3 Traits of Successful Business Owners

3 Traits of Successful Business OwnersEighty percent of entrepreneurs fail within the first year and a half of starting their business.

That’s a shocking number.

Many people are born with an entrepreneurial spirit but when it comes to running a business they fall flat on their faces. There’s no wonder why: running a business is hard work. You have to effectively manage employees, remain competitive, and worry about finances through the first couple rocky years.

However, most successful business owners possess these three common traits.

Excellent Leadership Skills

Some people are natural born leaders while others slowly learn valuable leadership techniques. Regardless, it essential for a small business owner to have excellent leadership skills.

As a business owner you have a vision of what you want your company to look like. In order to execute your vision you need to guide your staff.

You’ll have to educate your team and even make cuts when necessary. Neither one of these things is an easy feat. You’ll also need to earn the trust and respect of your employees to be an effective leader.

Don’t worry though. If you think you’re lacking in leadership skills you can attend classes at a place like LDL. You can even send your staff to take appropriate classes on leadership, sales, or management.

Strong Self-Discipline

Entrepreneurs need an immense amount of self-discipline and self-motivation to make it. In the beginning budgets are small and work is demanding. As an entrepreneur there is no one standing over your shoulder urging you to get things done. It’s all up to you.

To be successful you have to be committed to getting the job done. When first starting out you’ll have to manage many (or all) aspects of your business. You’ll have to work long and hard hours. Once your business grows you can start delegating tasks but the initial time investment will be inevitable.

A Competitive Spirit

Different types of businesses pop up each and every day. There’s a ton of competition in almost every field. And in order to rise to the top you have to find what makes your business unique.

You can’t be scared of competition. You need to keep a careful eye on your competitors, learn from them, and discover what your unique value proposition is.

You will always have competition. You need to be confident in your business and aware of your market.

Conclusion

You can be one of those 8 out of 10 entrepreneurs who rise to the top. Work on your leadership skills, commit yourself to success, and find your unique business standpoint.

With hard work, strong leadership, and determination you’ll be able to thrive in today’s economy.

What do you think? Would you add to the list?

5 Qualities of Successful Entrepreneurs

successful entrepreneursMost entrepreneurs have plenty in common. In fact, to remain successful for the long run, a person should follow a lot of the same rules and ideas. When doing so, a small business owner will make a good living both in the short and long run. With this in mind, here are five qualities of successful entrepreneurs.

Investing in Quality

While it is easy to save money and buy the cheapest item for a business, it is not wise. An entrepreneur should think of the future and always buy quality items. For example, when working in massage therapy, one should pick a quality electric lift massage table for easier access for clients and the masseuse. In the long run, clients and the therapist alike will enjoy a nice table with all the amenities. Simply put, when working hard and building a company, one should invest wisely and buy quality materials that give benefits to all parties involved.

Always On

It is hard for an entrepreneur to turn off his or her mind at night. To combat this, an entrepreneur should always be on and trying to make sales. Now, this does not mean that one should bother their friends and family. Rather, when going out into the world, a smart company owner should realize that he or she can make more sales and find more prospects when talking to people about his or her idea.

Know How To Delegate

All too often, in trying to make it big, some hardworking entrepreneurs will stay up all day and night working on their idea. This is not wise in the long run, and a smart business owner should know how to hire the right people and delegate tasks. When doing so, it is possible to make a lot of money and still enjoy a nice life. Remember, most successful entrepreneurs achieved their dreams with the help of others.

Take Risks

While a smart business owner should not make huge bets, he or she should think harder and try to take on a little more risk. Think about it, every successful entrepreneur had a point in his or her life where they thought about an idea and worked a little order to achieve their dream. This is not easy. But, when one takes a little risk to increase sales, they will enjoy handsome rewards in the future. To understand this further, one should look at any successful businessperson, and they can see most of them thinking outside of the box for their time.

Great Leader

As mentioned, the head of a company must hire contractors and employers at some point in the future. With this, one can make more money and concentrate on bringing in more customers and refining the organization. To do this with ease, an entrepreneur should opt to treat his or her staff members well. In fact, when looking at most successful businesses, large or small, it is obvious that most of the owners treat the workers well and give them a good paycheck and plenty of benefits. Furthermore, when treating them with respect and care, a company owner can see his or her employees work hard.

Without a doubt, most successful entrepreneurs have plenty in common. With this in mind, anyone looking to make it big should try to emulate them by following these five ideas.

3 Powerful Traits That Dictate Success

traits for successSuccess means different things to different people.

Some favor a lot of bling, a Bentley, and stockpile of gold doubloons. For others, success is less about material things and more about meaningful work. But, regardless of how you define it, there’s rarely a shortcut to achieving it.

