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Top 10 character traits of successful entrepreneurs

(ENTREPRENEURS) Successful entrepreneurs and freelancers have certain traits in common – some can be learned, others are inherent. Do you have what it takes?

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Thinking of being an entrepreneur or freelancer?

If you’re one of the thousands of Americans who wants to quit their day job for freelancing or opening up your own company, are you sure you have what it takes to succeed? I’ve been in the game for nearly five years and what most won’t tell you is that there are many ups and down – it’s about more than grit. Succeeding is about more than just a will to win, rather your character – what’s inherently inside of you.

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Before starting out, you need to assess your skills and traits. Here are the top 10 characteristics of what successful entrepreneurs have in common:

1. Independence

You’re going to have to make decisions on your own. Rejection will happen. You have to trust your instincts and work with no one pushing you forward.

2. Risk-taking and assessing

When you’re your own boss, you have to measure the risk of every decision. Buying property is a great investment, but what happens if the market drops out of your industry two or three years down the road. If you can’t face uncertainty, you’re not going to make it in the entrepreneurial world.

3. Confidence

The SBA talks about being persuasive to get customers and employees, but before that, you need confidence.

If you don’t believe in your ideas, you won’t be able to persuade others to get behind you.Click To Tweet

I’ve learned that sometimes, you just have to fake it until you feel confident.

4. Creativity

You’ll never flourish in business if you can’t be creative. It’s not just about having new products but also about innovative marketing techniques and finding new methods of reaching customers. I started out covering news and writing website content, but now I write white papers, case studies, and press releases.

5. Support

Although this might be financial, it’s most certainly emotional. It’s draining when you begin your business. You have to spend time curating clients, marketing, finding support staff, and watching your books. You might go a month without getting a paycheck. If your family isn’t behind your decision, it’s going to be difficult when things get tough.

6. Discipline

There’s no substitute to take your place when you don’t get out of bed to take on your day. There’s no boss checking up on you to make sure you got to work on time. If you don’t have the incentive to get out of bed when you don’t have clients, you’re going to find it’s hard to meet their deadlines when you do.

7. Ethics

It’s hard to be financially responsible and follow all the rules of your industry when no one’s looking over your shoulder. You can’t just take money from your business accounts to pay yourself whenever you want. Well, I guess you could, but when you miss a tax payment or can’t pay your electric bill, who will you ask to pull you through?

8. Time management skills

I write a lot about productivity. To manage my clients, I can’t spend so much time working for one when another has deadlines that can’t be missed. You also have to manage your time to give yourself breaks. No one can work seven-day shifts indefinitely without burning out eventually.

9. Quick decision-making skills

There will be times when you don’t have two or three days to make a decision. You have to balance the risks of making a quick conclusion versus missing out.

10. Self-awareness

When you start out on your own, you want to know why you want to work for yourself. Be specific. You can’t say, “I want to be my own boss.” You’re going to need this self-awareness for times when it gets rough. Have goals and objectives, not just financial ones, to measure your success.

The takeaway

Being a freelancer and/or entrepreneur offers a lot of benefits, but there are downsides. You have to have the disposition to deal with the ups and downs of working for yourself.

#entrepreneurs

Dawn Brotherton is a Staff Writer at The American Genius, and has an MFA in Creative Writing from the University of Central Oklahoma. Before earning her degree, she spent over 20 years homeschooling her two daughters, who are now out changing the world. She lives in Oklahoma and loves to golf. She hopes to publish a novel in the future.

Business Entrepreneur

Performance improvement through self-talk

(ENTREPRENEUR) Speaking to others can be scary, but speaking to yourself is normal and can actually improve your speech performance overall

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Performance mirror

Do you talk to yourself? Don’t worry, this is a no-judgment zone. I probably talk to myself more than I talk to other people – especially when considering the inner monologue.

I once read that people who talk to themselves are likely to be more intelligent. Whether or not this is factual I don’t know, but I do know that it’s important that you’re smart about the way you talk to yourself.

I’m a fairly self-deprecating person, so when I’m talking to myself about myself, it’s usually some sort of insult. About a year or so ago, I realized how often I was doing this, and made a conscious effort to be a little bit nicer. In that time, my mood has been a bit more positive.

This experience fits well into the research efforts of psychologist Ethan Kross who has examined the differences in life success based off of how people talk to themselves. “Talk to yourself with the pronoun I, for instance, and you’re likely to fluster and perform poorly in stressful circumstances,” said Kross. “Address yourself by your name and your chances of acing a host of tasks, from speech making to self-advocacy, suddenly soar.”

This can be simplified as, talk to yourself the way you would (or maybe, should) talk to someone else, and respond in the way you would want them to respond. Treat with kindness, receive kindness back – as a result, things are more cohesive, copacetic, and successful.

After working with participants in his study, Kross found a number of performance benefits to this self-talk method, including: better performance, higher well-being, and greater wisdom.

With better performance, judges were used to listen to five-minute speeches prepared by participants about why they should be hired for their dream job. Half of the participants used “I” statements, while the other half referred to themselves by their own name. The judges found that the latter half performed better, and were found to have experienced less depression and felt less shame.

With higher well-being, Jason Moser, a neuroscientist and clinical psychologist, measured electrical activity in the brain during participants’ usage of the different types of self-talk. During stressful situations, those who used their names instead of personal pronouns were found to have a significant decrease in anxiety levels, which positively correlated with a major decrease in energy use by the frontal lobe (talk about a win, win!)

With greater wisdom, the research found that people who use their names instead of pronouns are able to think things through more wisely and more rational and balanced way. “The psychologically distanced perspective allowed people to transcend their egocentric viewpoints and take the big picture into account,” Kross said of this piece of the research.

