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Personal Characteristics For More Explosive Business Building Success

The American dream is to be a successful business owner. Every year one million or more businesses start up but more than 88 percent of them fail within five years. Much of this failure is due to stagnant mindsets that are not forward thinking and willing to embrace change. The focus is on problems rather than solutions. The company becomes stuck because the leadership operates from a position of subtraction as opposed to multiplication or positive over negative. They are constantly reacting rather implementing strategies aimed at success.

So can you be a successful boss who can overcome the odds of failing in business? In order to succeed you need to do more than fantasize you need to develop desire, discipline and a high level of resourcefulness. Becoming skillful at what you do is important to your success.

The following are some indicators that may increase your odds of success in business.

A sound decision maker.

Decisions are the backbone of any business. Leaders who are skilled decision makers and take immediate action generally position themselves ahead of the curve. You must make decisions frequently and quickly. Making decisions while under the pressure of risks that could effect the business negatively is necessary.

A good decision maker thinks ahead and their best decisions are not those made in crisis but those made to push the business in unfamiliar territories that set it apart from the others.

A high level of self motivation.

Do you have a winning attitude despite the odds, rejection and the struggles of building a business? Do you embrace the challenges and find healthy competition fun? The passion and desire to be the best and to put in the work required to be number one is very important in business success.

A good solid variety of people skills.

Business requires relationships. Successful business requires positive and effective working relationships. There are a variety of people the boss must establish relationships with including staff,customers, vendors, bankers, partners, web designers, lawyers, accountants and the list goes on and on. Your ability to deal with these different people and personalities has a direct correlation on your business success.

A disciplined learner.

New skills and new technology are commodities in today’s’ business world. You must constantly learn to succeed in business by being able to make these advancements a part of your business. A working knowledge of management, accounting, planning etc. is essential to your success. Those who do not to learn and sharpen skills will fail.

Mental and Physical Stamina.

The ability to lead from the front requires strength and sound health. At times the leader has to be the first one in the office and the last one to leave. This is a prerequisite in to getting where you want to go. Business ownership is a lot of work. Can you work around the clock everyday to get the job done?

A self starter mindset.

It is up to you. All the responsibility of the business is on your shoulders. You have to follow through. If something does not get done it is on you. Managing time and meeting deadlines is one way to lessen risk. Taking personal responsibility to ensure things get done is up to you.

A high level of financial responsibility.

In business there are cycles that rise and fall. There are times of profitability and there are times of loss. Do handle money in a way that will maximize the revenues coming in? Can you establish a budget that will support you and your family as the business grows? Can you handle being the very last person to get paid? The way in which money is handled will determine if the company will reach a point of financial stability in the future.

A balanced work and family.

Business ownership creates a unique set of challenges that require a lot of compromise and understanding. There will be periods of financial problems as the business starts out . There will be a lot of time required out of the home. These are just a few of the strains that are put on the family. The key to getting through this is balance. The family must not become secondary to the business and the family must spend quality time together. The stress of building a business can be quite difficult and matters are complicated when there are unresolved family problems.

The ability to handle struggle.

You are all alone. There is no status, lucrative benefits and salary in the beginning stages of building a business. There are many sacrifices and struggles that must be made to build a successful business. Struggle is a part of the success process. Those who navigate it properly generally fine tune the skills they need to succeed.

Business Opportunity – Factors Which Can Lead to a Collapse of Your Home Based Business

There is no doubt that your home based business provides you with an opportunity to be your own boss, decide your own working hours, and write your own paycheck. On the other hand, your business opportunity could just slip away for some of the following reasons.

It can be difficult to keep your home venture afloat. This article will focus on some of the key factors which you will need to address and ideas for change giving your business every chance for success.

Poor planning:

Your home business is likely to fail if there lacks a systematic, prudent and a measurable businesses plan. It is interesting that people expect to work hard on a job, as they know they will be fired if they don’t. Yet do you expect to just kick back and work a little here and there for yourself? Anticipate being the best employee you can be and the best boss that you could ever have. That also leads to hard work. Many businesses struggle or even fail for lack in this area.

