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The 7 qualities that make a successful entrepreneur

Entrepreneurs aren’t just born successful, they use endless traits and tools to get ahead – do you have what it takes?

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These traits determine how successful you’ll be

Take a look at all of the radically successful entrepreneurs you read about in the news or see raking in billions of dollars. Do you think they were born to be entrepreneurs? Do you think they created themselves?

That’s a debate that isn’t singularly answerable. Yes, there are some people who are born with genetic predispositions toward leadership, but at the same time, most successful entrepreneurs started their careers as very different people than they ended up, going through a transformative process that helped them carve their place.

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What really matters is a set of characteristics, which will cumulatively determine how successful you can be as an entrepreneur. Are you cut out to start your own business? These seven qualities will tell you:

1. Creative

First off, you need to be creative. Why? For starters, you need a killer idea at the foundation of your company—something new, exciting, that nobody else has done before (or at least, not like you’re doing it). But the demand for creativity doesn’t stop there; you’re going to encounter hundreds, if not thousands of problems and obstacles as you develop your business, many of which will demand creative problem solving and lateral solutions if you’re going to overcome them.

Does this mean you have to be a creative genius whose every idea is perfect? Absolutely not. It just means you have to think harder and come up with more ideas.

2. Passionalte

You need energy if you’re going to be a successful entrepreneur. This starts with being passionate; if you’re passionate about building something, or about your specific industry, or even about the team you lead, you’ll be excited to come in every day.

Work will seem easier, you’ll work harder, get stressed less easily, and perhaps most importantly—your energy is going to be contagious. If you’re passionate about this business, truly, your other team members can’t help but get excited by proxy.

3. Dedicated

This should go without saying, but entrepreneurship demands dedication. You can’t start a business on a whim, mentally check out after a week or two, and hope that it grows legs on its own. You need to be deeply involved in the process, from the beginning, working hard on every aspect of your business, even when the going gets tough.

Most entrepreneurial roles will demand that you work long hours, nights and weekends, sacrificing some of your personal time and hobbies. If you’re only half-dedicated to your idea, you won’t be able to succeed.

4. Communicative

Your communication skills are going to be imperative in a number of business applications. You’ll need to describe your business idea clearly to investors and partners. You’ll need to recruit the top talent for your team. You’ll need to confer your goals and objectives, and resolve disputes between workers. You’ll need to negotiate deals, make sales, and collaborate with the team on a regular basis.

In fact, most of your job as an entrepreneur is going to demand some form of communication. You need to be able to express yourself, clearly and openly, if you want to succeed.

5. Humble

It’s important to be humble as an entrepreneur; at its core, being humble is simply admitting that everything you do isn’t perfect, and that you don’t know everything. This simple mentality will help you remain open to other people’s ideas, insights, advice, and suggestions, which can come from mentors, advisors, employees, and even your friends and family members.

You don’t have to be ruled by outside influence, but it definitely pays to keep an open mind and listen to whatever the people around you have to bring to the table.

6. Patient

Success doesn’t come overnight, even if it looks that way in major news articles or in certain startup case studies. In fact, some estimates project it takes you 10,000 hours to become truly good at anything.

If you go into business thinking you’ll be an overnight success, you’ll become disillusioned when you hit your first roadblock, and you’ll be unable to progress any further. Bring a degree of patience to your stay as an entrepreneur, and keep your vision on the distant horizon. Always plan for the long-term, and be prepared for things to take longer than you initially expect them to.

7. Adaptable

Things will never go the way you expect them to. Your business plan won’t pan out as you’ve outlined. Your research won’t be exactly spot-on. New competitors will arise, new technologies will develop, and trends you never predicted will start to unfold.

If you want to be a successful entrepreneur, you need to be able to adapt to these rapid changes. Few businesses make it to the top by picking one direction and sticking with it forever; instead, the successful ones are the businesses that have transformed and adjusted over time.

The bottom line

Some people are born more patient than others, or more passionate than others, but there’s no quality on this list that’s completely out of reach for anyone.

If you want to become a successful entrepreneur, you can, and by either refining or acquiring these seven qualities, you can put yourself in the best possible position.

You may not be successful the first time you try it, or the second, but if you keep working hard and improving yourself along the way, eventually you’ll find the right ingredients for success.

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Larry Alton is an independent business consultant specializing in social media trends, business, and entrepreneurship. When he's not consulting, glued to a headset, he's working on one of his many business projects. Follow him on Twitter and LinkedIn.

