We have witnessed many businesses rise and fall. While a lot of factors go behind the success of any rising empire. That one cornerstone which marks out a successful venture from the rest is the mind behind it from the start to eternity of that organization.
To emulate their success it’s essential to learn about their characteristics that sets them off from the crowd.
- They are high-octane people
There are some people that never seem to retire whatever their chronological age and age of their responsibilities be. These are the people that are potential drivers of transformation in all societies.
They are not just energetic in their daily chores but radiate energy into their surroundings. And for those who analyze energy characteristics believe high energy emanates warmth which in turn translates into positivity.
- Seamlessly merge their work and pleasure
It has always been said to start a business you are genuinely interested in, as in the long run when you are ambushed by challenges, this will stick you to your business, counteracting your quitting plans.
No business is easy, challenges are part of the package, whichever package you choose. But if you do what you like, your aptitude with challenges changes from difficult to workable.
Successful are those that follow organized routines. Whether it is at home or at work, they know the value of their time. They create to-do lists for daily tasks. And go through these tasks at the end of the day to update their status. This method allows preplanning for the next day.
They create time-tables and adhere to it, whether personal organizer that manages their entire activities of the day or simply a work time table. A calendar keeps you posted of your appointments and schedules.
We are not machines, while some people realize this fact, others ignore. A refreshing break energizes you and boosts your productivity.
- They always have a plan
From designing their office to designing their campaigns, successful entrepreneurs are attentive to all business angles. Businesses work with ideas and tricks, the people who have an innovative hand at these enjoy the advantage over those who follow the path.
From formulating processes to executing systems or even convincing their investors, successful entrepreneurs have strong business skills. Every system works on that one idea and strategy. Some people follow a simple strategy and enforce it in all their business facets, whereas some go for flexible strategies in every area. Whichever method you select, your decision should be practical and actionable.
- They are good with finance
Revenue is that big impetus that keeps organizations motivated to perform year after year. And you cannot achieve your targets unless you are proficient in handling your finances. This cycle begins at capital generation, goes onto smart investing supported by methodical framing of financial details and finally ends in generating revenue from sales. It requires money everywhere from buying infrastructure (physical or technology), developing your product, and marketing it. Not to forget to pay your staff. If you make wise thrifty decisions you will be able to churn out substantial profit at the end of every fiscal year after paying all the taxes.
And apart from other things, smart businessmen invest in themselves and their companies. Invest your funds in employee engagement activities. While there cannot be tangible returns of this investment, it will reflect in your annual revenue.
- Possess a sharp acumen
When it comes to holding important designations the only mandatory qualification is efficient decision making. For making effective decisions you either need to be a knowledge master in your field, where you know all the fundamentals. Or you need a wise reasoning ability, which often accrues as a result of life experiences of self and others.
When you are managing an enterprise from hiring people to investing money, you have to head all the departments. In absence of a quick grasping power and churning ability you will nothing but end up getting influenced by others when it comes to deciding.
Larry Page, co-founder of Google and inventor of PageRank algorithm (the algorithm which gave birth to the entire SEO community) was a computer scientist who believed his discovery is what the world is awaiting next to organize their information.
- Know their customer’s pulse
People who are accomplished in understanding their customer’s minds rarely fail. As a customer is the fulcrum on which your entire system rotates, the mechanics of the rotation depend on the fulcrum itself. It is this customer that directly or indirectly influences your product and its promotion. And hence all businesses entail in this mission of knowing their customers. The gigantic growth of social media finds its root in this theory.
Smart entrepreneurs contemplate the need of building a consumer connection way ahead of their competitors. They know what their consumers desire and how to quench their demands without hurting their organizational interests.
- Realize the importance of a reputation
It is that one factor that can elevate or doom businesses. And is not built in a day, it ensues as a result of consistent endeavors in offering value to the customers through service and product; to the extent of taking lossmaking decisions for the health of brand.
Respect your words, when you promise delivery date to your consumers, come what may stick to it. This will earn you credibility points. As anything can be amended later, but a perception developed for a brand is one of the most difficult opinions to change.
Reputation is based on trust and shrewd businessmen ensure they survive their customers trust.
- Know the art of negotiation
Strong selling and persuasive skills enable people to crack difficult business deals with ease. But you need to be persistent in doing this. We often see street smart customers win over shopkeepers in bargaining their deal. It is this street smartness that is vital for entrepreneurs.
Homework before meeting your client or investor, have a back-up plan to support you, in case your demands are not agreed to. Before negotiating your demands you should know the details of the product or service that brings you to the table. Also keep no scope for ego to damage your important deal.
Even if you don’t possess some of these traits, you can imbibe them in your personality as you grow as a person and a businessman.