Poor planning of business goals, time, scheduling and commitment are fundamental shortcoming for any business opportunity.

Little or no knowledge of business skills:

Sometimes people jump into the business arena with hopes of making millions overnight. If that is where you are, it is the kiss of death. If it was that easy, everyone would be rich overnight. Those types of businesses are shams to take your money.

Skills can be learned or bring in a partner, even someone skilled in an area you don’t want to learn or know it would be better to have someone else do. Are you ready to take a fair look at where you lack the knowledge you will need to gain? Developing perception, reasoning and the intuition about the kind of business you have chosen are equally important.

Living up to the expectations:

You have heard it before: the customer is always right. Live by that principle. If you are to be a truly wise boss and have employees in your home business, be not just prepared, but sincere in treating each person with respect and appreciation. They are your team! Ignore this business truth and in terms of your product or service your business is bound to take a nose dive. You need to periodically review, control and organize all the activities related to business operations. They will look to you to live up to the expectations of a successful home based business owner and set the tone for them to follow.

Insufficient funds or financial constraints:

Lack of planning concerning business investment capital is a challenge that must not be overlooked. Many entrepreneurs underestimate significance of startup capital for their ventures.

Not only start up but what it takes to keep your business building and going on to thrive.

Without this planning one of two things often happen: You might consider going way out on a limb borrowing well beyond your means on credit cards or the other result – You are forced to close up your business even before it has properly taken off.

Many entrepreneurs exhaust their financial resources by going overboard with the spending on needless business activities. Every penny needs to be planned for and spent wisely.

Poor management:

Poor management of any business venture is one of the basic factors for becoming unstable. Many entrepreneurs do not possess proper expertise in the field of marketing, finance, purchasing and selling of products or services.

You could be easily taken for a ride by others due to lack of competence and insufficient knowledge on the vital business activities you will need. People will be willing to rush to your aid for a price. Do your homework here and choose wisely who can help and who is ready to take you for a ride.

Leadership quality – What does it take:

A successful businessperson invariably possesses leadership qualities. If you are not able to infuse confidence and optimism into your customers, team or employees, you must learn how to. It is one of the differences between success and failure.

When people in responsible positions of a business lack strategic thinking and long term views of the business opportunity, they either seek advice from professionals on this or such a business is bound to fail. Having the right people in the right places is essential.

Individual personality traits:

Over-expectations of your home based business returns, ego, inner conflict, short-tempered nature, and impatience are some of the other recipes for disaster. Let’s face it, you work for yourself, but ultimately you work for your clients in any business opportunity. That means where ever you go there you are. Take a good moral inventory of your habits both at work and personal, are you someone you would want to work with. This may sound harsh, but true. Face any habits that need to be let go of and move on, for example: interrupting, always being right, forgetting to listen and such. Be all you can be, be willing to progress and you will achieve your dreams.

Home Based Business – Getting the Best Ideas With a Practical Approach For Your Business

A business idea or call it an inspiration, is the most critical part of setting up an entrepreneurial venture. It must work to meet certain objectives and requirements in order to be successful. A home based business must accommodate personal passion and potential for profits at the same time.

But before starting to develop research and plan, take you trim to develop a written plan. Get a spiral notebook or journal and write clearly: Why you want a home based business? What are some of your passions? Are you going into this primarily to make an income short term or long term similar to a retirement plan? Do you want to be mobile or work only from home? Do you plan on working totally alone: from handling paperwork, computer repair, office necessaries, taxes and research and advertising plan? Or will you prefer team approach or even employs?

Each has benefits and challenges? I for one do not use employees due to the paper work, but use independent contractors for the parts of the business that do not make me money yet are necessary, those areas I excel in and really give me passion I do, and fill in the rest with qualified people that offer their services.

Looking at any inventory or shipping of any kind will keep you working from home or having an employee to do that while you travel. It is a 24 X 7 responsibility. Choose wisely. Inventory also eats up a major part of your working capital. Also, is your plan for this to stay part time while you work or eventually do you want to develop a full time home business and let go of the JOB and all that go with it, like commuting, working when they tell you and earning what they think you are worth?

