Posts Tagged ‘Characteristics’
10 Killer Entrepreneur Characteristics
Do you think you have what it takes to start your very own business? What are the ‘killer’ entrepreneur characteristics needed to be successful?
Starting your own business requires many different qualities and skills to ensure your business is a successful one , so I’ve compiled a list of 10 entrepreneur characteristics that might help you decide whether you too could be an entrepreneur.
1. Commitment and Determination – Do you have them?
These are two qualities which you MUST have if you wish to have any success in any venture you take. Without Commitment you will lack the drive needed to push on and get through the bad days. Without determination you will see failures as just that , failures….. instead of seeing them as learning opportunities.
2. Passion
You have a great business idea.
But are you passionate about it?. Do you actually believe in the product or service you are trying to sell , or are you in it for the cash and nothing but the cash?. Selling your customers something you don’t believe in , or you know isn’t that great a product , will only frighten them away from buying from you again , and that’s one less customer. Passion and Energy about your products or services are vital to ensuring you progress as a business , if you don’t believe in yourself then other people wont either.
3. Innovation
Entrepreneurs are generally innovative. Whilst not necessarily inventors as such , they are very creative individuals who have the insight and vision to spot opportunities and act upon them. They have the ability to create new niche’s in area’s that people might not have previously thought of , and turn their ideas into a solid money making business strategy
4. Commitment
100% of your time will be needed to make your business work. Do you have the commitment to endure the endless hard days of work that’s needed to keep your venture going?. Your family and friends will have to be put on the back burner for a while , so you can concentrate on the matters at hand. Even the comfort of a monthly pay check or salary might have to make way so you have the 100% of time you need to ensure your business’s success.
5. Courage!
All entrepreneurs at some point will have to make a big decision that will either make or break their business. There will be times where everything is going wrong and the monthly profits are not enough to cover your expenses. The bills aren’t getting paid , and you are struggling. Do you have the courage to dig deep , and not crack under the strain?. Having courage will help you make the right decisions for your business , and will keep you rooted while things aren’t going too great. Courage is a vital entrepreneur characteristic to have.
6.Goals
Set up some realistic goals , and a plan for each on how to achieve them. If you fail to do this , then your venture will likely fail. Having goals and targets gives you an idea of your capabilities , and also gives you something to measure your success’s and failures against. Forming clear goals will lead to a sound business plan.
7. Stamina + Focus = Success
Starting a business can be a very long journey. Be prepared for the long haul , dont kid yourself that success might happen overnight. Chances are it wont. Create some long term targets , where would you like your business to be in 5 years time , 10 years time?. Stay focused and you will greatly improve your chances of your business surviving the first 2 years…… most business’s fail by this time – make sure yours is not one of them.
8. Common Sense
Not everyone has common sense , and contrary to popular belief you don’t have to take huge risks to become a success full entrepreneur. Risk will always be there , but its more about picking your fights. Know which risks to take , learn your market , competition and customers and use sound judgment to make your decisions. Don’t take a risk on a whim , it may spell disaster.
9. Be Flexible
A success full entrepreneur should be a Jack Of All Trades!. You should be able to cope with different roles and responsibilities within your business. After all , if you are just starting out chances are you are the only person in your business. You’ll need to make marketing decisions , financial decisions , do your own research and learn about the legal matters. Its a lot for one person to cope with but its a learning experience that is crucial for all start up business’s. Having a sound knowledge of every aspect of your business will create a solid foundation if you choose to expand in the future.
10. Leadership
Perhaps one of the most important entrepreneur characteristics to have. I’ve said this before and I’ll say it again , being an entrepreneur requires you to be a leader as well as a follower. You need to be able to share your goals with other employees so that they understand your vision for your business , and execute your ideas exactly as you have planned. You also need to know when to follow , when to take advice from others and when to take a step back when someone is more knowledgeable and capable of making an idea work than you are.
Use your own judgment. Its your business , take charge. But don’t forget that other people have different idea’s , and sometimes they will think of things that are completely outside of the box , something you hadn’t previously considered.
The Characteristics of Entrepreneurs
Entrepreneurs are people with idea and initiative as well as goals and spirit in running a business. Anyone can aspire to be one. Anyone can engage in entrepreneurship no matter what his/her background is. It only requires readiness for the role since entrepreneurship is a demanding and a challenging job.
