5 Characteristics Successful Entrepreneurs Have in Common

Nobody is born a perfect entrepreneur, but some have more of these traits than others.

Knowing the most common characteristics of successful entrepreneurs is a good place to start in order to better your own business chops. The good news? If you don't have these traits, you can develop them over time.

It won't always come naturally to you, but mimicking the positives of successful entrepreneurs can give you the edge you need. While there are certainly exceptions to the rule (after all, Steve Jobs wasn't exactly known for his social skills), if you want to optimize your odds of running a successful business, it's wise to pick up every feasible tool.

Here are some of the most common characteristics shared among entrepreneurs who have achieved great success. How many do you have--and how many can you develop?

1. Type-A personality

People with a Type A personality are generally more ambitious, more driven, and have more follow-through. They're not dreamers; they're doers. Of course, this also comes with a slew of other problems like high stress levels (and everything that comes with them), but it's the drive and follow-through that you should focus on. Dreams can be great, but what's the use if you lack motivation to do anything about it?

2. Morning people

Study after study has shown that morning people are more successful in their careers (and in many other aspects of their lives) than night owls. However, there are certainly successful night owls, and if it's truly impossible for you to get up at 5 a.m., then it's not required for your success. The reason morning people get more done is that they're not as prone to procrastination, which is something you can work on no matter what your internal clock settings.

3. Just likable enough

Being super-outgoing and having everyone adore you can be great for securing promotions and climbing the corporate ladder. That's not, however, the best personality to have when you're an entrepreneur and in the executive's shoes. You need to be sociable enough to network and build a solid reputation, but being too much of a social butterfly (or a complete hermit) is going to make people not take you seriously.

"Making friends in your industry or online is similar to making friends in the real world" says James Parsons, an entrepreneur and Internet marketer. "People who are influential and knowledgeable are not easy to come by, so make a good impression and be social. I can't say how many friends I've made early on that have ended up introducing me to dozens of other thought-leaders and important connections that I may have never found otherwise."

4. Written goals and POAs

This is where the dreamer in you can take over. You need to have a written business plan with objectives that are regularly updated and pored over. When you plan things, you need to put it all in writing and (at times) have it signed by the correct legal representatives. Putting things in writing makes them more real and easier to remember, and can help avoid confusion down the road.

5. Passion

While it's certainly possible to build a successful business providing SEO services for B2B clients, it's not likely if you don't have a clue what SEO is or even an interest in technology. Following your passion is the best way to stay motivated, but you do have to find an avenue to make it lucrative. Don't pursue a field just because it's hot right now. Choose an industry that you're passionate about and take it on from a unique angle.

From Inc.

6 Tactics to Avoid Risk as an Entrepreneur

One of the myths of entrepreneurship is that entrepreneurs are risk takers.

However, this is not true at all. Successful entrepreneurs actually avoid risk.

Successful entrepreneurs are focused on earning a profit from their activities and avoid risks that may cause them to lose money. If you want to have a successful start-up you must learn to avoid risk.

Successful entrepreneurs do everything possible to minimize the risks involved in earning that profit to the degree to which they create successful start-ups and succeed in their ventures. As an entrepreneur, profit seeking must be your central focus as well.

How to Avoid Risk in Your Business Venture

1) Decide. Decide you want to enjoy the rewards of entrepreneurial success and that you really want to start a successful start-up.

2) Explore every detail. Once you have decided that you want to enjoy the rewards of entrepreneurial success in particular, the next step is for you to explore every detail of the business that you are thinking of going into.

3) Investigate the business. You must investigate all aspects of the business before you invest.

4) Make sure that nothing is left to chance. You must accept nothing on trust and leave nothing to chance. To ensure your business success, rely on yourself. It is your money that you will be investing into turning nothing into a successful start-up.

5) Talk to people in your industry. You should talk to lots of people in business and get lots of input. Your aim is to minimize, reduce, and even eliminate risk wherever possible in the pursuit of profit.

