What does it mean to be a real online entrepreneur and what traits do you need to cultivate to succeed? Most people when they start out their internet business, they are struggling to turn a profit for a long time, and if they don’t cultivate those traits they will fail. Studies show that 90% of small businesses fail because of the lack of skills and knowledge on the part of the owner, ignoring the weaknesses and not seeking help. When people start an online business, they come most of the time from a background of being an employee, and there is a BIG shift that needs to happen inside of you to start thinking and acting like a real entrepreneur.
What is Entrepreneurship?
For me, entrepreneurship is not about customers, sales, employees, etc. It’s more about creating something from nothing that is exciting and different. It’s about providing value. It’s about identifying problems, needs, gaps in te marketplace and then organizing all the resources around of time, money, people and systems to deliver the solutions better, faster, cheaper than others and turn a profit.
Take a look at home business, MLM, business opportunities type os deals. Why people fail? First people join a business opportunity cause they want money, power and freedom in their lives, and they start sending traffic to the offer. That doesn’t work, so they think it’s because of the opportunity, so they join another deal and fail again. Then they figure out that they need to become better marketers. They start building their list, but then they are out of advertising budget. They think they need to create their own product or they are not productive enough, so they buy more training and products and spend themselves to bankrupcy.
So I leave it to another blog post or video or webinar where I’ll explain how to actually win at this game and build a stable online business, but for now, let me focus on the 12 super important must-have traits that you need to cultivate to become a successful online entrepreneur. I learned it from Rich Schefren, he built multiple million dollar businesses and helped a lot of ‘GURUS’ in the internet marketing space and beyond, so this information is coming from a good source 🙂
1 – Action orientation
You can have the best strategy and plan in the world, but without taking action it means nothing. Successful entrepreneurs are big action takers, they devise easy simple ways to test new ideas as soon as possible, they are relentless in consistently taking action and adjusting their approach along the way. They are willing to fail fast and make mistakes, because only action can tell you what’s working and what’s not. Don’t be afraid to fail and to make mistakes. Take action now to the best of your ability. Implement new ideas that can change your business as soon as possible.
2 – Resilience
The ability to bounce back from setbacks, to put the disappointment behind us. There are always some setbacks in the entrepreneurial life so getting back into the game without letting too much time pass is crucial. Most successful entrepreneurs have either gone bankrupt or gotten close to it, and what allows them to ultimately win is
resiliency. It’s what separates the successful from the wannabes. You will always have problems, but the question is how you deal with them?
There are usually no ideal plans for success. Even the best mentor in the world cannot provide you with the ultimate blueprint to success. There is no straight line to the finish goal. So your resilience, the ability to dust yourself off and get up again and run will play a crucial role in your success.
Watch the interview below of Sir Richard Branson, billionaire and CEO of Virgin Group, talking about being an entrepreneur:
3 – Providing Value
This is huge, a lot of people are coming to the businesses with a mentality to just make money, to make a quick back. And it never works that way. People will give you money when they see value and what you are offering, your unique value. Your business is always YOU and how much value you provide to the marketplace solving people’s problems.
You must provide 10 times the value than what you are asking in return. Real business is based on giving value, so give as much value to customers and everyone around you as you can. Create irresistible offers. If you are an affiliate, then think about where that product ends in terms of satisfying the customer’s goals, and what you can add to make them buy the product a no-brainer.
4 – Character and Competence
If you want to realize your big vision, and get people rally around you and believe in your vision, you need to be trustworthy and have a character, show your personality. When you promise something, keep your word. When you disagree with something, say it. You want to stand for something, magnetically attracting those people who you want to work with and at the same time repelling the people that you don’t want to work with.
The other part is be competent in what you are doing. Competence begets confidence. So study apply what you learn and improve your skills daily.
5 – Seeing things as they really are
Napoleon Hill called it “accurate thinking” and it’s the principle most often forgotten. You can’t make effective decisions if you are unwilling to see things as they really are. This means having a healthy degree of skepticism and not just jumping to conclusions that you would like to be true. It’s your deal – nobody is going to handle a problem that you pretend isn’t there.
As an entrepreneur you need to look straight in the mirror and tell the truth. When you have a problem – deal with it.
6 – Financial Discipline
By their very nature, businesses have growing expenses unless they are kept in check. You must stay on top of every expense category in your business. Knowing exactly where your money is going, and focusing on the cashflow is crucial. Every dollar saved is a dollar that drops to profit and in most businesses that is very significant.
I learned this important lesson the hard way. I was spending way to much money on training, courses, 1-on-1 coaching, traffic, advertising and I was going into the red month after month, losing money. You can’t stay in business, get your message across and survive if you are spending more than you are making. Eventually your debts will eat you alive. So I had to switch my focus into focusing on the cashflow side of the business, and when I started doing things that brought me cashflow today, that’s when things started to change for me.
Remember that you can’t shrink your way to greatness but you can spend your way into bankruptcy.
7 – Make Tough Decisions
Sometime we need to disappoint other people and make tough decisions. You don’t deserve to lead if you are not willing to go against the popular opinion if you disagree with it. Effective business is neither a democracy nor a
dictatorship so you need to strike a balance, business is not a popularity contest – seek improvement over being approved. Sometimes the decisions are hard to make, like for example flying 30 hours to a far away country, attending a seminar, when you don’t have the money. You need to find the money, if you want it bad enough, that’s a tough decision. Logical thing to do is to stay at home and thick your thumb, but your heart is telling you GO, so you go.
8 – Be Curious
Ask a lot of questions, have an unquenchable desire to learn more and to constantly improve. Be curious about what’s going on in your industry. Keep your antennas high. Never stop learning and investing in yourself. I continually grow my budget for investing in myself. Be curious how things work, what make some people successful and others not.
9 – Be Autonomous
As an entrepreneur you are your own boss, so you need to be accountable to yourself. We are our worst bosses a lot of the times. If you can’t manage yourself you will definitely have problems being an entrepreneur. You have to treat promises to yourself as others would to their bosses.
10 – Be Committed yet Flexible
You have to be committed to the success of your business but remain flexible about how to get there. You will see that on your road to success you will need to take roads that you wouldn’t ever thought that you would do that.
Successful entrepreneurs display a “whatever it takes” attitude, in order to help their business move towards their vision. No matter how well you plan, there will always be changes in the environment so you must remain
flexible. Even your job will change as your business grows.
11 – Good Time Management
You must learn to prioritize and get important things done. It’s easy to waste time when you work for yourself. Make sure you are working on your business’s top priorities. Identify the top 3 activities that your business needs from you and use time blocking to make sure you are spending time in all the important roles of your business.
Productivity is very important. In my other posts I talked about finding the ultimate leverage in your business and life and it will help you a lot with your productivity. Everyone has the same 24 hours in a day. The only difference how much leverage do you have in using your time and resources.
12 – Always seek talented people who will help you do the work.
You cannot do everything by yourself, you have to at some point delegate things, outsource and in many cases eliminate them from you to do list. So you want to seek out the best people that you can find to be working for you. Whether it’s your employees, or freelancers or people you outsource the stuff to do.
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