Entrepreneurship is defined as the process by which an individual produces goods and services to improve man’s quality of life. An entrepreneur is engaged in a business enterprise.
Entrepreneurs are individuals who are highly enterprising and possess the following competencies:
1. Opportunity-seekers – Entrepreneurs are in the habit of identifying present and future needs of people and institutions in the community. They keenly observe their environment of ideas that can be turned into profits.
2.Persistent initiators – they keep on trying various alternatives to improve their services to the people. They should display the ability to think of other ways to draw reserve energy from within them to be able to work harder and longer at a task.
3. Committed workers – when they make a promise, they do all the possible means to keep this. Entrepreneurs work with excellence in whatever they do. They always seek ways to do things better, cheaper and faster. They have their own standard of excellence, because what matters to them is that the customer is satisfied with the product or service. Because of their passion for perfection, they are the source of many innovations in products and services.
4. Good planners – they layout plans carefully, identify alternatives, follow-up progress, get feedback, and try hard to achieve set goals. Entrepreneurs are good planners and decision-makers. Planning calls for the ability to break down tasks into logical, step-by-step activities to accomplish job.
5. Problem solvers – they anticipate and solve problems creatively. This calls for being wise decision-makers. Decision-making is the ability to tackle problems by drawing up a number of solutions and choosing the best one. They should be open to feedback and have to do things systematically.
6. Goal-setters – Entrepreneurs do not set only clear long-term goals, but also clear and specific short-term goals. They make sure that the goals set are realistic and attainable. Dreams are translated into reachable objectives. Goals are specific, measurable, attainable, results based and time-bound (SMART).
7. Information/feedback seekers – they personally seek important data on clients and supplies, as well as competitors. They must know who to ask, where to ask, what to read and whom consult, to know more about the prospect.
8. Good salesmen – they apply various strategies to follow-up the progress of the enterprise and influence the customers.
9. Risk-takers – Despite risks in business enterprise, they take the chance of investing. They believe that in any worthwhile undertaking, there is always a chance of failing, and also a chance of winning. They take into consideration the steps that may be pursued to enhance their chance of winning. Entrepreneurs may fail sometimes but they learn to succeed eventually. They are leaders in whatever they do.
10. Self-confident – Entrepreneurs believe in themselves, and in their ability to get things done, overcome obstacles or meet challenges. They are personally responsible for the job and ensure that it is done persistence, and hard work.
Characteristics of a Current Account
A transactional account or existing account is an account managed by banks for the purpose processing payments of their clients, which are posted in favor of or against the present account.
The latest account centralizes payments, cash withdrawals employing means other than hard cash payment, that is examine, credit card, or bank transfer. The centralization also stretches to the movement of money amongst accounts, and other banking goods these as the financial savings account, price savings plan, loan account and the securities account, and so on.
It is also the only account that can be alternately employed for deposit and lending as a result providing brief-expression loans with express authorization of the financial institution, acknowledged as appropriation.
Before the prevalent introduction of modern current account or transactional account, wages and salaries had been paid in money in the so-named spend packets. Rent and other running fees ended up paid by cash.
Authorities with each other with large and medium-sized firms now progressively call for officials, staff and personnel to totally commit themselves to receive their salaries via a financial institution account.
The improved value of checking accounts in the contemporary economic system led to the calming of account opening standards, as a way of advertising their use.
These accounts are intended neither for the sake of recognizing interest nor for financial savings, instead for the objective of company or personal transactional pursuits, and they usually do not to make interest. The current account can also be arranged up for minors with parental consent.
Amongst the group accounts are joint accounts (usually held by spouses or among many people). With the joint account, the signature of a single of the proprietors is enough for particular transactions. Although an undivided or joint ownership account, the signature of all co-owners is essential to function the account.
In addition to these statutory provisions are several rules available on the operation of existing accounts. Even so, policies relevant to the transactional or present accounts may possibly differ relying on the place in which the account is opened.
The termination of the current account by the client is generally effected at any time without having observe, and the bank need to not charge any penalties as a end result. On the other hand, the account holding bank has the alternative to cancel the account due to unreasonable perform, although a 6 weeks recognize is needed.
All current accounts present documents of all fiscal transactions, via a financial institution assertion or a passbook. And allows the account holder to make or obtain payments through checks, ATM card, cash, funds transfer, immediate deposit, direct debit or worldwide transfers (SWIFT).