Starting your own business can be a lot of fun, satisfaction, and freedom. And starting your own business can be the scariest career move of you life–probably because there is no guaranteed formula for success.
So what are the qualities that bring about success? Ask the experts, and while there is a common thread, each one will suggest a little different quality or process that needs to be taken.
Entrepreneurs must have the right mindset. Mindset means that one must make a mental shift from that of being an employee to becoming that of an Entrepreneur. It is a life-changing decision–one that is full of great potential risk as well as great potential reward.
I believe that a new Entrepreneur needs a well developed Action Plan. To get to the Action Plan, one needs to start with a Business Plan. This initial Business Plan does not have to be extensive; but from a Business Plan, the Entrepreneur can then form a Plan of Action from which to get started. One of the suggestions I learned a long time ago is if you ever dreamed of owning your own business, then get right out there and get started.
I worked with hundreds of new entrepreneurs during nearly a decade in direct sales, and I believe the most important things a new entrepreneur needs is a clear sense of their “why” for starting the business in the first place. Wanting to make a few extra bucks isn’t going to sustain someone through the long hours and hard work, on the other hand knowing that extra money holds the promise of a mother being able to stay home with her young children will provide a far stronger emotional attachment to achieving success.
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Hi Linda, I believe there are many ways of having a successful business. Newbies can have a very successful way of getting people into a home business right away with social sites alone. Others can create their web presence and set up a marketing funnel with affiliate products and multiple sources of income that gives the power back to the network marketer. Takes time though.
The key to success is learning how to attract the right people to you that want to buy from you. It’s easier said than done though. Takes lots of time and many mistakes if you don’t have someone you trust teaching you with a good business and game plan.
I would suggest the best chance of success is to network with like minded people like at TSA Mastery. They can Google it. They allow people to have that abundance mindset that every business professional needs. Finding out what people are doing and not being afraid to ask questions is the key to making a good living doing what you enjoy. People there usually are pretty professional and won’t try to make you join their business. : )
Rick Salas
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Hi Linda, I agree with Rick too, there are several ways to start an online business, some people actually just start with social media and it blooms before they know whats happening! I also believe that action plans along with business plans need to allow for what happens when it doesnt happen like its supposed to. So many business plans I’ve seen go in the trash because the results are not in the “plan”. Go with something you love and have a passion for, it will show to others and become contagious.
Hey Linda,
I just came up with this the other day. Looking at this from a network marketing point of view, I’ve come to the conclusion that there is an indicator that will predict a persons success or failure, regardless of any other factor involved.
I call it the “What are you doing NOW” test. At least until I come up with a better name for it.
So here goes: Anything you’re not doing in your business while you still have a job, you won’t do after you quit your job.
Meaning: If you’re not posting to your social sites every day, if you’re not posting to your blog regularly, if you’re not emailing your list daily, if you’re not on the phone prospecting daily, if you’re not studying sales and phone techniques, guess what?
You won’t do it when you’re full-time in your business and you will inevitably fail.
My suggestion to anyone contemplating going full-time in their network marketing business is this:
Take note of what you’re doing. Are you making a list every night of things you must accomplish in your business the following day? Are you prioritizing that list, and resolving to finish those tasks? Are you working as long as it takes regardless of whether you “feel like it” or are tired? Have you consistently followed your plan for weeks, or better yet months? Are you making progress in your business now, or are you fooling yourself into thinking that when you have all day to work on it THEN you’ll get some momentum going?
If you can’t honestly say that all of those things (and probably a few more) are true then YOU ARE NOT READY TO GO FULL-TIME.
Keep your job until you have proven to yourself that you have the self-discipline to ensure that you are doing what needs to be done on a daily basis.
Believe me, that bank account of yours will dwindle with frightening speed, and mindset won’t refill it. Sure, you gotta have the proper (or at least a success oriented) mindset, but it’s the actions you perform consistently that will determine your level of success.
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Hi Linda,
Yes a business plan and action plan is important to give one direction and guidance. I also think it is important to realize that as you proceed with your action plan towards your goal, you have to realize that this is a dynamic process. As a friend of mine who has run a successful PR firm for 30 years says, “Businesses should always be reinventing themselves”. How true this is. It is also important to remember that everything is about the relationships you develop and nurture. People like to do business with people they “know” so you want to make sure your target “knows” you.