Pre-thinking and planning will help you make wiser decisions with your business ideas and the course of you home based business venture.

A business idea must be analyzed in a systematic and practical manner to gauge its prospects for long term entrepreneurial viability. High expertise in a given functional area can be utilized to devise a suitable product or service which has high demand in the market.

A knowledge based product or service can be a wonderful home business idea for individuals with the appropriate skills. The initial startup costs required for a knowledge based business venture can be very low. Yes, your knowledge will significantly lower your startup costs.

As we all know, an informed choice is always the best one. The knowledge based business opportunity can be pursued part time and later it can be converted into a full time venture. Passion and personal liking for work constantly adds to the prospects of success with a business idea. Individual work experience can help determine the right idea for starting a business.

A business must be analyzed in a systematic and practical manner to gage its prospects for a long term commercial value. If you come from a background with high expertise in a functional are, then it might be able to be utilized to devise a suitable product or service which has a high demand in the market place.

Starting from scratch with all your own ideas and products or services is on why to enter the home based business arena. Another is to work with a proven franchise that has high quality products, always in demand and consumable. The company should have an outstanding reputation in the community and excellent guarantees.

A knowledge based business is an excellent idea for a home based business if you have the necessary skills. How are you on what are called SEO techniques? If you do not know the term and what it means, then definitely work with a company that freely offers those skills and works as a team or your will likely finding yourself at the bottom of the business market. These types of businesses, of course, should be carefully scrutinized for integrity and business plan. What true help do they offer to help you build your business venture and fulfill you idea of what you are looking for?

Knowledge can certainly decrease your start up costs and expensive mistakes that can be made in the beginning. Be clear before you start your search as to what startup capital you have, how long can you go without income and your expectations. ALL businesses including brick and mortar take start up investment, money to run the business for an extended time and some back up capital for unexpected setbacks. It doesn’t matter if home based business or store front; you will invest time, money and energy to achieve success.

The following practical objectives must be fulfilled by a business plan in order to assure long-term growth of any home business venture:

o There must be sound demand for the product or service in the market. Consumers must find high value for your business and they must be willing to pay for it. The business products or services must also work to cater to the existing consumer needs which are consumable and always in high demand. Those that are seasonable are much more difficult to be successful in. They work better as a home based hobby business.

o Home based business ideas should work to target a niche customer market initially in order to move towards success. You can explore the wider market in the next level.

o The product or service rendered should have a strong value proposition and a competitive edge. The business idea must be flexible enough to accommodate positive factors all through business development stages which are pretty much on going.

o A product or service based business idea should be compliant with factors of competency and market demand. An over saturated market can be very difficult for the viability of a small business. At the same time, the range of products which face very little competition may often have poor market potential. You will need to make an intelligent choice depending upon the business market now and foreseeable future.

o The chosen business venue must accommodate the way of life of you, the home business owner. The requirements of time, travel and client necessities must be considered as well. Looking at the life style you want to develop, will the business plan if implemented with the business you are considering, work well? Example: If you want to be very mobile, travel a lot and not have employees, then staying away from a business that requires inventory and shipment is smart. Always go back to your reason for going into business. It must be strong in you planning stages so you don’t waver on your position.

o A business idea should not be pursued solely for monetary interests. A strong personal liking for work related to the product or service is essential. People tend to work for three reasons. First is for money, income. If that is your only reason you are they type that usually quits or skips from one get rich plan to another. Second is working for recognition and as silly as it sounds, some people will work so hard it is off the charts, just to be recognized. And finally there are those that work for a cause, something they really believe in. That could be both your product line and your business plan. These people rarely ever quit. When you are lucky enough to find a franchise company to join with or a business you want to develop all on your own that has all three, then you are truly blessed.

As you can see, thorough research and viability studies of the business plan must be carried out before initiating a home business opportunity. Consumer demand and buying trends in a market must be considered to devise an idea which accommodates the trendiest or most in demand and consumable product or service.

It is wise to have a strong business idea, backed by a well thought out plan and a mission statement. These must be pursued with diligence and perseverance in order to achieve success with your home based business.