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Reasons For Entrepreneurial Success

Reasons For Entrepreneurial Success

Five of the most common factors that contribute to Entrepreneurial Success.

Have you every wondered what are some of the common factors that contribute to the success of Entrepreneurs? Many businesses’s that succeed have been found to follow a pattern of factors that have led to their success.  

Hard Work, Drive and Dedication – Anyone that thinks that owning your own business is easy, has never owned a business. You must have a strong desire to work independently and be willing to put in long hours and work hard to succeed. Below are some additional traits:

 

  • Risk taker
  • Self-confident
  • Hard working
  • Goal setter
  • Innovator
  • Detail oriented

 Some Entrepreneurs will find that their business fails because they have neglected the details of their business operations.

Demand For Your Product or Services – For any business to be successful their must be a demand for your product or service.

 Managerial Skills – The entrepreneur should have basic managerial skills. You need to know how to select business locations, acquire financing, and hire and evaluate employees. You should also be able to manage growth, control costs, and make difficult choices and decisions. What you don’t know, you can however learn, remember research, research, and so don’t be intimidated by this one.

 System Checks– Your small business needs a strong system check. Have safeguards in place to alert you of these problems. For example too many slow paying customers can reduce your cash flow to a trickle and in effect stop your business. Have in place collections or a system on how you are going to handle collections.  We would all like to think that all of our clients will pay us in a timley manner, but that is not always the case.  Another problem can be too much inventory, start small, and order as needed. Do you really need to carry that much in inventory? Insufficient profit margins can have disastrous effects on your business as well. Be sure you have in place a system that will alert you to these problems. 

Sufficient Capital – Your business will need sufficient capital for your start-up and growth phase. You should also have enough personal funds when starting your business to be able to live without income from your business for one year. You need to be able to cover all your living expenses and business expenses. Don’t depend on your next months profits to pay your rent.

But I have learned you can start your business for under $200~  The Successful Gal – The Entrepreneur’s Hand Book – Start Your Own Business for Under $200 and Get on the Web by Francine Schillo

So remember, Knowledge IS Power!!! Research, research, research.

 

Here is to your Health, Happiness and Personal Success!

 

Francine

 


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