Yes Linda, first a businessplan, most people forget that. Than invest in where you will be located, is there traffic. The financial part is also an item to investigate. Whean you start , you have to promote yourself if you cannot do that , try to find a good mentor. And yes if you want something do it but not before you use my slogan “look before you leap”
a lot of success,
cheers…Mario…
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Hi Linda,
I agree that a simple business plan is important and works well as a roadmap to success, as long as you don’t get stuck in the planning stage! Analysis Paralysis, as they call it, sets in often with people. Sometimes you just have to get out there and do it!
To me the most important thing is to go with what you know. Most of us have learned a lot, had hobbies, responsibilities and had a job as one time or another. Those skills need to come into play so you can feel secure in what you’re doing…that you know what you’re doing! Self-confidence is key, I believe.
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Hi Linda, It is very important to have structure and a plan when you are working for your self. It makes it a lot easier to deal with hidden hurdles along the way and keep focused and on track. All the best Rosemary
Hi Rosemary,
Thank you for your comments; and yes, those hidden hurdles will get us every time if we let them!
Keep focused, and go for it!
All the best, Linda
Hi Linda,
I totally agree that you mindset coupled with a great action plan will make all the difference in the world. I personally am really changing my mindset to take care of the most important priorities first then the next most important and so on.
This helps me to be much efficient.
Thanks for the info.
JFoster
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Hi John,
Great, you are re-aligning your priorities to get the most important ones completed first! And, yes,
this does help to make us more efficient and effective!
Looking forward to hearing from you again soon,
Linda
No argument here, Linda.
An Action Plan is second to none to get your entrepreneurial dreams into the “accomplished” column.
Thanks for reminding us of this, Linda, because we tend to get frozen in “busy” but let meaningful “action” go by the wayside.
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Hi David,
You are so right…I love checking off items on the Action Plan. It is such a feeling of accomplishment. And it lets me see where I am making progress, one accomplishment at a time! Otherwise, you are right on, we can get lost into non-productive activities that rob us of our precious time and energies.
Looking forward to hearing from you again soon, Linda
Hi Linda,
Having always been an entrepreneur at heart, I would say it is most important to believe in your vision and back yourself 100%. That leads to a burning desire which is so strong you just have to put your ideas into action. After that, put a plan together, act on it, and be prepared to make adjustments as your project takes on a life of its own.
I never dreamed I would be doing what I am now back when I started. Come to think of it, the web didn’t even exist then!
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Hi John,
Wow, great info…first you have a DREAM! How powerful is that? Well, it depends if you manifest it into the Burning Desire you are talking about.
So very glad you evolved with the web and are training others with your knowledge and experience. Outstanding!
Chat soon, Linda
Hi Linda – I think you are tight on when you talk about mindset. I don’t believe you can really find success without it. I try to listen to keep different motivational CD’s in my car with me at all times to listen to right before I go into appointment to get me in the right mindset. Great post with very important points! Thanks
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Hi Glyna,
You are so smart to keep the motivational CD’s playing! Throughout our days we are dealing with so many different emotions and tasks that it is great to be able to switch from some issue to something uplifting and positive–and especially when we need to perform at our best!
Thank you for your comments! Linda
Hi Linda,
You’re quite right, there is no guaranteed formula for success. It all depends on each person on how they deal with their businesses and how they actually define success for their business. But the qualities you mentioned are definitely must-haves for every entrepreneur to be on the right track to success.
Regards
Hi Calli,
Thank you for your comments, and you are right, success is different things to different people. Since most of us are in business for a profit, then I would imagine that a large portion of the success would be running the business so that it were in profit and beyond.
Looking forward to hearing from you again soon, Linda
Hi Linda:
I agree, having the right mindset is imperative in creating a successful business. For me this includes setting and sticking with my goals, taking action, being persistent and following up with all the things that create the productivity I want in my business. Never giving up is also huge as there are times when we are faced with challenges or obstacles that can stop us in our tracks! Facing those challenges head on is often a turning point in business!