Rising through the ranks of the disillusioned and discouraged, past the entitled and elite is a rough ride. It takes a combination of want to and hard work. Two important words, yes; but not nearly as important as the secret sauce for success.  Now that you know the 7 Reasons Why Less Qualified People are Getting Promoted, it’s time for you to dictate your success.

That recipe is made up of 3 powerful traits:

 

Resilience

Ever hear that saying; “fall down seven times, stand up eight”?

That’s resilience.

If it’s a more scientific definition you’re after the American Psychological Association defines resilience as “the process of adapting well in the face of adversity, trauma, tragedy, threats or even significant sources of threat.”

It’s how we respond to roadblocks, and what we do next. You know, fight or flight. Do you run, or do you stay and throw down?

Resilience is a product of stepping outside of your comfort zone and embracing fear or failure. Here, you lean into adversity, you confront it, and you learn from it so that the stress strengthens your resolve, instead of crushing it.

 

Hustle

Determine never to be idle. It is wonderful how much may be done if we are always doing. – Thomas Jefferson

T.J. nailed that one. And, for the record, he was talking about hustle – the relentless, tenacious, never-ending grind to get shit done.

Not hustle like ripping someone off, dealing drugs, or hawking bootlegged DVDs. We’re talking hustle like a hardhat and lunch pail work ethic.

Hustle is what you do when you stop talking about ideas, you stop doing busy work, and actually execute.

 

Grit

Do you know the one thing that predicts success better than an I.Q. test?

It’s a little something called grit.

So what exactly is grit?

Dr. Angela Lee Duckworth defines grit as “perseverance and passion for long-term goals.” Duckworth, who holds a B.A. in Neurobiology from Harvard and a Master’s in Neuroscience from Oxford, goes on to say that, “Grit is having stamina. Grit is sticking with your future, day in, day out, not just for the week, not just for the month, but for years, and working really hard to make that future a reality.”

If you’ve got grit, you have a clear goal, determination despite doubts, persistence despite fear, flexibility at roadblocks, and confidence that you’re going to figure it out, even if it kills you.

 

DIY Success

There are some things that are out of our control. For the most part, I.Q. is set in stone and talent is innate.

But, there’s so good news for all the rest of us: resilience, hustle, and grit are within our control. They come from within.

There are no prerequisites and no price tags. It’s not about where you grew up, went to school, or who you know. These traits can’t be bought, they must be earned.

We all have nearly limitless potential, and the opportunity to achieve success is waiting for us. With a little grit, a lot of hustle, and some resiliency we can define and determine our own personal greatness.

Agree or disagree?  What traits would you add?

If Success Were an Equation [eBook Giveaway]

What is the secret to success?

A high IQ is a head start, but no guarantee. When it comes to smarts, success – like batteries – is sold separately.

Some would argue that talent is a determining factor in how high we can fly. But talent, be it innate or cultivated, is only part of the story. If we buy into the talent myth we’re accepting that we either have it or we don’t – whatever it is.

After IQ and talent, others point to luck, serendipity, or good fortune to explain success. Anyone who has achieved greatness caught a break; they were in the right place at the right time. We are marred in mediocrity because we’ve never hit life’s lottery.

 

Success is No Secret

If we ditch the excuses and self-serving explanations we’d find that persistence, practice, our environment, and luck all combine to determine what we will achieve. It’s as though success is an equation with multiple factors. Our body and a sense of purpose will carry us part of the way to the top. But, hard work, doggedness, and grit will propel us to the summit that is success.

 

It’s an Equation…

Success = (Health + Happiness) x Hustle

Instead of waiting for success to find us, or wondering why it hasn’t, we’re better off creating our own success. We’re free to right our own rules and chase down our dreams. But, if we choose to go our own way, our effectiveness and the eventual outcome will be determined by our health, happiness, and hustle factor.

HEALTH

Since our body is the only place we have to live, it’s important to get our health in check. By prioritizing exercise and healthy eating, we’re able to energize our mind and body. The way I look at it this; taking control of your body is the first step towards taking control of your life. Therefore, a healthy lifestyle is the foundation for a successful life.

HAPPINESS

Yes, happy like smiles and laughter. But, there’s more to it than that; think smiley and satisfied. True happiness goes way beyond a smiling face. It’s a kind of happiness akin to purpose. It’s about identifying who you are and what you stand for. Once you’re able to do that you can begin to live according to your convictions in order to find fulfillment in everyday life.

HUSLTE

Not hustle in the negative sense of the word – dealing drugs and slinging dice. I am referring to hustle as the motor, motivation, and momentum that will get stuff done. Hustle is what you do when you stop talking about ideas and actually make something happen. When you want to quit, but keep grinding; that’s hustle.

When combined, the 3 H’s will transform the way you think about fear and failure. Going from a Naysayer to a Hustler has certainly worked for me.

 

A Short Guide to Health, Happiness, and Hard Work

The Hustler mindset actually inspired me to write a short eBook based on the success equation. It’s a short guide to health, happiness, and hard work.

