July 2, 2009

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Do You Have the ‘Guts’ be a Successful Entrepreneur??

Everyone’s dream is to be their own boss. Being able to set your own hours, decide your own dress code, and keeping all the profits you make is a dream come true. It’s the dream that motivates people to become self-employed.

But hang on. Before you run to the car showroom and test drive your dream car, let me ask you something: Are you cut out to be an entrepreneur? Do you really have what it takes to get rich?

Before you say yes, see if you have these five traits essential to all entrepreneurs.

Stick-to-itiveness. In the beginning, it’ll be easy to run your business. You’ll be so excited, it’ll be one of the best times in your life. But are you able to stick with it over time?

Once the initial high wears off, you’re working harder than you’ve ever worked before. They’ll be long inconvenient hours. At some point, it won’t be exciting anymore. Anond sometimes you’ll work long hours for no results. Without rewards to motivate you, will you stay with it?

Can you see the benefits in the future even though there’s no benefits in the present? If so, you might have what it takes to be an entrepreneur.

Like the song says, you have to know when to hold and when to fold. Do you know when it’s time to give up on a losing idea? You won’t want to; you’ll think you can turn a losing idea into a winning idea.

But what happens if your idea doesn’t work out? What if one particular idea is just dragging down your whole business? Can you let go of it, even though you’re attached to it and still love it? If so, you might make a good entrepreneur.

When people find out you work for yourself, more than likely they are going to laugh or doubt you. If you find it hard not to listen, then your chances for success are over before it has even begun.

Are you confident in your abilities and your idea? If so, then you might make a good entrepreneur.

Do you know what the value of your product/service is worth? Many times new entrepreneurs think if they undercut the competition this will guarantee them success. However, this strategy rarely works. Undercutting your competitors might backfire by branding you as worthless.

If you’re providing a quality product or service, you should expect to be paid fairly for it. Customers will always let you know when you’re overcharging. (Never start out by charging more than your competitors.)

If you know the true value of your product/service than entrepreneurship may be for you.

Can you solve problems?

Obviously, problem solving comes in handy when you’re an entrepreneur, because the buck stops with you in your business. There’s no boss to solve your problems – you’re the boss. So it’s up to you to uncover and solve problems in your business.

But here’s the bigger reason: You’re in the business of solving your customers’ problems! If you know how to spot and solve other people’s problems, then you might be a good entrepreneur.

If you like this article, there are seven more traits of successful entrepreneurs. There’s also a FREE self assessment test to help you discover your inner entrepreneur. You can also use this special link How To Be Successful to claim a free Silver Membership at SuccessUpgrade (normally $27.00)

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