Are you into a business already or you are planning to venture into one? Whatever may be the case, essential qualities to succeed in business is a post is going to be of help to you. I am about to show you 8 critical qualities you will need to
develop if you must succeed in business.
The truth is that nobody goes into business to fail. Everybody at the onset of a business envisions success and great profit. However, the fact is that businesses do fail. Statistic shows that 80% of businesses do fail within five years of setting them up. Businesses fail because of so many reasons, but 90% of business failure is caused by the business owner. If a business owner is well fortified with knowledge and the right skills, his chances of success will be very high irrespective of the environmental factors that may stand in his way
if you must succeed in business, you must learn and master the following qualities which I believe every business owner, entrepreneur, and self-employed professional needs to succeed.
The number one quality everybody needs to succeed in business is initiative. In fact without it, you wouldn’t have ventured into business in the first place. Initiative is the ability to do
something without being told. As a business owner, you are your own boss. Nobody is there to dictate to you what should be done. You are the manager, and every decision that will make your business grow is to be decided by you. To succeed in business, you must be able to think accurately, make decision and act without waiting for somebody to tell you what to do. If you lack this quality, you may not stay long in business.
2. GOOD KNOWLEDGE OF YOUR PRODUCTS AND/OR SERVICES AND THE ABILITY TO
As a business owner, it is essential you have accurate knowledge of your products or services. You must be able to provide answers regarding any question a client or customers may ask you about
the nature of your product or service, merits and the demerit of buying your product or services.
The aim of going into business is to sell your products or services and make profit. There is no way you can ever remain in your business if you don’t make sales. Experts narrowed down the causes of business failure to one single factor; “lack of sales.” Your ability to market your products and services to potential buyers is critical to success in business. Developing the ability to market your product or service begins from having good knowledge of what you are selling. You must develop the ability to communicate and persuade people to buy from you if you want to succeed in business.
3. ABILITY TO MEET UP WITH DEADLINE:
As an entrepreneur, you have limited time to deliver your product or service to your customers or
clients. If you are a service provider, when a client is buying from you, there will always be an agreement between you and your client regarding when the job would be done. Once such agreement is reached, your customer expects you to deliver the job at the specified date and
time, failure to meet up with the deadline will make your client see you as an amateur or an unserious entrepreneur. If so many people know you for not meeting up with deadline, then nobody will want to do business with you, and that can lead to failure in your business.
4. ABILITY TO MANAGE PEOPLE:
Even if you are the only one running your business at the beginning, a time will come when your business will start growing. And at this time, you may not be able to manage the business alone anymore, which may result in hiring people to work for you. Your ability to manage your employee and clients is very essential for the success of your business. If you lack this ability,
your business may end up folding up. Businesses don’t drive themselves, they are driven by people. If the people fail, the business will fail.
I want to say here emphatically, that without self-discipline, you can never succeed in business. Business is not for everybody. It is for people who have learned to take charge of their emotions, and do the right thing even if it is not pleasant to them. According to Brian Tracy in his book; No Excuses, “Self-discipline is the ability to do what you should do, whether you feel like it or not.”
One of the major areas you need self-discipline as an entrepreneur is in the area of delaying gratification. There will be times when you will be tempted to spend the money that should be used for investment on luxuries, which will only give you temporary satisfaction. Your ability to give up what seems right now, for a greater future benefit is measure of how disciplined you are.
Another area you need to apply self-discipline is in the area of punctuality. How early do you resume for work? Do you just go there anytime you like simply because nobody will question you? Getting to your office as early as you should, even when it is not convenient for you is another way to measure how disciplined you are. If you must succeed in business, you must think like a boss and act like an employee. That is the kind of self-discipline you need.
6. PATIENCE: Rome they said was not built in a day. In business there is no such thing as overnight or quick success. Most people who quit business often start business with the mind-set of quick success. After tarrying for a while, and making no big hit, they zoom off. I have seen people who started business, and quit the business, or leave the business location for another place within six month of trying.
You must have it in mind that before you will start making profit in business, it is going to take a while. The first few months will be very tough, but you have to endure and be patient for the arrival of the good time. Steve Jobs knows better when he said “if you really look closely, most overnight success took a long time.”
7/8. PERSISTENCE AND DETERMINATION:
Persistence and determination works hand in hand. You can never have any remarkable achievement without these two. Persistence and determination are forms of self-discipline you need to succeed in business and life generally. Good things don’t come easy in life; you must work to get whatever you desire. It is not even enough to work. You must work and keep working and until you achieve your desired result. Calvin Coolidge, a former president of the United State of America said ‘’nothing in the world can take the place of persistence’’. Talents will not, nothing is more common than
unsuccessful men with talents, Genius will not do, unrewarded Genius is almost a proverb. Educations will not, the world is full of education derelicts. Persistence and determination are omnipotent. The slogan “press on” has solved and always will solve the problem of the human race. To make it in business, you must resolve in your mind to succeed and follow up your resolution.
Over to you Have you learned anything via this post? What other quality do you think an entrepreneur needs to succeed in business? Pleas share your thoughts in the comment section.
Taiwo Emayosanlomo is a success coach, personal development blogger and motivational speaker. He’s passionate about helping people LIVE on PURPOSE, GROW CONSCIOUSLY and EXPAND. You can visit his blog at www.taiwoemayosan.com to know more about him.