My mother always taught me that the road to success was through hard work. What I discovered is that there are other principles that are more important. Here is my list of the top 5 traits that successful entrepreneurs all have and follow:
- Knowledge: You know the saying “It’s easy when you know how”? Well it is so true in business. It’s crazy to invest time or money without knowing what you’re doing. You need to learn the basics first to provide the greatest chance for success. But then, never stop. Always have a thirst for knowledge because the environment is always changing, there are new ideas, laws change, competition changes. The only way to stay ahead is to continually be in a learning mode.
- Planning: Based on the knowledge you’ve gained about the business lay out a plan for the year and for the next few years. Most small business entrepreneurs fly by the seat of their pants without taking the time to plan and that gets them into trouble. Following a solid plan also allows you to see where improvements can be made. Without a clear plan, it’s hard to make course correction.
- Marketing: As much as I try, I can not think of a single business that doesn’t require marketing. Even if you’re selling $5 bills for a nickel, you still need to get the word out. You can not expect to just quietly open the doors and have a rush of customers. You have to tell them about your product or service, overcome their objections, and get them excited enough to contact you. No business can grow without marketing. SO market, market, market and never stop marketing.
- Connectivity: Stay connected with others in your business and in your community. The more connected you are with others the more new ideas you’ll pick up; the more you’ll learn about your competition; and the more you’ll be able to anticipate changes in your environment that will affect your business. You can not operate as an island disconnected from all others.
- Focus: Zero in on your objective and become obsessed with its achievement. Resist the temptation to go in multiple directions until you have the first operating smoothly. Focus on your plan.
Obviously there are other traits to becoming a huge success, but these 5 build the foundation for a solid business.
Expect abundance,
Lou Castillo
P.S. Do you have any others that make up your top 5? Share them in a comment below.
