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Archived - Three Characteristics of a Successful Entrepreneur

A group of entrepreneurs smiling.

A group of entrepreneurs smiling.

A group of entrepreneurs smiling. 

Many people dream of becoming an entrepreneur. The benefits are significant. The owners of small businesses make their own decisions, pick their own team, and profit from their own success.  There are shortcomings as well.  Owning a small business takes a lot of hard work and dedication, and failure is always a possibility.  

Being an entrepreneur is challenging and difficult, but by preparing yourself for the journey ahead, you can greatly increase your chances of success.  Your chance of success will increase even more if you start out with guts, brains, and capital—and MOBI training.

1. Guts

Starting a business can be intimidating, especially if you have never done it before. It is normal to be anxious about the unknown, but the most successful entrepreneurs have the courage (“guts”) to try something new.

The overwhelming desire to start a small business is a sign of a strong entrepreneurial instinct. The most successful entrepreneurs are completely devoted to their goal, and they are willing to put in the extra time and effort it takes to see their business thrive.

One way successful entrepreneurs sustain their focus and find the courage to continue moving forward is by choosing a business they love. If you take the time to narrow down a few small business ideas and choose the one you are most passionate about, you will wake up each morning with the guts to do whatever it takes to ensure your business is successful.

2. Brains

It is important for entrepreneurs to have guts so they do not give up. It is just as important to have brains. A traditional education is helpful, but entrepreneurial “brains” means much more—it means having a working knowledge of the business you want to start well before you make your first sale.

The best way to clarify all the details of your business is to create a business plan. In the excitement of getting a new business up and running, it is often ignored, but without one, you cannot effectively focus on your goals and confidently make adjustments as your business evolves.

Creating a high-quality business plan is easier than you think. Click here to walk through each step to create a business plan of your own.

3. Capital

Regardless of the kind of business you decide to start, a successful entrepreneur understands the importance of capital. It is important to have some money in the bank before the business even gets off the ground. If you want to increase your chances of success, you need to make sure you have sufficient funds to maintain a positive cash flow for a year or more.

Having the appropriate capital is easier than it may seem at first. Many businesses can start small with very little investment. As it grows, your business can use its cash flow to fund that growth.

You will need even less capital if you start your business by doing everything yourself. By starting small, you give yourself the opportunity to learn everything you can about your business and what it takes to run it. That will make it easier for you to delegate work in the future after your business has expanded.

Entrepreneurs of all kinds can benefit from learning more about financing a business. Putting in the effort to understand your business’ need for capital will help you avoid mistakes in the future.

Ask for help when you need it

Successful entrepreneurs know that starting a small business requires doing quite a few things, and some of those things they may not be very familiar with. If you want to start a business, ask for help when you need it.

Whether you want to learn more about how to choose the right business or you want to learn everything you can about financing, MOBI can help.  A certificate from MOBI is a strong signal that you are willing to do what you need to do to make your business successful.  Sign up today.

YOU MAY ALSO BE INTERESTED IN: Deciding on a BusinessDo you have an entrepreneurial mindset?, Raising Capital For Your Small Business, or Financing the Business

Jul 6, 2017