Top Entrepreneurial Traits
There have been numerous studies and successful books written on the traits found in successful business leaders and businesses, such as the ‘7 Habits of Highly Effective People’ by Stephen R. Covey which has sold more than 15 million copies. In this article we look at 10 traits found in successful businesses.
- Market: Identify your key target markets and exploit them. Many successful businesses have a client or customer selection criteria. The sharper you can identify your target market the sharper your marketing can be.
- Market Gravity: Continue to add value to your target market by way of Intellectual Property (IP), articles, reports, Public Relations (PR) etc so that more people are drawn to you. Remember you need to give value to get value in return.
- Database Intelligence: Create, nurture, grow, and cleanse databases so that they are of high quality and generate powerful returns. Buy a list, rent a list or build a list of customers. Then market to them, offer them something of value and continually add to the size of your database. Your database is one of your most important assets.
- Time Management: You can make another dollar but you can’t make another minute. Do not let menial tasks get in the way of your success. Always spend your time working on high dollar productive activities. Put the structures in place, delegate, and don’t do things yourself if someone else can do it. If someone else can do it 80% as good as you then you are 80% in front. Get yourself an assistant or another employee when required.
- Communication Structures: Put in place optimal channels to talk to, and listen to, the customer or client. Feedback forms, surveys, customer advisory boards and simply asking customers will go a long way to offering exactly what your customers want and what they are prepared to pay for.
- Leverage: When can 1 + 1 equal more than 2? Constantly seek to leverage products, services, markets, and relationships. Think about what you know and then leverage what you know many times in many mediums.
- Network Focus: View your market as a network in which you want to lure people to. Consider the ‘spheres of influence’ that affect your market and develop strategies accordingly.
- Branding: What do people think about you and your brand? Your brand includes everything the customer sees of you and your business. Create, nurture, and develop a strong brand to draw customers to you. Your brand needs to be an experience. The better the experience the more customers and sales you will have.
- Sales Process: Understand the steps, sequence, scope, and symmetry of your sales process to maximise conversions and margins. Keep assessing the process in search of areas that need improvement.
- High Prices or Fees: Buyers have egos and believe they get what they pay for hence there is no right or wrong price. Would you want to buy from the cheapest brain surgeon you can find? I doubt it. If you believe you are good at what you do then price accordingly.
Richard Kemp – Watts Price Accountants
The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.