Seattle Small Business Blog

Studies have shown that successful entrepreneurs possess these characteristics:

1. Self-confidence

This is that magical power of having confidence in oneself and in one’s powers and abilities.

2. Achievement Oriented

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.
So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking

Well, it all starts with a positive attitude, doesn’t it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don’t give up. If you can do that, you’re already half way there!

Preparing to sell a business may not be as straightforward as it seems. Selling a business requires a balance between enticing buyers for the business and, at the same time, keeping the current customers happy. If the customers are unhappy then the business value drops and the sale may not go as planned. If a person goes into selling a business without planning or the knowledge of how to do so, they may end up losing money.

The following list explains the first steps a person should take to prepare to sell while also keeping customers happy.

Get a quote on the value of the business. This is extremely important. If a business owner asks too much, they may have a hard time selling, but if they do not ask enough they are losing out on valuable revenue. A professional can help with this because they usually know how certain time and economic factors can contribute to the value of a business. But you should also do your own research. You are the best source to know your own niche market. This appraisal should be done before selling to get the actual value.

Determine if the sale will be public or private. If there is a chance that customers will be lost once they find out the business is sold, then it is wise to do a private sell. This way the new owner will have a chance to gain their business. Also, will the employees stay or will they leave for fear of the upheaval of new ownership? Most buyers would like to see that a business could withstand any changes that can come about with a sale. These factors should be considered when determining if a sale should be public or private.

Set up a marketing campaign. Just as a business owner needs to advertise their products, they need to advertise the sale. The marketing efforts will be largely based on the type of sale, either public or private. In the case of the private sale, an example of this may just put the business name out in the public by advertising donations to charities. Just remember, the appearance of the business can help determine the value. This goes for physical appearance as well as just appearing financially secure and stable.

Prepare all information to show buyers. Potential buyers will likely be interested in seeing all the details of the business. They will want to know why the business is being sold and will need to see financial statements and tax returns in order to make an informed purchase. A business is perceived as much riskier with no solid financial history and that can decrease the sale value.

Preparing by doing these four steps can make selling a business easier. The key is they can be done up to years before the actual sale. But, they are also just the tip of the iceberg. They do not cover every aspect, like legal and financial considerations, so a business owner should contact their lawyer, accountant, and other professional assistance to ensure everything is done correctly.

So you had that fantastic business idea, the one that’s going to be wildly successful and make you a fortune – and even better, you actually did something about it and started your own business. Good for you! Not everyone gets even that far. Most people sit and day dream about what they might do if only ….

“The world is full of dreamers, there aren’t enough who will move ahead and begin to take concrete steps to actualize their vision” – W. Clement Stone

But you got over the biggest hurdle, you took that first step and you actually created something.

Well done – you already did more than most. But once you’ve got started and you’ve maybe lost that first flush of enthusiasm with the day to day details of running your business how do you keep going?

There are several things to look at here:

1. What are you really good at and what do you enjoy doing? Make two lists – one of all the jobs you like and/or are good at, and one of all the jobs you hate and/or really don’t do very well. Take the second list and have a look at what you might outsource or automate. Do you really love doing those accounts or would your time be better spent in forward planning while your accountant does the sums? Must you personally reply to every last enquiry or could you create a FAQ which you can post on your website and refer people to by autoresponder? Obviously in the early stages of your business you might find you don’t have the money to pay someone to do the jobs you hate but you’ve got to think about what is best for you and your business long term. Be creative – could you swap skills to get the help you need? The more routine jobs you can outsource or automate the more time you have to plan and to market your business, and to think about even more ways to bring in all that lovely cash – not to mention you get to spend more of your time doing the things you really enjoy doing.

2. Why are you doing this? You really need to be motivated to start a business and keep it going and the best way to do this is to know what all that effort is for. What really moves you to get up in the morning and do what you need to do even when you don’t really feel like it? Write your reasons down and stick them on your wall. Even better find pictures of that house in the country, the Lamborghini or that ‘must have’ holiday and put them where you can see them every day.

3. How do you deal with those inevitable bumps in the road? Not everything you do will be perfect – sometimes things you’ve tried will be a total disaster – but it’s the way you react to problems that matters. If you curl up in a ball and give up at the first sign of failure you’d better not be in business. “Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish.” – John Quincy Adams. It’s all about attitude.

4. Have a plan and stick to it as far as possible but always be prepared to be flexible and open minded. Sometimes the most unexpected opportunities come up and you need to be ready to seize them with both hands – as Joe Vitale says ‘Money likes speed’.

5. Get yourself a mentor – learn from someone who has done it before. Having someone to bounce ideas off and someone who can encourage you when things get tough is invaluable.

And most importantly, never let anyone put you down and never be afraid of failure:

“It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who at the best, knows in the end the triumph of high achievement; and who, at worst, if he fails at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat” – Theodore Roosevelt.

Don’t ever forget that!

As a business owner you have many assets. Your expertise, your client base, your brand, the list could go on. But what is your number one asset and how do you protect it?

It’s your health, of course. Without good health, your expertise, your client base and your brand will all suffer.

You need good health to be able to function effectively, be creative, productive, to have enough energy to see projects through.

However, it is all too easy to neglect your number one asset when running your own business. Client demands, commitments, family life, crises, all compete for your time and attention.

You feel you can’t justify regular breaks during the day because work is piling up! You stay up later and get up earlier in order to stay on top of things. Perhaps you’re not even sleeping as well as you used to.

Did you cancel dinner out with friends because you simply didn’t have the time or energy? How about weekends, is work seeping into Saturday and Sunday? Are you grabbing fast food on the run just to save some time?

If any of these questions resonate with you it’s time to take action. There’s no need to make drastic changes straight away. Start by making small changes.

Take regular 15 minute breaks throughout the day for a quick stroll outside, or for sitting quietly doing nothing. Rather than wasting time, you’re actually going to be saving time because when you get back to work you’ll be so much more efficient and productive.

Exercising regularly will enhance your energy levels and general health immensely. It doesn’t even have to be slogging it out at the gym or running. Thirty minutes of walking a day will greatly improve your sense of well being.

Make sure you’re getting at least 7 or 8 hours of good sleep a night. Reduce the amount of caffeine you drink during the latter half of the day so that you’re sleeping more soundly.

Staying connected to your friends and family is essential for balance. Schedule time out to share laughter with friends over dinner and enjoy a game of Frisbee in the park with the kids. Don’t let your hobbies and other interests slide because of your business. If you like reading, relax and read books that aren’t related to business!

Make a commitment to yourself that at least on one day of the weekend you don’t turn your computer on at all, you don’t go into your office, you don’t even think about work!