6) Make sure that you can make a profit. Assure potential profits are real and potential losses are minimal or controllable.

Save Your Money, Don’t Lose Your Money

Whenever a person reaches the point where they say they can “afford to lose” a little bit of money, you can be sure of just one thing. They are going to lose their money and probably lose a lot. The very attitude of being willing to “lose money” seems to assure that the money will be lost in some way. Learning to avoid risks like losing money is the key to becoming a successful entrepreneur.

The only thing that is easy about money is losing it. Making money is hard, harder and harder still.

“Making money is like digging in the sand with a pin. Losing money is like pouring water on the sand.”

Successful Entreprenuers Educate Themselves First

In order to become a successful entrepreneur you must educate yourself first on the business you are going into. When you decide to start your own business, begin by reading several books on small business formation. Some of the best books ever written are on the bookstands today. Read about every single aspect of planning, market research, financing, delivery, and distribution systems, people, processes, promotion, advertising and especially sales.

From Brian Tracy International

4 Management Traps to Avoid at All Costs

From Michael Scott to Miranda Priestly and even Monty Burns, pop culture is littered with bosses who are fun to watch but who’d be hell to work for. If you want to be a positive, effective leader, you’ll want to steer clear of the following four traits at all costs:    

1. Complaining.  Don’t do it. It undermines your efforts, the work of your colleagues and generally erodes trust and company morale.

2. Emotional volatility. Good managers can read a room and know how to respond under pressure. If you let your frustrations get away from you, you won’t be able to focus on the problems that most need your attention.

3. Playing nice. Treat everyone with respect but remember that you can't be everyone's friend, especially when it comes to the tough calls. 

4. Micromanaging. When you're in charge, it's easy to feel like if you aren't keeping all the balls in the air, no one will. But as the company grows, you have to trust that the people you hired will do the work you need.

From Entrepreneur

Why You Need a Marketing Plan

On the way to success, a comprehensive strategy is key, and one of the first things on a savvy CEO's list is building a marketing plan. 

The plan should focus on the coming year and the specific campaigns you hope to roll out. Be aware that things can change quickly, but remember, having a plan that needs to be revised will serve you far better than not having a plan at all. But make sure it stays private – it's imperative to keep your ideas out of the hands of competitors. 

Take the annual writing of a marketing plan as an opportunity to share your vision of the company with your employees.  It will give them a context of the company's progress and in turn will give them an added investment. Input from your team is crucial and having a plan to refer back to can be invaluable for a new employee looking for ways make an impact.

And ultimately, reviewing your marketing plans will allow you to reflect on your big picture goals and chart your company's growth.

From Entrepreneur

How To Persuade Anyone Of Anything In 10 Seconds

You’re on the most important elevator ride of your life. You have ten seconds to pitch- the classic "elevator pitch."

Love or Hate. Money or Despair. And you may never get this chance again. As PM Dawn says, "I feel for you. I really do."

There are books about this. But don’t waste your time. They are all garbage.

I’ve been on both sides of this equation. I’ve had people pitching me.

But mostly, I’ve been scared and desperate and afraid to ask someone to give me, want me, love me, all in the space of an elevator ride or in the time it takes one to ride an elevator.

Perhaps the hardest thing for me was when I was doing my "3am" web series for HBO.

I had to walk up to random strangers at 3 in the morning on the streets of New York and convince them within 5 seconds to spill their most intimate secrets to me rather than kill me.

Not quite an elevator pitch but the same basic idea. I had a lot of practice. I probably approached over 3000 people cold.

In some cases people tried to kill me. In one case I was chased. In other cases people opened up their hearts and I am infinitely grateful to them.

The ideas below have worked for me in the hundreds of times I’ve had to be persuasive. Either in writing, or in person. In business and in friendships and in love. I hope variations on it can work for you. You decide.

A) WHO ARE YOU?

