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In this “new” economy that is eliminating middle management and continuing to reduce headcount, a lot of people are ready to go out on their own. But do you have what it takes to be an entrepreneur? In this article we are going to discuss five key points that you need to be a successful entrepreneur. 1. You Must Commit I once knew a friend who always had these “great” ideas, but didn’t want to do anything he just wanted to provide ideas, have someone else do the work and collect a fee. Life does not work like that very often. An entrepreneur must make the job a major commitment. It is important to keep focused, be able to work nights and weekends when necessary. You must enjoy what you do and be prepared to do anything to get the job done! 2. Plan everything Entrepreneurs must create a habit of planning everything. You will probably be working by yourself for a number of years so you must plan and prioritize, plan and prioritize. It is important to have short term goals (daily and weekly) and long term goals (monthly and yearly). It is important to always write down these goals and action items. 3. Manage money wisely When I first started my consulting business I was lucky enough to get a nine month contract in the first week I was available. I was spending money like a drunken sailor until the contract ended and I didn’t have anything to back it up. I ,also, starved for six months until my next contract. The lifeblood of any business enterprise is cash flow. You need it for everything: inventory, advertising, insurance, overhead and equipment. You have to factor in the gaps between contracts and be ready for slow paying clients. 4. Know your clients Eighty percent of your income will come from repeat customers rather than new customers. So it is important to know your customer base and keep them happy. Good communications are the key to knowing your clients. It is important that you know where they are coming from, what they expect and what they need. Personalized attention is always remembered in the business world today. 5. Build a trustworthy reputation A good reputation and positive PR are the most substantial assets that you can develop. You have to earn a reputation by having excellent communications, being honest, and never promising anything that you can’t deliver. Having great ethics is the foundation to a good reputation. After a while you will be perceived by your industry as an expert. If you can follow these five traits you can be a successful entrepreneur! Jim Stedt is a partner at The Business SoftSkills Company (GetSoftSkillsNow.Com) located in Santa Ana, California. They provide job readiness and workforce success videos for education, business, prisons and individual use. Training is available online, on DVD, or through an affiliate program. These products are the most complete and concise soft skills training packages now available for the price of an average college textbook.
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