Well, Taylor is now ready to wrap up this article, and she hopes that you’ll give name-first self-talk a try, as The American Genius only wants what is best for their readers! Additionally, encourage people around you and those on your team to give this self-talk, first name idea a try – circle back after a week of trying it and share the results.

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Business Entrepreneur

How freelancers can keep the peace with difficult clients

(ENTREPRENEUR) Freelancers are in a tight spot – keeping customers happy pays the bills, even when they’re impossibly difficult. Let’s discuss how to overcome this tremendous challenge.

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Freelancers have a myriad of benefits, but one distinct drawback is that there isn’t always a team to back you up if you find yourself working with a particularly nasty client. It’s especially important to keep clients — no matter how insufferable they may be — in good moods, so here are a few tips on keeping the peace with your most annoying customers.

It’s worth noting that you can often mitigate a large amount of potential misunderstandings — and thus, nastiness — by being clear with your intentions, terms, and rules up front and over-communicating at all times. A common issue for beginning freelancers is a tendency to settle on less-than-optimal terms for fear of losing a potential customer. A piece of advice – if they’re not willing to pay you what you’re worth now, they never will be.

It also helps to keep in mind that most obstinate clients are simply control-freaks who have found themselves outside of their comfort zones. Knowing that you aren’t dealing with inherently bad people can be the difference between snapping and having more patience.

Once you’ve established that your client is causing you substantial enough discomfort that their behavior is no longer acceptable, your first step should be to communicate to them the specifics of your problem. If possible, do this in writing – promises made via email tend to reinforce accountability better than phone calls.

Freelancers should also avoid using any additional stipulations or rewards for getting clients to cooperate. As long as they’re the one failing to hold up their end of the bargain, they should be the one to pick up the slack — don’t do their work for them (or, if you do, make sure you charge them for it).

Again, the majority of client-freelancer issues can be boiled down to miscommunication and shaky terms, so address all issues as quickly as possible to avoid similar problems in the future. And as previously stated, over-communicate at all times.

Of course, keeping the peace is only viable up to a certain point of abuse.

If your client doesn’t pay you by the agreed-upon due date, continuously disrespects you and/or your team, or keeps changing the terms of your agreement, you reserve the right to set the client straight, threaten to take them to small-claims court, or — if you haven’t initiated the work for your end of the deal — terminate the contract.

Remember, freelancers don’t owe inconsiderate customers the time of day, and for every non-paying customer with whom you waste your time, you’re missing out on a paid, legitimate opportunity.

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Business Entrepreneur

Is the best time to relocate your business before, during, or after the holidays?

(ENTREPRENEUR NEWS) If your business has outgrown its current space, it may feel like there’s never a good time to relocate. When can you pack everything up without disrupting operations, going offline, and sinking your sales?

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If your business has outgrown its current space, it may feel like there’s never a good time to relocate. When can you pack everything up without disrupting operations, going offline, and sinking your sales? The answer may be during that post-holiday slump.

Though the holiday season is marked by increased shopping and general economic activity during the run-up, once the holiday season actually begins, we tend to see a slowdown that leads to low first quarter profits. Decreased profits during this period don’t mean we’re looking at an overall economic slump, but rather that everyone is recuperating from holiday spending sprees, while companies assess and prepare to launch their start-of-year marketing strategies. It’s a time of renewal and reconsideration, from an economic perspective.

If you’re thinking about staging a move for your business this holiday season, you’re on track for decreased business disruptions, but that doesn’t mean you have an easy road ahead of you. Here’s what you need to know to execute the move smoothly.

Have A loose timeline

One of the most challenging things about planning a business move is that it can be hard to predict how long it will take to properly execute your move. That means, even if you tell your customers you’re relocating, you shouldn’t expect to give them a hard re-opening date. Rather, the length of time it takes to move tends to hinge on a number of factors, including distance, size of your business, infrastructure issues, and regulatory concerns, not all of which are easily predictable.

You’ll also want to leave some buffer time when planning your move because you can’t predict problems that might arise with the moving company. Bad weather or a broken down truck can delay a move, especially if you’re working with a small company. Moving companies may also offer you a lower rate if you’re flexible with your move dates.

Consider your employees

Another question you’ll want to ask before moving is, “Where are my employees in all this?” Some companies firmly believe in giving employees holidays off, even if it means closing a profitable business like a restaurant during an otherwise profitable time. Other companies, however, typically assume employees will be in the office during or immediately after major holidays.

Regardless of your usual philosophy, you need to determine what role your employees will play in your move.

While they shouldn’t be responsible for the physical process of moving, do you expect them to participate in packing and setting up the new location? You should be clear about your expectations while recognizing that moving is outside the scope of typical job duties. You also will need to budget to pay your employees during this downtime while also financing the move, even though you won’t be bringing in a profit.

Mind the locals

If you’re primarily an online business, you may not have to worry about how your move will impact customers – other than some downtime, these individuals will be minimally affected. However, for businesses that run a brick and mortar storefront, changing locations can have implications for your community relationships.

If you move outside your original area, for example, you may lose customer goodwill or even sacrifice some of your customer base altogether. Depending on the service you provide, they may come back, or they may find another option closer to home.

The holidays are a busy time in general, but they’re an unusual time for businesses since economically it’s the pre-holiday period that’s actually the most hectic. Take advantage of this imbalance to move your business with the least fuss during the last few days of the year or at the start of the first quarter. You’ll be pleased to find how smoothly a company move goes when customers are otherwise occupied.

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