Business Entrepreneur

How to choose the right software for your business

(BUSINESS ENTREPRENEUR) What are the best software products for your up-and-coming company? Use these questions to decide which kind is best for you.

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It’s almost impossible to run a successful modern business without some kind of software to help you stay productive and operate efficiently. There are millions of companies and even more independent developers working hard to produce new software products and services for the businesses of the world, so to say that choosing the right software is intimidating is putting it lightly.

Fortunately, your decisions will become much easier with a handful of decision-making rubrics.

Determining Your Core Needs

First, you need to decide which types of software you really need. For most businesses, these are the most fundamental categories:

  • Proposal software. Customer acquisition starts and ends with effective proposals, which is why you need proposal software that helps you create, send, and track the status of your sales documents.
  • Lead generation and sales. You’ll also want the support of lead generation and sales software, including customer relationship management (CRM) platforms. These help you identify and track prospects throughout the sales process.
  • Marketing and advertising. Marketing and advertising platforms help you plan and implement your campaigns, but even more importantly—they help you track your results.
  • Finance and accounting. With finance and accounting software, you’ll track accounts payable and receivable, and countless variables influencing the financial health of your company.
  • Supply chain and logistics. Certain types of businesses require support when it comes to supply chain management and logistics—and software can help.
  • Productivity and tracking. Some software products, including time trackers and project management platforms, focus on improving productivity and tracking employee actions.
  • Comprehensive analytics. Enterprise resource planning (ERP) software and other “big picture” software products attempt to provide you with comprehensive analytics related to your business’s performance.

Key Factors to Consider

From there, you’ll need to choose a software product in each necessary category—or try to find one that covers all categories simultaneously. When reviewing the thousands (if not millions) of viable options, keep these factors in mind:

    • Core features/functionality. Similar products in a given niche can have radically different sets of features. It’s tempting to go with the most robust product in all cases, but superfluous features and functionality can present their own kind of problem.
    • Integrations. If you use a number of different software products, you’ll need some way to get them to work together. Prioritize products that make it easy to integrate with others—especially ones you’re already using.
    • Intuitiveness/learnability. Software should be intuitive and easy to learn. Not only will this cut down on the amount of training and education you have to provide employees, but it will also reduce the possibilities of platform misuse in the future.
    • Customizability/flexibility. Out-of-the-box software products work well for many customers, but they may not suit your current or future needs precisely. Platforms with greater customizability and flexibility are favorable.
    • Security. If you’re handling sensitive data (and most businesses will be), it’s vital to have a software developed with security in mind. There should be multiple layers of security in place, and ample settings for you to tightly control accessibility.
    • Ongoing developer support. Your chosen software might be impressive today, but how is it going to look in three years? It’s ideal to choose a product that features ongoing developer support, with the potential for more features and better functionality in the near and distant future.
    • Customer support. If you have an issue with the app, will someone be available to help you? Good customer service can elevate the value of otherwise average apps.
    • Price. Finally, you’ll need to consider price. The best apps will often have a price that matches their quality; it’s up to you to decide whether the extra expense is worth it.

Read about each product as you conduct your research, and pay close attention to reviews and testimonials from past customers. Additionally, most software companies are happy to offer free demos and trials, so you can get some firsthand experience before finalizing your decision. Take them up on the offer.

Finding the Balance

It may seem like purchasing or subscribing to new software products will always improve your business fundamentals, but this isn’t always the case. If you become bogged down with too many apps and services, it’s going to make operations more confusing for your staff, decrease consistency, and drain your budget dry at the same time. Instead, try to keep your systems as simplified and straightforward as possible, while still getting all the services you need.

You won’t find or implement the perfect suite of software products for your business overnight. It’s going to take weeks, if not months of research, free trials, and in-house experiments. Remain patient, and don’t be afraid to cut your losses on products that aren’t working the way you originally intended.

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Business Entrepreneur

This app lets you swipe right on the co-founder of your dreams

(BUSINESS ENTREPRENEUR) It’s said that business can be a lot like dating – and Tertle is taking advantage of that to find you a vetted, high-quality co-founder with a few swipes.

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Two men standing in meeting room with others, shaking hands as they agree to be co-founder together.

Much like there is a dating app for every romantic match possible, there is now a way to match with your ideal co-founder. And the name will help you ease out of your shell when connecting with your new partner.

Tertle is a new online app that helps you find the co-founder that best suits your needs. According to developers, “Tertle sends you frequent, vetted, high-quality co-founder matches via email or WhatsApp based on things that matter to you – giving you precious time back and putting an end to endless profile crawling.”