People want to know they are talking to a good, honest, reliable person that they can trust and perhaps even like, or love.

Yes, love.

They won’t love you by looking at your resume.

You have to do method acting. Imagine what your body would feel like if they already said "Yes" even before you open your mouth.

You would be standing up straight, smiling, palms open, ready to close the deal. You have to method act at the beginning of your pitch.

If you are slouched and your head is sticking out then your brain is not as well-connected to your nervous system and you won’t be in "flow".

I can drag out the science here but this is a Facebook status update and not a peer-reviewed scientific paper for the Justice League of America.

The reality is: when you’re slouched over, not only are you not using the full potential of your brain, but you look untrustworthy.

B) RELAX

Think about how you breathe when you are anxious and nervous.

I will tell you how I breathe: short, shallow breaths in my upper chest.

So do the reverse before a ten second pitch.

Breathe deep and in your stomach. Even three deep breaths in the stomach (and when you exhale try to imagine your stomach almost hitting your back) has been shown to totally relax the mind and body.

People sense this. Again, this builds trust and relaxes you.

Now, even though you haven’t said a single word, you’ve probably done the two most important things for persuading someone.

C) UHHH. YEAH. UHHH. MMMM-HMMM. UH-HUH

I have a hard time with this. It seems natural to say, "yup" or "right" or "uh-huh" or whatever.

But here’s the facts (and, again, there’s been studies on this): people perceive you as stupid when you do this.

Just keep quiet when someone is talking.

Then, when someone is done speaking, wait for two seconds before responding. They might not be done yet. And it gives you time to think of a response. If you are thinking of a response while they are talking, then you aren’t listening to them.

People unconsciously know when you are not listening to them. Then they say No to you.

D) THE FOUR U’s

FINALLY, now we’re getting to the heart of the matter. THE ACTUAL NUTS AND BOLTS OF PERSUASION

By the way, I’ve googled "the 4 U’s" and each time I get a different set of 4. So I’m going to use the 4 that have worked for me the best.

This is not BS. This is not a way to convince someone to do something they don’t want to do. This is a way for you to consolidate your vision into a sentence or two and then express it in a clear manner.

This is the way to bond and connect with another person’s needs instead of just your own pathetic wants.

You can use this in an elevator pitch, on a date, with your children, on your mother, whatever. But it works.

Think about these things when talking:

1. Urgency


   Why the problem you solve is URGENT to your demographic. For example: "I can never get a cab when it rains!"
2. Unique


   Why is your solution unique: "We aggregate 100s of car services into one simple app. Nobody else does this."
3. Useful


   Why is your solution useful to the lives of the people you plan on selling to or deliver your message to: "We get you there on time."
4. Ultra-Specific


   This shows there is no fluff: "Our app knows where you are. Your credit card is pre-loaded. You hit a button and a car shows up in 4-5 minutes."

Of course the example I give is for Uber but you can throw in any other example you want.

I’ll throw in a fifth "U"
5. User-friendly 
   In other words, make it as easy as possible for someone to say "yes". Like a money back guarantee, for instance. Or a giveaway. Or higher equity. Or testimonials from people you both know. Etc.

OH! And before I forget, a sixth U
6. Unquestionable Proof

   This can be in the form of profits. Or some measurable statistic. Or testimonials. Or a good wing-man. Whatever it takes.

E) DESIRE

A lot of people say you have to satisfy the desires of the other person in order for them to say "yes".

As much as we would like to think otherwise, people primarily act out of self-interest.

The less they know you, the more they will act of self-interest because to do otherwise could potentially put them in danger. We all know that kids shouldn’t take candy from strangers.

In an elevator pitch, the investor is the kid, what you are asking is the candy, and you are the stranger. So their gut reflex, unless you make the candy super-sweet, is to say "no".

So make sure you make your candy sweeter by sprinkling in their desires.

And what are their desires?

