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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

PopCom designs smart vending machines to automate regulated products

(BUSINESS ENTREPRENEUR) PopCom raises $1.3 million in equity crowd funding to launch smart vending machines that will securely sell regulated products like cannabis and alcohol.

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Dawn Dickson is upgrading the beloved vending machine to thrive in the era of COVID-19. Dickson is the Founder & CEO of PopCom, a black-owned retail technology company whose mission is to “equip entrepreneurs and brands with future-ready retail solutions that allow rapid retail expansion, incredible customer experiences, and powerful sales data.”

Dickson started her entrepreneurial career with Flat Out Heels, rollable flat shoes that fit in a purse. The business was an e-commerce hit, relying on online data analytics to drive sales and growth. She found there was a disconnect in leveraging that technology when she looked for traditional vending machines to sell her products in places with high foot traffic like airports. Like any good entrepreneur, she created her own solution to the problem.

PopCom vending machines use facial detection and machine learning to create an interactive and intelligent retail experience. In 2020, the Columbus, Ohio based company is rolling out secure pilots for automated vending of regulated products like alcohol and cannabis. The machines rely on biometric analysis to verify identity, and can even anonymously evaluate age, gender, and emotional sentiment while a customer is browsing to convert sales. Products can therefore be available on demand with minimal human interaction.

The growth of this technology is timely as COVID-19 continues to ravage retail in the United States. “Vending machines and convenience services are becoming more essential, and retailers are looking for more ways to deliver their products direct-to-customer with less human friction. We are excited about what is to come,” Dickson told BlackNews.com.

And what is to come is coming quickly. Dickson just completed a record-setting equity crowdfunding campaign on Start Engine, being the first female founder in history to raise $1.3 million in just 47 days! Previously, PopCom raised an initial $1.07 million from their first campaign. According to SEC regulations, companies can raise up to $1.07 million from regulation crowd funding sources in a 12-month period.

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Business Entrepreneur

How to choose the right software for your business

(BUSINESS ENTREPRENEUR) What are the best software options for your company? Well, we have a list of suggestions and questions to help you determine what 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

‘Small’ business was once a stigma, but is now a growing point of pride

(BUSINESS ENTREPRENEUR) Small businesses make up the majority of companies, employers, and money makers of the American economy, that’s something to be proud of.

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American small business

Prior to the Industrial Revolution, all businesses were small businesses. Independent craftsmen served communities with vital services. Small merchants opened shops to provide the community with goods. Lawyers, doctors, and other professionals hung out a shingle to offer their services to neighbors. Small businesses were the norm. Some of the most beloved American companies started out local. John Deere, Harley Davidson, and King Arthur Flour, all got their start as small businesses.

Business changes led to a attitude change

It wasn’t until manufacturing allowed businesses to scale and produce more efficiently that the idea of big business became more important. Post-World War II, the idea of a small business became derogatory. It was the age of big government. Media was growing. Everyone wanted to be on top. Small businesses took a back seat as people moved from rural to urban communities. Small business growth plateaued for a number of years in the mid-20th century. Fortunately, the stigma of small business is fading.

Small businesses are the backbone of the economy

According to the Small Business & Entrepreneurship Council, the “American business is overwhelmingly small business.” In 2016, 99.7% of firms in American had fewer than 500 workers. Firms with 20 workers or less accounted for 89.0% of the 5.6 million employer firms. The SBE also reports that “Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.” Small businesses account for a huge portion of innovation and growth in today’s economy.

Modern consumers support small businesses

According to a Guidant Financial survey, the most common reason for opening a small business is to be your own boss. Small business owners are also dissatisfied with corporate America. Consumers also want to support small businesses. SCORE reports that 91% of Americans patronize a small business at least once a week. Almost half of Americans (47%) frequent small businesses 2 to 4 times a week.

Be proud of small business status

Small businesses are the innovators of tomorrow. Your neighbors want to support small businesses, knowing that their tax dollars stay in the community, and that they’re creating opportunities within their own city. Your small business status isn’t a slight. It’s a source of pride in today’s economy. Celebrate the fact that you’ve stepped out on your own in uncertain times. Celebrate the dirt under your fingernails, literally, or figuratively, that made you take a risk to do what mattered to you.

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