Successful Entrepreneurs — Have You Got What It Takes To Be One?

You may be thinking of starting your own business. But have you got what it takes to succeed? The latest statistics show that only 50% of new businesses survive for 5 years or more. You can get odds like that at any roulette table! If you want to increase your odds, ask yourself if you have the qualities common to successful entrepreneurs in the winning 50%. Here are some questions to consider.

(1) Are you passionate about what you want to do? Will you love doing it? Will starting a business allow you to do what you love, and are you willing to outsource what you don’t? Are you willing to take risks? Are you able to be decisive, even when you don’t have all the facts? Are you disciplined, determined, resourceful and independent?

(2) Is there a strong demand for your product or service that you can fill? Is there a specific niche in which to market your product or service where demand exceeds supply? Is this demand likely to continue over the long term?

(3) Do you know your product or service inside and out? Do you have the skills, qualifications and ability to deliver it exceptionally well? If not, are you willing to learn more? Are you willing to keep up with current developments in your field of expertise?

(4) Are you willing to learn from mistakes and correct for errors as you go along? Can you see failures as opportunities to grow? Are you willing to take the position that your customer is always right? Are you able to admit when you’re wrong, and make restitution?

(5) Do you have clear goals and objectives? What about long and short term business plans? Do you have access to sufficient investment capital, not only to start a business, but to stay in business until it becomes profitable?

(6) Have you devised a system for tracking progress and analyzing results? Are you willing to be flexible with your business plan, making necessary adjustments as needed?

(7) Do you have good interpersonal skills? Are you able to relate to many different types of people successfully? Do you have good communication skills? Do you work well with others?

(8) Do you know your weaknesses? Are you willing to outsource what you can’t do well to those who can? Do you understand that you can’t do everything yourself? Are you able to delegate?

(9) Will you need employees and, if so, have you lined them up? If not, do you know where you will find them, and the skills and abilities they must have? Does your budget allow for salaries, commissions and bonuses?

(10) Do you have a strong desire to succeed? Do you have the ability to sell yourself and your services to others? Do you have a strategy to set your business apart from the competition? Do you know how you will promote your services? Are you willing to get a business website?

(11) Do you have the willingness to honor commitments, even if it means working long hours? Are you able to plan so that all commitments are honored? Are you a professional who will bring a spirit of excellence to all aspects of your business?

(12) Do you have problem-solving resources such as a mentor, business adviser, or others who are doing what you want to do?

(13) Are you innovative and resourceful? Can you function in undefined situations, spot trends, identify emerging markets?

(14) Are you willing to do whatever it takes to succeed? Is your mindset one of success? Will that mindset persist regardless of challenges? Are you willing to see challenges as opportunities?

Many millionaires have only average intelligence. A high I.Q isn’t the key to being successful in your own business. The questions listed above, however, reflect some common characteristics of successful business owners. If you can honestly answer “yes” to these questions, you probably have what it takes to be a successful entrepreneur.