You see yourself as a bit of Elon Musk, with a touch of Richard Branson and you have finished your academic education and are looking to make a big splash in the business arena. One thing you don’t have is work experience, so work for a local company for a year, study the business processes and understand what it is to be a good employee.
Ability to Motivate
This is probably the most valuable trait or asset to possess; if you can motivate those around you, your team will be powerful. Raw enthusiasm is what attracts people and if that is all you have, the other stuff can be learned. You must have unwavering faith in your concept, even when things get tough; and sign of doubt or hesitation can impact the morale of your team.
Complete Understanding of Digital Marketing
The smart business owner will contact King Kong as soon as they have a project; work with their team to create a digital marketing plan that covers many areas. Online marketing is the key to sustainable growth; design a website that reflects your business and have the best agency on your case.
Planning & Organizing
The ability to put together an on-point business plan is essential and these are skills you can learn; many successful entrepreneurs had no idea how to plan when they set out on their journey. A good business coach can help you with organizational skills and practical experience should sharpen you.
Understanding Supply & Demand
If you are unsure about your theoretical knowledge, why not sign up for a basic business course that delves into the variables of commerce. Supply and demand forms the foundation of trade and having an in-depth understanding is important. Of course, there are other variables to take into account, regardless of the marketplace.
Tons of Curiosity
Curiosity might have killed the cat but it very often leads to innovation and discovery; wanting to know how stuff works is healthy; think of it as you are a lifelong learner and it is this attitude that leads to personal development. Many billionaires are where they are because they one day wanted to know more about something and it turned out to be a winner and they never looked back!
Focus on your Goals
Every venture needs a driver, a powerful force that inspires all stakeholders to go that extra mile, review business goals regularly and make adjustments when necessary. Make sure that all employees are aware of the company objectives, values and mission statement. Offer sales incentives and recognize excellent performance, which keeps people motivated and aware of their goals.
Listen to Your Intuition
Many successful entrepreneurs would tell you they rely totally on their intuition; if you have a good feeling about something, investigate further, while remaining based in reality, of course. Knowing when to drop a project is valuable; it might be a difficult choice to make but when it’s time to fold, it’s time to fold.
Persistence
Failure cannot live with persistence, or so the saying goes; if you fail, analyze why, make the necessary adjustments and try again. Some would say that failure means you discovered one more way not to achieve something and if you persevere, you will eventually get it right. Don’t listen to those who tell you that you can’t do this or that, be an optimist and when you set a goal, be single-minded in your approach.
Access to Capital
Every enterprise needs working capital, startup and running costs; without money, your concept will remain firmly in the real of imagination. Commercial lenders are always happy to take a look at a project; you could find a suitable partner, which halves your personal investment; sometimes a partnership is better because both parties bring different things to the table.
Funding is a critical component and there are numerous ways to find investment capital. GoFundMe, for example, is a platform that connects entrepreneurs with investors, while online lenders offer attractive rates and super-fast approval.
Diplomacy
There are times when diplomacy can save the day; this is a skillset that can be taught; if you are the sort of person who calls it as it is, a business coach can help you with strategies that develop diplomacy. When dealing with an unhappy customer, for example, it is important to be empathetic and there are techniques you can learn to help you in such situations.
It takes a special kind of person to singlehandedly create and manage a small business and build it into a sustainable organization with growth potential. It is important to love learning and this trait will ensure that self-development occurs.