So how does it work? Like any other matching app, you first start by creating your profile. Tell Tertle a little bit more about you and what you’re looking for in a co-founder.

Next comes the vetted matching. Tertle will match you up based on things you both care about – like your skill sets, location, values, and interests. Finally, you connect and chat. Receive weekly 1:1 video chat calendar invitations at a time that suits you.

When answering why Tertle was founded, developers wrote, “We, like you, are startup fanatics. Finding the right co-founders is one of the most important decisions you’ll ever make in pursuit of a successful venture. We think there’s nothing currently out there that really hits the mark in helping like-minded co-founders easily connect—and so, Tertle hatched.”

As a reviewer pointed out on Product Hunt, the safest (and most heard about) route when selecting a co-founder is to choose someone you went to college with or have a long-standing relationship with. However, this may not always be an option and so it’s nice to have a little help from profile-matching algorithms.

Tertle developer Ryan Connaughton appreciated the Product Hunt feedback and expressed the following, “In terms of the algorithm, I’ve been matching people manually to test the waters while also working on a simple algorithm as MVP (what skillsets they’re looking for and location IF thats also important to them).

Following an MVP, my thinking is I can vet harder with more in-depth data collection (personality types, values, problems spaces of interest, etc). Of-course this will require a much deeper user-research/spike piece first before I can get to the right solution.

In addition, there can only be so much ‘filtering/vetting’ you can do before you have to get some hard validation that this is the right person – that being, actually working together. So assuming that I can get the prerequisites above right and there’s interest, I think there’s then potential of guided mini-hackathon style projects or some kind of ‘trials’.

Worst case scenario: You meet someone new, learn some stuff, give each other feedback for you to grow and have fun building something. Best case scenario: All of the above, plus the problem/solution holds water and/or you form a continued lasting relationship.”

The site boasts being free to beta users forever; so, if you’re on the hunt for a co-founder, it may be worth it to join the waitlist and see what’s out there.

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Business Entrepreneur

How can a small business beat a large competitor moving in next door?

(BUSINESS ENTREPRENEUR) How do you stand out when a big competitor moves to your neighborhood? Reddit has a few suggestions – some obvious, some not so much.

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Small businesses, especially restaurants have been hit hard by lockdowns. Many closed for good this year, and those that are still hanging on are in a precarious position as their local economies shift.

Last week, a user on r/smallbusiness asked a timeless question that is especially relevant right now. Reddit user longbottomjr writes: “We have a strong competitor moving in next door in a few months. Our restaurant is one that pays the bills but […] I feel that if this new competitor takes up enough market share we will lose our restaurant. Can anyone chime in with resources/ideas I can use to help put together our plan of action?”

Comments quickly pointed out what common sense would dictate.

First, ensure the basics are covered. Being clean, quick, friendly, and high quality will take you far, no matter what competition you’re up against. And as u/horsemullet said, “Customer service also happens before someone walks through the door!” So make sure that your online hours, contact info, menus and social media accounts are up to date and accurate.

Another point emerged that is less intuitive: Competing businesses will naturally gravitate towards similar locations. This is a well-established phenomenon known within game theory as Nash’s Equilibrium. In the restaurant industry, this is actually a good thing. It brings entirely new customers to the area and ultimately benefits all the other nearby businesses, too.

Take advantage of the attention by offering something other spots don’t, like loyalty rewards, specials, unique offerings, or meal deals.

Speaking of the area, a great way to stand out from larger competitors is to build relationships with the community you serve, as u/sugarface2134 emphasized. “In my city there are two Italian restaurants in the same location – just across the parking lot from each other. We always pick the smaller one because the owner truly makes you feel like a member of the family.”

That’s an advantage of being a small, local business that all the money in the world couldn’t buy. Get to know your customers personally and you will not only create loyal regulars, but friends as well.

One of the top rated responses, from u/seefooddiet2200, made an often overlooked but critically important point.

“Talk to your staff and see if they have any ideas. These are the people that are working every single day and may know one or two ‘annoying’ things that if they were switched would make things easier. Or maybe they see that there’s specific things people ask for that you don’t serve. Every single [one] of your employees is a gold mine of insight, you just need to be open to listening to them.”

That is applicable to any business owner who wants to improve their practices.

Ask employees what they think, especially the ones who have stuck around a long time. Not only do they know the ins-and-outs of their jobs, but this builds rapport and trust with your staff. A good boss realizes that employees are more than their job descriptions. They have valuable thoughts about what’s working and not working, and direct access to customer’s opinions.

Good luck, u/longbottomjr! We’ll be rooting for you.

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