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5 Traits Of Highly Successful Entrepreneurs
- By Alvin Jay
- Published 12/16/2008
- Management
- Unrated
Alvin Jay
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I would define a successful business as one that has been around for a long time. Churning progressive profits and weathering the worst financial times and the most bearish of economic crises. While we would like to know the secrets of their success, we unfortunately have corporate law protecting them. However, there are universal maxims of highly successful business – 4 of which I will be sharing with you today.
Welfare. This is especially important whether you are starting with a small staff base or a relatively large one. The one you think you want to avoid is a high turnover rate for your staff. Training and ensuring the competence of new staff is a trying process and it can cut deep into your operational efficiency and leave your clients out cold. The best businesses are built on loyal, long standing employees so a system of welfare that takes care of their needs and recognises achievements should be in place.
Money management and a sound corporate plan almost always goes together. Here is where planning, management and finance should be working together to put the business on new territory and new levels of success. Capital is key when it comes to keeping a business afloat and mismanagement of funds is one of the reasons why a lot of companies are going under. Just look at the credit crunch as a good example of careless capital asset management. When finance can work together with
planning to put together a strategy that is sound and is lasting, then businesses have a better chance of survival. One good example of money management that can save a business is having enough risk capital and alternative sources of funding to pump into new strategies and expansion policies.
Taking risks. Sometimes you have to, especially when business seems to stagnate or the market is just not as excitable as it was before. Its time to redirect funds and think about strategies and newer markets to penetrate. The potential of a profit in a risky area should never be ignored but calculated planning and risk taking are very important here. Make sure that you have a plan set up so that a specific amount of money should be risked and once the red levels are seen, its time to pull out and liquidate. Never enter a market bogged down by red tape and one that is especially hard to pull out of.
Grow, grow, grow. This is the measure of success for successful business. A business should never be stagnant in their own pitri dish. Knowing that this is the true barometer of a efficient business and knowing that growth are the benchmarks of a company that is headed to success is something everyone should know. Then can issues of corporate restructuring come into play.
With these ideals in mind, you will half the battle half one. Its not all about reading and understanding, the by word in business is implementation so I hope you take more than just information from this article, but a cause to action.
Welfare. This is especially important whether you are starting with a small staff base or a relatively large one. The one you think you want to avoid is a high turnover rate for your staff. Training and ensuring the competence of new staff is a trying process and it can cut deep into your operational efficiency and leave your clients out cold. The best businesses are built on loyal, long standing employees so a system of welfare that takes care of their needs and recognises achievements should be in place.
Money management and a sound corporate plan almost always goes together. Here is where planning, management and finance should be working together to put the business on new territory and new levels of success. Capital is key when it comes to keeping a business afloat and mismanagement of funds is one of the reasons why a lot of companies are going under. Just look at the credit crunch as a good example of careless capital asset management. When finance can work together with
Taking risks. Sometimes you have to, especially when business seems to stagnate or the market is just not as excitable as it was before. Its time to redirect funds and think about strategies and newer markets to penetrate. The potential of a profit in a risky area should never be ignored but calculated planning and risk taking are very important here. Make sure that you have a plan set up so that a specific amount of money should be risked and once the red levels are seen, its time to pull out and liquidate. Never enter a market bogged down by red tape and one that is especially hard to pull out of.
Grow, grow, grow. This is the measure of success for successful business. A business should never be stagnant in their own pitri dish. Knowing that this is the true barometer of a efficient business and knowing that growth are the benchmarks of a company that is headed to success is something everyone should know. Then can issues of corporate restructuring come into play.
With these ideals in mind, you will half the battle half one. Its not all about reading and understanding, the by word in business is implementation so I hope you take more than just information from this article, but a cause to action.
