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More than 8 out of 10 new businesses fail within the first 5-years. Even though there are literally thousands of reasons why a business might fail, one factor appears to be more important than others. The key factor of success in any business venture is the personality, work, and professional traits of the person starting the business. The reason why the traits of the owner are the most important factor in business success is because new businesses have almost nothing but this factor to work with. Most new businesses do not have capital, large amounts of credit, or even customers. Thus the ability and skill of the owner to manage the needs of the business without these benefits is crucial. Do you have the following traits? An entrepreneur should be a visionary who can see the overall picture of what he/she wants to accomplish. The should see things for how they are today but for what they could be in the future. A visionary tries to figure out how he/she is going to accomplish their dream by setting up a plan. Hard work cannot be underestimated when attempting to achieve most goals. According to the book The Millionaire Next Door most millionaires are not that intelligent but do have the ability to keep working towards their goals day-in and day-out. Despite hardship they push forward with their plans. Success people are also energetic. They take on new responsibilities with enthusiasm and try and enjoy their work as much as possible. Much of the work being conducted in the business doesn’t make an immediate profit. Thus it is possible that you are working for under minimum wage. However, if you stay enthusiastic and enjoy what you are doing there is a higher chance that you will succeed. Are you the type of person who blames everyone or are you the type of person who feels responsible for your choices? Having an internal locus of control means that you feel as though you control your environment and that the environment doesn’t control you. It is difficult to run a business if you don’t have any knowledge of the field. Thus it is better to run a business in a field you have knowledge, a field you have worked in, or a field you can get the information for. Many entrepreneurs start businesses only after they have worked in the field for a few years. Amazing as it sounds few people have the will or the desire to take risks. It is difficult to give up money which has been accrued for many years. However, financial success requires money. Start-up costs, advertising costs, inventory, etc. all require the ability to invest ones money (or the money of others). More times than not, it is more beneficial for a person to invest in the stock market than in their own business. No one can succeed unless they have self-confidence. If you don’t believe in yourself it is doubtful that other will believe in you. Business success is all about believing in yourself and taking action. It is an absolute requirement that each person have confidence in their own business skills. Murad Ali is a three time book author, a Ph.D. candidate, a human resource manager. http://www.thenewbusinessworld.blogspot.com http://www.onlinebusinessconcepts.blogspot.com
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