And, I’d like to share it with you.

So, if you’re interested in taking control of your life and creating your own success (who isn’t?) go ahead and download this guide (click the image below for a PDF format of the eBook):

Success Hustle Guide

13 Ways to be a Leader People Want to Follow

Are you a leader? Be a Leader

Some people hold a leadership position. And, while most aspire to lead, others just lead regardless of their job title.

That’s because real leadership goes beyond a title.

Leadership brings with it the illusion of power and prestige. In reality, unless a leader is able to rally others, said leader is nothing more than a figurehead. Anyone who can bring the necessary people and pieces together in order to fulfill a vision and accomplish a task is a leader – no matter their title.

Of course uniting people in pursuit of a shared goal is easier said than done. And, the approach to getting the job done differs. You could simply call yourself a leader, and then order others to follow your lead. Or, you could inspire others to follow your lead.

 

You Must Learn to be the Kind of Leader People Want to Follow

Think Big – People want to be part of a breakthrough. If you set out to identify and then accomplish the next big thing, you will attract the right talent, the people who can bring the project to life. Look into the future and think about what could be. And then ask; who’s coming with me?

Be an Upsider – When in doubt, be positive. No one wants to follow the lead of a pessimist. As a matter of fact, they won’t even want to be around you. The world is full of cynics. Don’t play devil’s advocate; look on the bright side instead. It’s possible to be realistic and upbeat at the same time.

Share – Build authentic relationships and a loyal following by sharing you power, ideas, and the rewards with others. When things go wrong – and they will – take your share of the blame. When making decisions always be transparent, not private. Collaborate. If you give more than you take you will be rewarded handsomely.

Show Them Where, Not How – It’s your responsibility to identify the mission, mobilize the team and keep everyone focused on the end goal. If you assembled the right team you won’t need to tell them how, you will just have to point them in the right direction. Allow the talent, their passion, and the entrepreneurial spirit of your team determine the how.

Accept Criticism – You are not perfect, none of us are. You know it and so does your team. Just admit it. Commit to improving and learning by remaining receptive to criticism. But, listening to criticism is not enough. You must accept it and act on it. Don’t be afraid of bad news. Encourage constructive debates and disagreements. Ultimately, you and you’re team will be better for it.

Be Consistent – Leaders set the tone for how others conduct themselves. Everyone in the room, office and company will take their cues from you. If you’re emotions and actions are all over the map, everyone will be walking on eggshells waiting for you to explode. Don’t be unpredictable, be reliable. Model the energy, enthusiasm and passion you want others to emulate.

Care – Put people first. Your team deserves your personal attention. Talk to them. Listen when they talk. Pay attention to their needs. Provide them with feedback. Coach them to be better. Or else, they will fail. And, when they fail, you fail.

Make Things – This point can be summed up in one word; execute. Ideas don’t matter until you actually make something. But, part of making things means allowing your team to try and fail. Sometimes you have to figure out what doesn’t work if you expect to determine what does. Encourage your team to follow through on the transformative ideas that they have by making more things.

Then, Ship Them – Steal a page from Seth Godin’s playbook and commit to shipping what you make. We’re all afraid of being judged, of not being good enough. That fear keeps us from sharing our ideas and creations with the world. Instead of tweaking and tinkering with what you’ve made to avoid shipping it, just put it out there. It’s the only way to make a real and lasting impact.

The only purpose of starting is to finish, and while the projects we do are never really finished, they must ship. – Seth Godin

Connect – Whatever you’re trying to do, know that you can’t possibly do it on your own. That’s why you must connect with others – to build something bigger than yourself. Once you start you will be able to unite ideas with individuals. You’ll meet people who are likeminded, people who balance you and others who challenge you to think differently. But, they all will propel you forward as you build your team and pursue your vision.

Follow Through – If you want to earn respect and trust, do exactly what you say you will do. Keep your word. That’s how you will build a reputation for making things happen. Don’t make empty promises. Come through in the clutch. Know that the follow-up is part of the follow through. Get in the habit of following-up with clients, employees and prospective customers. Make sure everyone has what they need.

Maintain your Convictions – The worst kind of leader is gutless. At the opposite end of the spectrum, the best leaders stand up for what they believe in. They make their expectations, values and beliefs known to others. They give everything they’ve got and expect others to do the same. They will go to bat for their people. If need be, they will take one for the team. They will put their job on the line if it means maintaining their convictions.

Break the Mold – challenge others to question “standard operating procedure.” The status quo stifles innovation. Allow your team to think freely. Encourage them to experiment, participate in multiple projects, and move ideas forward. Flexibility encourages productivity and makes for an engaged and effective team. And, that’s exactly what you’re going for.

If you’re willing and able to do these things, you will become a leader. People will begin to follow your lead, no title necessary.

Do you have any traits to add?