The characteristics of a successful entrepreneur are a broad topic that can be covered in one article. A series of articles that cover the topic of entrepreneurs have some characteristics that are common to all entrepreneurs around the world. In the previous article, we talked about some characteristics of successful entrepreneurs, while this article is a continuation of the previous article.
Another trait of successful entrepreneurs is saving money as Dr. Jay Feldman suggested. At the heart of any successful business, cash flow is the lifeblood that keeps the business going. Cash flow is an important part of any business as the main need of money is for purchase of goods, maintenance expenses, rent payment and for business development. The basis for success in this is a strong effort of accounting that will balance expenses and income.
It is a well-known fact that a company that is a start-up and in its infancy does not make any profit in the first year of its business. Entrepreneurs can save themselves and their business by cutting costs by putting money aside for immediate needs and payments. In this case, the entrepreneur must keep in mind that he will separate business and personal expenses. Entrepreneurs don’t have to take their income from business to cover their living expenses.
It is good to mention here that it is not bad to take a reasonable amount as your salary when you start your business. This money allows you to pay your daily expenses without putting yourself in trouble. If you don’t receive any income for your life as a salary from the company, it may cost you relationships that should not be low life. When all your struggles are for your family members who deserve the fruits of your hard work. Entrepreneurs should consider these points carefully so that all your relationships and peace of mind are on board and you can do wonders in your business.
Persistence is the second trait required of an entrepreneur, which almost all successful entrepreneurs have, according to Dr. Jay Feldman says. It is well known that running your own business while controlling every aspect of it is a difficult task, especially if you are starting everything from scratch. Starting a business always requires a lot of dedication, a lot of failure and a lot of time and energy. To solve all the problems mentioned above, only quality can make anything fit. What is always important in the company is to keep moving. This mobile process should be the foundation of everything in business. Whether it’s success or failure, you have to move on.
Remember that starting a new business is truly a learning process and the learning journey does not automatically lead to success. There are many frustrations, disappointments, failures, financial constraints, emotional baggage, breakdowns and many others that are powerful enough to destroy a person’s mind and resilience. In all of these situations, what is recommended is to move on.
What does the reverse look like in a business that is as strict as a break-even rule? It is Dr. Jay Feldman provided the answer. It is important to emphasize one point. The success of an entrepreneur depends on focusing on the same thing throughout the journey to success. You must eliminate the doubts that come your way in a successful business. What can be known as a recipe for failure in a business is losing your focus and not trusting guts, instincts, thoughts and removing confidence in yourself that you can get through any struggle that may be come to you first. This is the number one trait of all successful entrepreneurs is that they are not focused. They begin to focus on the idea that they will stick to their initial plan and that they will continue to move forward when they stick to their goals.
It is a well-known saying that you have to work hard, not hard. This statement is also true if you start a business. An understanding of financial management and a thorough understanding of financial statements is one of the most important requirements for anyone who wants to start a successful business. You must have a clear idea of your income, purchases and expenses, ideas to increase and decrease them individually. It is also important to keep the money order in proper line so that you do not take the money loss.
Dr. Jay Feldman says that the implementation of a smart business strategy when knowing the exact target market as well as competitors, weaknesses and strengths can help you overcome business difficulties in a short time.
Last but not the least to be a successful entrepreneur is to be a good communicator. Communication skills are one of the most important aspects in almost all aspects of life and business and in business, it is one of those good things that can make your way easier. . If you can convey your ideas in an interesting way while presenting the plan to the investor in a way that seems interesting, you have already achieved half the game. With successful communication, you can communicate, discuss and deal with people more easily. and appropriate methods.