Hi Loren,
Wow, talk about conviction! Facing the challenges head on is awesome. Sometimes they cannot be resolved right away, and that is the tough part–riding it out when we are out of time. But one thing for sure is that change will happen, and to have grown in the process is totally awesome!
Looking forward to hearing from you often. Linda
Hi Linda,
For me what has been most important for me is to find a wonderful Mastermind Team and also a system that you can follow. A step by step system that guides you to get things set up so you are in a place to be a Networker. And most critically, I agree with you….you have to have the proper mindset for your new adventure. And it is Never too late to begin!
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Hi Lynn,
We are so fortunate to have found a team to plug into! Looking forward to networking with you. And I like your great enthusiasm about it is never too late to begin. Some people are able to make things happen fast, but in most cases, no matter how great you are, it takes time and work to become successful. Oh, I see your link about your Likeability factor, and I commented on it last week!
Keep up the great work! Linda
Most businesses are best built with the help of friends. Unlike the traditional “professions” (doctor, dentist, minister, professor, etc.) business is a “team sport.” Starting a new business is like starting a farm in the mid 20th century. Early on you would have a barn raising, like in the movie, Seven Brides for Seven Brothers.
One of the most important principles I have learned is that whatever you need, somebody else already has, and they are willing to share if you give them something they need. Synergy and leverage of relationships have been extremely powerful factors in my success.
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Hi Buddy,
Great to see your comments and you have expanded the scope of my initial post! You are so right…Synergy and Leverage of Relationships are totally awesome! Have a team of like-minded people to bring together a common goal is extremely powerful!
Looking forward to connecting again soon, Linda
Hi Linda,
I think you have hit on 2 of the most critical ingredients for entrepreneurial success–mindset and preparation. Even if we have wanted to be our own boss for years that doesn’t mean we are psychologically ready to make that leap. If you take your employee mindset (i.e., waiting for people to acknowledge your contributions or tell you what to do next) into your own business you are going to grow VERY slowly, if at all. The skills that made you wildly successful as an employee are not the same skills you will use to grow your own business. But that is one of the most energizing aspects for me. I bore easily so working in corporate often led to periods where I was not as challenged as I wanted. Continuing to develop the leadership and servant mindset necessary to thrive as my own boss is always exciting and challenging and I love it! Thanks for sharing your thoughts, Allegra
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Hi Allegra,
You are sooo inspiring! I could relate to everything you are saying. I, too, rose to the top in my professional career, and even though very responsible, still not challenged as I wanted. And you have described the very reason that Entrepreneurship is so much fun…developing leadership skills and servant mindset are always a blast! And the sky is the limit! Yahoo!
I’ll be looking to connect with you again, soon!
Linda
Hi Linda – having a plan is definitely a good first step – the change to entrepreneur is definitely a huge shift – the plan needs to include many areas – not just the business aspects. Entrepreneurship covers every aspect of your life – and all areas need to be addressed.
Lori
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Hi Lori,
Great to connect with you, and thank you for your great comments. You are so right…Entrepreneurship is Life by Design!
I am looking forward to hearing from you again soon.
All the best, Linda
I think one of the most important characteristics of a successful entrepreneur is that of being a self-starter. To make it, it’s necessary to always be a student, open to learning new ways and techniques as technology advances and markets change. A successful entrepreneur must work hard to learn the skills and acquire the knowledge necessary to find success as an independent business person.
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Great post, Linda! I think that entrepreneurs need persistence and discernment. Almost everyone around you will say, “What are you doing? Why not just get a steady job?” However, there is a difference between automatic negative talk and evidence that a business is a clunker. You have to be persistent, but being persistent in the wrong things will just keep you busy instead of building your business.
Hi Steve,
Thanks for sharing your thoughts about the entrepreneurs most important quality for success. Wow, yes, being persistent is a virtue; however, you are right, we would not want to be persistent in something that is not leading us to our goals. We as entrepreneurs have to continually assess the best use of our time!
Great thoughts! Thank you!
Linda
Hi linda
Great Post .
Well to stay 100% focus is very important for me.
If you just join every Business out there you
cant stay focus and you will not get what you want.
Regards
Theuns