them, you won’t have the forward progress you need, you’ll start to feel unproductive, and pretty soon, a week, a month, will go by and you’ll wonder where the time went. Nothing has gotten done.
In a nutshell, figure out your 5 year goal, which should be known to you from the vision stage. Then break that down into years, then months, then weeks, then schedule your daily tasks around your weekly goals.
Using the dog training site as an example, if you’re going to be making $500,000 in five years and your income will increase $100K each year for 5 years, that means in year 1 your income is $100K, year 2 it’s 200K, and so on.
Changing that figure a bit to make the math easy, let’s say this year’s your goal is 120K. That’s 12K per month, or 3K per week. How are you going to make this money? If you’re selling a one thousand dollar course you need to sell three each week. If you’re selling a $10.00 course then you need to sell sell 3000 of those.
Then, how will you be selling them? Online via facebook ads? Selling them on your blog? Many of the other ways?
All of these answers and more need to be set up in a business plan and a roadmap for getting from point A to Point B. If you don’t have that, you’re going to be stumbling through your days doing this and that – busy work – until a month has gone by and you really have accomplished much. Then as time goes on, without accomplishing much, you’ll quit and say this doesn’t work.
It does work if you do it right.
I use Google calendar to set up my business’ daily task and it works really well for me. Whatever you use, you must set goals and do a business plan.
Characteristic #6: – HARD WORKER:
I’m telling you, laziness and running a successful business DO NOT go together. Plain and simple.
If you’re like me and most people, you’ve probably searched online for ways to make money. In your search you’ve probably come across lots of courses and people showing you so called “methods” for making money, many of them saying things like… make seven thousand dollars by the end of the week. Make $100.00 per day starting tomorrow, or some other over-the-top statement.
Here’s the truth. You’re going to be spending a lot of time and effort in the beginning. It’s just a fact, so believe it right now and be prepared for it.
The thing is though, if you’re passionate about your business it’s not going to seem like work. It’s going to seem like fun and that’s the key my friend. You can really do it and have fun and it won’t seem like work.
You might be putting in 10 hours today. You might be putting in 12 hours tomorrow. It’s going to take a lot of work because you are the one responsible for everything. There is no one to answer to. You are the boss.
In your dog training business, you’ll have to buy a domain, get your site hosted and create content for it. You’ll have to create opt-in pages, set up your autoresponder to send messages to your email list, you’ll have to write those emails.
Then you’ll have to set up your monetization, whether it’s adsense ads, or affiliate links. And I won’t even mention creating your own dog training course.
Then you must drive traffic to your web properties. That alone can take a lot of time.
Yes, the list goes on and on.
There are no quick riches, no get rich quick type of businesses. If anyone claims that, don’t believe it.
Characteristic #7 – DISCIPLINE:
In my version of the dictionary, discipline means the ability to do what must be done when it must be done despite how you feel. Re-read that because it’s important – and the most important part, despite how you feel.
Are you disciplined? That’s the question I want you to ask yourself because if you have a goal and a time frame to get it accomplished, and you don’t accomplish it, not only will it set your business back, but the feeling of let down will play havoc with your mindset.
Let’s say you want to create a dog training ebook and your goal is to get chapter 1 done by the end of the week and the entire course done in 4 weeks and it contains 8 chapters. That means 2 chapters per week.
Now, if you don’t get that done because, well, you’re too tired after work 3 of the 5 days, then that has a ripple effect that’s just bad.
First, it will mean the next time you have a goal you’re going to let it slide a little bit more and the next time you have a goal you’re going to let it slide even a little bit more and the cycle continues like a disease then, before you know it, it’s taken you 2 months to complete the course.
How do I know this? I know this because I’ve been through it myself. I’ve done this before so if you have a goal, you need to do whatever it takes to accomplish that goal when it must be done despite how you feel.
The second reason it’s so important – it’s about establishing success habits – habits that will propel you forward, not stop you in your tracks. Doing what needs to be done over and over will set the ball rolling and give you so much forward momentum, you’ll be dizzy.
Characteristic #8 – ADAPTABILITY/FLEXIBILITY:
As you’re running your business you’re going to find yourself facing many challenges.
Perhaps the day you’re launching your dog training course, the buy button isn’t working. Maybe you sent the wrong link to your email list. Your site might go down. WordPress plug-ins may stop working. Facebook changes their algorithm and your ads went from .50 per click to $2.00 per click.
All of these examples have happened, BTW, to me or other successful entrepreneurs I know.
How do you handle them? You adapt your strategies and become very flexible.
The one thing that’s for certain, the internet is always changing and if you don’t adapt, you’ll die. It’s impossible in today’s world for businesses and marketing to stay the same.
Don’t believe me? Just look at what’s happening to the retail market. Physical stores closing or changing the way they do business because of online shopping. That’s just one example. I could list more.
Characteristic #9 – RESOURCEFUL:
Here’s another interesting phenomenon I see happening in the online marketing space.
People, maybe even you, will buy training courses on how to make money online and the courses will say do this and do that, do this and do that, step by step instructions, but there might be a few little things that are left out.
Then I’ll see people complaining online, saying things like “I don’t know how to do this.” “Why don’t you show me how to do this.” Making excuses. “What am I going to do?” they might say.
Well here’s what you do. You be resourceful and you figure it out. This is your business and you are going to need to be resourceful and figure out how to do things on your own. You’re not going to always be handed the answers to all your challenges on a silver platter.
Things will come up for which you’ll need to figure out the answer.
Maybe your dog site is a membership site and maybe you’re giving dog advice every couple of weeks and people aren’t signing up to become members. Do you know how to run a membership site? Maybe the buy button isn’t working. Maybe the wrong link is in your ad. Maybe… you fill in the blank here.
The point is, you’ll need to be resourceful to figure out how to do the little things in business. It’s absolutely necessary.
Characteristic #10 – PERSEVERANCE:
Perseverance. The DO NOT QUIT mindset.
As I mentioned before, you are going to run into many challenges and that’s a fact. What will you do? Will you throw in the towel? Or will you pick yourself up, brush yourself off and get on with it!
I can tell you for sure that people with perseverance that have overcome obstacles are tremendously admired in society.
I’m sure you can think of many instances of people that have done it. Don’t you admire them? Of course. It’s a trait you should develop and use often, not just in business but in life in general.
Let’s say you’ve developed a lead magnet. You want to get people to your dog training course and you’re giving away a free report, the top ten ways to stop your dog from barking. You develop an opt-in page to collect e-mails. You run a Facebook ad. No one’s opting in.
Perhaps it’s your ad. Maybe it’s your targeting. Perhaps it’s the sale copy. Maybe it’s the call to action button.
You try another version of the ad but still, no one’s opting in. What do you do?
If you have perseverance you try again, and you try again, and you keep trying until you get it right and people are opting in.
You don’t quit after the second try, or the fifth try, or the 50th try.
As long as you’ve seen others have success with this method, then you know it works so you keep trying until it works for you.
And there you have it.. The top 10 characteristics of a successful entrepreneur. Read them and incorporate them into your life and business. That my friend, is what you do to finally see success in your online business.