Typically, most people who start a business have developed a product or skill-set they feel they can market. For example, Sue makes cakes for events and parties which are unsurpassed in their beauty and taste. Sue is told repeatedly by well-meaning friends and family that she needs to start a business selling her cakes.
Buoyed by the enthusiasm and encouragement of her friends and family, Sue takes out a loan, leases a storefront, purchases equipment, and quits her full-time job. Three years later Sue’s business is closed. She has a pile of bills, a mountain of debt, no job and the smell of cakes makes her feel ill.
Where did Sue go wrong?
Why do some businesses succeed while others fail? And what are some of the trademarks of a successful business?
A successful entrepreneur needs to possess multiple attributes. Product and a skill-set are not enough.
1. Self-Discipline
2. Management Skills
3. Systems
4. Business Plan
5. Revise Your Business Plan
6. Separation
7. Foundation
The right personality
Over twenty years ago I was contacted by a man who had recently become unemployed. He was looking into starting...
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