April 21, 2011

Every year thousands of businesses open their doors—and thousands also close their doors. Millions of people have the dream of entrepreneurship, but it's not something everyone will do well. If you think being an entrepreneur is going to be easy and make you rich, and that’s all you are bringing to the table, you may find yourself closing your door.

The Foundation

Entrepreneurship is not for the weak. It takes a lot of hard work and dedication. You have to be so passionate about what you are doing that you will continue to do it even if you are not getting rich.

There are many things that go into making for a successful entrepreneur. Here are the top five that you must have in order to be successful:

1. Have a vision. Most people think that to be a successful entrepreneur, you need to have a two-inch thick business plan. Nonsense. What you need is a vision, which you can get the general details of down on one sheet of paper. Include where you would like to be 90 days from now and a year from now, and you are all set. On a daily basis, keep track of the things like your cash flow, prospects, etc. Knowing where you want to go is far more important than producing a big paper report you will likely never look at again.
2. Be lifestyle flexible. Businesses usually don’t start out making a profit right away. You need to be aware of this and be able to realistically live with it as well. It means that you will need to be comfortable tightening your belt until your business starts making a profit. Know this going in, so you can accommodate and not quickly run in the other direction.
3. Believe yourself. What others think about you doesn’t matter nearly as much what you think of yourself. It is essential that you believe that you have what it takes to succeed. Your self belief will take you a lot further than anyone else’s belief in you!
4. Tout yourself. When it comes to your business, you have to put your inhibitions aside. You have to be able to sell yourself and your company and let as many people know about your business as possible. Even if you are an introvert, you will have to be able to do this.
5. Be a doer. There are basically two kinds of people in this world. There are those who talk about starting a business, and there are those who actually do it. In order to be a successful entrepreneur, you must fall into the latter category. If you want to be successful in business, you have to, at some point, stop thinking and talking about what you want to do and actually take the leap to get it done.

Self Evaluation

If you dream of being a business owner, you really need to take an honest assessment to see where you fall in line with the above rules. If you fall drastically short, and you still want to start a business, then first make some changes to meet more of these conditions before getting started. If you feel you measure up and have what it takes, then you need to ask yourself what it is that you are waiting for. There is no better time than now to get started!

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Join the conversation ( 8 )

• Rob Jager, M.B.A. 1 year 0 months and 27 days ago

  

  Great article! I can't agree more to the comment about being able to tout yourself. So many entrepreneurs forget they have to manage their image and their message. Be aware that all your "stuff" must be in alignment with that vision! Thanks for sharing a great article!RobHedgehog Consulting, Inc.www.HedgehogConsultingInc.com

• JUSTIN RIEK 1 year 1 months and 4 days ago

  

  Great article! Starting my first business now and it is tough. One thing that I've found helpful and might be a #5 is to have a solid group who you can bounce ideas off. Someone from your industry or a model of your ideal customer. Great article Mike.

• Boris Fowler 1 year 1 months and 9 days ago

  

  Being a good entrepreneur takes a lot of effort. You have to have thick skin, but the most important thing you need, in my opinion, is common sense. You have to be able to make good decisions and you have to be smart. http://www.caycon.com/blog/2011/04/you-dont-need-to-be-rich-to-be-an-entrepreneur/

• Lauri Flaquer 1 year 1 months and 9 days ago

  

  I'm so impressed with you Mike. You're making it happen for your company while giving us some great advice at the same time. Thanks so much for your insight. I've recommended similar advice in the past and have seen the result in my business. I know you have too, you're lighting the world on fire. Keep up the good work.

• Suzy Mac 1 year 1 months and 9 days ago

  

  It's true....I spent 4 months writing a 40 page business plan; the upside being that it forced me to consider things I wouldn't otherwise, the downside is yes, I never looked at it again!I would like to add to #5. Something I have finally learned is that one can only truly consider him or herself a "doer" if he or she is willing to do that which they feel the least like doing (say that 5 times fast lol). If I find myself avoiding or dreading a task, I have learned that it is exactly that which should be getting my undivided attention immediately. If you are feeling like putting something off, make sure you put that one thing (whatever it may be) at the top of your to-do list.

• LORI ROSEN 1 year 1 months and 9 days ago

  

  I third the no business plan notion. Having a vision is the best advice for any entrepreneur, and don't get stifled by the details.

• Ros Guerrero 1 year 1 months and 9 days ago

  

  Well said! Being an entrepreneur challenges you to the core, so possessing these traits from the get-go will help you grow a successful business for the long haul & with minimal setbacks. Also glad you mentioned a formal business plan isn't necessary to get started. It's quite an intimidating & daunting document & think it's what holds people back from simply taking the first step. Sometimes we over think, over analyze which results in paralysis.

• Karen Southall Watts 1 year 1 months and 9 days ago

  

  Nice summary Mike. Years ago when I broke from the "teaching the business plan" tradition I developed a similar list of core qualities for successful entrepreneurs. We need to push folks to honestly self-examine so they can achieve more.