1. Understands money
Cash flow is king; without it you don't have a business. Successful entrepreneurs know their numbers, where their money comes from and they don't commit to spending without being sure about income and return on investment.
2. Plans for the future
An entrepreneur is always thinking ahead, but the really successful ones are those who know how they’re going to get from A to B. Without a plan you may struggle to know if you are on track and meeting targets. Of course, you may stray from your roadmap occasionally to if the means meet the ends, but you always have a clear direction of where it is you are heading. If you don't know where you want to go, chances are, you won't get anywhere.
Plans are all well and good, but you have to be ready to adapt when circumstances change or new opportunities arise.
4. Takes advice
Good business people understand when they need to seek expert help, and the most successful businesses are those that seek advice. Don’t just rely on family, friends and people who will tell you what you want to hear.
Members of the Forum have access to a helpline for all their legal and business queries – call us on 0845 130 1722 to find out more.
5. Manages negativity
While taking advice is all well and good, if everyone listened to naysayers, no one would ever start a business. Entrepreneurs need to know when to listen to negativity, and most importantly how to turn it into positivity.
6. Hires good people
Spend as much money as you can hiring the best people possible. Better to hire great all-rounders rather than a single genius.
7. Learns from their mistakes
Mistakes are fine. If you don’t make mistakes in business you will never learn. Don’t beat yourself up about them – just don't make the same mistake twice!
While networking is often seen as a chore, staying in touch with contacts, friends, former colleagues and associates is good for business. You never know when they might be able to help you out with a new opportunity or introduction, and vice versa.
9. Natural promoter
As well as being adept at promoting themselves, successful entrepreneurs aren’t shy of shouting about their business successes and making the most of every promotional opportunity that comes your way. They do the best job as spokesperson for the business.
Although it may be a necessity in the early days of business, successful entrepreneurs know what they’re good at and when to call in help, be it outsourcing to your accountant or hiring staff.
Don’t try to do it all and concentrate on what you're best at.
11. Understands customer service
Competition is rife in all areas of industry, so offering a great service, answering complaints promptly and courteously, and always going the extra mile will make you stand out from the crowd.
12. Creative thinker
Successful entrepreneurs never rest on their laurels and have a constant flow of ideas and projects they want to get their teeth into next. They are always thinking how they can improve their product or service and make things continually better.
13. Loves to learn
An entrepreneur is never happier than when they are learning something that will keep their business growing.
Entrepreneurs know themselves well and can read others easily. They have the determination and self-belief to battle their way through difficult obstacles, even when others doubt them (though having a clear plan of how you’re going to do it helps!)
15. Take risks
Entrepreneurs aren’t adverse to taking a risk or two. That self-confidence, plus good instincts, come in handy when it comes to managing high-risk business decisions.
The most successful entrepreneurs never forget how much they can learn from others. If you would like further advice, or to find out how the Forum can help your business to grow, call us on 0845 130 1722.