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Do You Have What it Takes to Be a Business Owner?

by Sheri Levitt

Five Golden fish and a green fish

Are entrepreneurs born or made? Whether you believe in nature or nurture, there are common traits that business owners tend to share.  Some naturally have what it takes and others work hard on expanding them.  What are the most common traits?

Optimism.  Persistence.  Confidence.  Passion.

If you are holding a shriek of glory because this sounds like you (or pouting because it sounds more like a friend of yours), just hold the smartphone for a minute and realize that there can be a flip side to this coin. If someone is born with these traits, it doesn’t mean that Easy Street is just around the bend.  In fact, for some, there may be an even tougher obstacle to face ahead. If a confident and passionate risk-taker is not making smart or premeditated decisions, any business can easily transform into a risk itself.

Where can some pitfalls be?  Reflect on these points:

Are You Not Entertained? — What you put in is what you get out.  To receive personal and financial gain, you have to enjoy what you are doing.  If your heart is half there, it will be reflected in your business.

Why So Serious? — There are sometimes and situations you must take things seriously. Getting sidetracked or losing motivation can be a tremendous killer. Just as athletes train for sports, you will have to think of this endeavor as your own personal Olympics and wear multiple hats.  When you first start out, there may be many times when you have to do many things alone because you do not have the means or financial ability to hire or ask someone else.  In these times, you must have the motivation and the will to get it done.

No Dough, No Show — One of the main reasons for your business is profitability.  Make sure you have a concrete realization of your expenses and a realistic view of income.  What are the expenses for maintaining your business until you begin to see income?

Dreams Feel Real While We’re in Them — This is critical. You need to analyze your own business standpoint, locate and dissect data, and develop conclusions from your own research. The best part is, if you follow and stick to your own plan, you can also revisit them later and track your own decisions. Is there a market for your product or service? Who are your competitors? What makes you different? How will you attract an audience?  Is your business dependent on anyone or anything else? It is important to invest time in this process and develop a business plan.  You may have a great idea, but to make that idea a practical reality, you will have to utilize your own foresight and planning skills.

You Had Me at Hello — Know your customer.  Who is it? Can you picture this person? What do they value? What would a conversation be like? If you can’t connect with this person and offer personalized attention in some way, your business efforts sure won’t.  If they go ahead and walk, you will be left holding your own product or service and they will be looking at your competitor.

People have different values, preferences, beliefs, attitudes and abilities.  Some of these also change over time. Regardless of nature or nurture, they both shape us as individuals. Your business will reflect your own entrepreneurial spirit and success will be dependent upon these basic but important factors. This is also why iScripts offers a wide range of open source software, as well as customizations.

The best realization is there isn’t only one type of person that can succeed.  If you set the bar high and invest in yourself, you will, in turn, be laying an optimum foundation for yourself and your business.

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