• recognition
• rejuvenation
• relaxation
• relief
• religion
• remuneration
• results
• revenge
• romance

If you can help them solve these URGENT problems or desires, then you they are more likely to say "yes" to you.

I don’t know what you are selling, but hopefully it’s not to satisfy their desire for revenge. But if it is, don’t do anything violent.

The one time I had to sell romance on an elevator I had to do three things: tell her life would be ok, make sure I knew her address and last name, and send her a teddy bear and flowers the next day.

But that’s for another story.

BUT FIRST

F) OBJECTIONS

Everyone is going to have gut objections.

They’ve been approached 1000s of times before.

Do you know how many times I’ve been approached to have sex in an elevator?

None.

But probably many others have and you have to put up with their non-stop objection.

I will list them and then give solutions in parentheses:

• No time
  (that’s ok. It’s on an elevator. So they have elevator-length time. The key here is to stand straight and act like someone who deserves to be listened to).
• No interest
  (you solve this by accurately expressing the urgency of the problem)
• No perceived difference
  (but you have your unique difference ready to go)
• No belief
  (offer unquestionable proof that this works)
• No decision
  (make their decision as user-friendly as possible)

- – -

With great power comes great responsibility.

Most people don’t have the power of persuasion. They mess up on each of the points I’ve outlined above. It takes practice and hard work.

But this is not just about persuasion. It’s about connection.

It’s about two people, who are probably strangers, reaching through physical and mental space and trying to understand each other and reach common ground.

It’s not about money. It’s not about the idea. It’s not about yes or no.

It’s about two people falling in love.

From Business Insider

5 Warning Signs a Startup Is a Bad Investment

A company that’s not growing is dying. This is an unpleasant reality that comes with the capitalist system, and it’s especially harsh for smaller or newer companies. Between concerns over debt, resource acquisition and client maintenance, plenty can go horrifically wrong. It’s no wonder that 80 percent of small businesses fail.

The prudent investor must watch for these five warning signs.

1. Lackluster products. A common challenge for any new business is separating themselves from the crowd. A company unable to provide a quality or niche product will likely get steam rolled by others already established in their field.

Look through their product catalog to determine if the company has carved out a niche. If nothing stands out as unique to either the area or the market in general, rest assured someone else is already providing it. You should avoid investing in companies like that because, more often than not, you are disappointed in the end.

2. Lack of vision. To survive, a company needs a solid business plan stating the targeted markets, as well as a vision statement stating how the market will be penetrated.

One of the major issues small companies encounter is their inability to reach out, grasp the public’s attention and convince them to utilize their services or products. Ask to see the company’s planning documents. If they don’t have a one, that is your sign to pass.

3. Lack of growth. A young company needs rapid, yet scalable growth to survive. The reason  is simple. There is no guarantee their faithful customers will be there tomorrow. It’s vital to find new ones as often as possible.

Ask to see the company’s purchasing history and compare it with their list of clients. The company probably doesn’t have a very bright future if they only have one or two major clients and no active plans for expansion. Save your money for a brand that understands the importance of a diverse client base.

4. Crowded marketplace. A market with dozens, if not hundreds, of competitors will prove much more difficult for a new company with limited resources for marketing itself and its services.

Look for companies that start in smaller areas, or have a niche product patented or trademarked. If in doubt, check to see if the company has spread. A startup is much more likely to succeed if it exists in more than one market, especially when competition already exists.

5. No research and development budget. Markets change frequently, thanks to the changes in public demand and the pace of technological innovation. To succeed, a company will need to nimbly recognize changes as they come, adapt and take advantage ahead of their competition. 

Check the company’s financial report. Back away from any firm that does not dedicate a decent chunk of their profits towards preparing for the future. A hefty research and development budget is vital.

VC investing offers no guarantee you’ll make a profit or even get your money back, so pay attention to the warning signs of predictable startup failure. Obtain the necessary documents and consult with a financial analyst if you have the time. Otherwise, stick with more established companies and avoid the 80 percent failure rate.

