7 attributes Entrepreneurs need:
The first of the 7 attributes us Endurance. Running your own business is not a sprint. It is a marathon. It is not 26.2 miles, more like 26.2 years. Are you and your family ready for the long days and short nights? Every business is different and mileage may vary.
The second of the 7 attributes is speed. No not a good 40 yard dash time, but how fast can you make up your own mind. Don’t get caught flat footed.
Quickness is defined by how well you recognize new opportunities and adapt your business to new waves in your industry. Remember though, they need to be sustainable over long terms and not just a flash in a pan. Not saying don’t chase the quick dollar of a flash in the pan, just don’t throw to much money behind it and get caught with inventory you can’t move.
Can you change your business philosophy on the fly? Is New Coke being pushed on you and you hate it? Is Windows Vista choking your business out and you need to move quickly to help your business processes? Ask an old Microsoft guy about the original Surface tables. That is lack of flexibility.
Being able to shift your business focus is very important. Just make sure every move is measured twice so your not cut once.
7 Attributes must included strength. Strength means being a pillar of the community, of the business infrastructure of your town and of your industry. Strength is carrying the weight of the world on your back.
Means that you measure your business carefully, looking for new revenue streams and keeping every dollar in sight, both inbound and outbound. You must know your numbers and your potential numbers. You must know why customers are bouncing without purchasing. You must know how many times they visit before they purchase. The conversion rates of tire kickers to customers to friends must be understood. Just like knowing what your break even point is on sales versus expenses.
For business owners this goes without saying. One word of warning, when you give “free” away people expect it from you and will not appreciate it or you. My experience is to always attach a cost to any item. “So I am donating this widget for the rodeo team and the normal cost is $999.95.” Of course make sure you record it for your bookkeeper and taxes. Now this might not sound like compassion and compared to buying a homeless guy a bottle of water and a big mac it is not. But, in business your job is to make a profit so you can pay your people and yourself.
Being an entrepreneur is not for the weak of heart. Most business fail with a year of startup, but through due diligence and being hard headed you can have a successful business.
More about us: Double P Tack was founded in 1994 and has had a store front, an online storefront, a mobile retail store and has done video and photography work for other small businesses. Philip has a degree from Eastern New Mexico University and has been IT certified for almost 15 years.