Andrew is a 5-time business owner that loves helping entrepreneurs exit or enter business ownership. His services include business brokerage; helping owners sell and/or buyers purchase a business. He also provides consulting on purchasing a franchise, certified machinery and equipment appraisals and business valuations. Andrew is a CBI with the International Business Brokers Association and CBB with the California Association of Business Brokers. He also carries a Brokers License from the California Dept. of Real Estate, is a member of the Sacramento Metro Chamber of Commerce and the Sacramento Chair of the California Association of Business Brokers.
If you brought ten entrepreneurs together to ask them to make a list of the five most important traits of a successful entrepreneur they would probably finish up with eleven lists. Entrepreneurs don’t like predictability and arriving at simplistic answers. However, if you read each of those eleven lists, I think you would find the following traits on a lot of those lists.
1. Vision
One of the first attributes of all successful entrepreneurs is having a clear vision. The evidence of that is easy to see from the most successful companies – Microsoft, Berkshire Hathaway, Johnson and Johnson, and so it goes on. If you’re an existing entrepreneur, what made you start the journey of being a business owner? Make sure you haven’t moved away from that. If you have, find it again and re-focus your long term goals.
2. Plan
When was the last time you revisited your business plan, sales and marketing plan, communication plan and productivity plan. Too many plans? Most businesses take seven to 10 years to be “successful.” Success is not an overnight event. It may arrive quickly but it may arrive quickly because of the blood, sweat and tears it took to get there.
3. Keep it real
… and in perspective. It’s not your imagination that sales are down, customers don’t seem as happy as they used to be, employees are worried but as an entrepreneur “keep it real” till the dust settles and you can get back to it.
4. People
I would suggest that no entrepreneur has been successful on their own. It would be equally true, that all successful entrepreneurs developed to a very high degree, the ability to communicate and inspire a team that they led. I would suggest this is even truer today because of the many layers to running a successful business. The many layers of legal, accounting, sales, marketing and technology prevent one person from doing them all. However, they do not prevent one person from hiring the brightest and best and building them into a powerful team.
5. No is a word – not a destination
Keep looking for people to buy your product or service. In a challenged economy they will be less and you are going to have to ask more people to get a yes. That’s what sales is all about so keep selling.
And probably the one trait you will see on all the lists is – never give up.
If you are thinking of becoming a business owner but are not sure where to start, you have three options. Option one is to start your own business, option two is to buy an existing business or option three is to buy the rights to a local franchise. Each option comes with different variables you can explore and understand further as I have written a book on each option available from my website - www.Andrew-Rogerson.com.
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