From Entrepreneur

5 Tips to Creating a Successful Content-Marketing Campaign

The phrase “content marketing” is all over the web these days. Content has become a conglomeration of many things: webinars, blog posts, videos, social network shares and more. It sounds like a great idea. If done right, a well-executed digital campaign will yield considerable benefits for both established businesses and entrepreneurs. Such a strategy has the power to position a business as a topical authority and establish the owners and executives as experts.

The devil, as they say, is in the details. Implementing such a campaign isn’t as easy as it seems and takes a bit more effort than pressing a button. Depending on your business goals, time needs to be spent aligning your company's brand’s online persona with your customers’ needs. Once posted, content that’s shared requires interaction on your part. Interact directly with your community by saying something meaningful to stimulate continued conversation.

Content marketing can be a boon for your brand. Be sure to follow these tested truths when planning your campaign:

1. Know your audience and keep the content relevant. Each social network has a unique identity and audience, so take time to research the demographics of the social marketing platforms you use to share. All sites are not the same. Some skew highly to men (Google+) and others are more popular with women (Pinterest). Check the current information on the sites to determine where to share your content to the to best effect.

Whether you market to businesses or consumers, you no doubt have a grasp of their interests. Blogs are still a great way to build an engaged community around your brand and interests. An example of a blog that successfully uses content marketing is SavvySeller.co. This is a community site offering helpful advice for online sellers while displaying ads for its parent company, World Lister.

Check what your customers are sharing on social media. By making your blog posts relevant to readers, they may pass along your content as well and become your advocate, awarding you with free, yet most valuable, marketing.

2. Beware of constant self-reference. Repetitive self-reference will not stimulate engagement. The days of broadcast advertising are long past, and without giving your message a twist, broadcasting will do nothing but discourage readers. Rather, use stories to illustrate the benefits your business has to offer. 

Direct your message to the reader and be sure to personalize it by using the word “you.” In this way your posts directly address (and pique the interest) of your community. Keep the promotional content to no more than a 1-to-7 ratio. As social scientist Dan Zarrella says, “Stop talking about yourself." Instead, "start talking as yourself.”

3. Share what works. When creating content for your business, consider your own time schedule and talents. Sitting down to write a white paper may be painful for many people, and small businesses may not have the time or resources to produce one. If you are more comfortable communicating your messages in another format, for example, why not try sharing the following:

Short-form articles (like this one)

Infographics or small sharable graphics are easily produced on a platform such as Canva

Photographs of products in action that you can share on Instagram 

Short product demonstrations or instructional videos (try to keep them under two minutes)

Other related business content

Also consider sharing content about things you are passionate about. By posting ideas and subjects that are personally relevant to you (the business owner), you project your humanity to your online influence. 

4. Consider curating. A growing trend is content aggregation, which is deriving content directly from others’ RSS feeds and automatically turning them into shares. Aggregating is not curating. In contrast, curating content requires a human being to find, read and qualify digital content that is relevant to your audience. Curating may sound like a lot of work, but it may take as little as 30 minutes a day. If you (or another member of your staff) regularly read digital content that relates to your business, finding articles to share is a simple proposition. 

Even the owners of niche businesses can find articles that might resonate with their audience. If you curate and share content from others, your audience will look to you as a reliable source for information on a specific topic. A secondary benefit of sharing third-party content is that you build relationships by broadening the conversation with others within your industry.

5. Measure once and then again. Track the comments and responses to your pieces. When you share links on social media platforms, use the many free metrics tools to decipher which of your posts were on track. By on track, I mean were they read? Shared? Acted upon? If a platform or content type isn’t working for you, be sure to put effort into the ones that are.

Know that your content marketing will build with time and continuity, and social content may not translate into sales immediately. Set up a plan in advance and have reasonable expectations. You are brand building for the long haul.

From Entrepreneur