As the year draws to a close, many of you are wondering what 2017 has in store for you and you are seriously thinking that you may have to start your business to make ends meet and those of you already on business may need to do a self-audit.
Today we at Destiny Planners want to ensure that you have what it takes to become an entrepreneur so we will remind you of the characteristics and habits of an entrepreneur and to those already in business there are also a few points that you may need to consider…
- Be a Risk Taker as it is as a necessary part of the process of starting a venture.
- Be Creative a new venture must have “something special” that would give it competitive advantage over existing businesses and taking thoughts and making them into reality.
- Be Confident do not worry about the problems they will meet in the future as they are confident they have the ability to solve any challenge they may face and can cope with the unknowns. Have a firm belief in your own ability and your chances of success.
- Be Motivated enthusiasm and motivation are the fuel of any business. They keep you from being depressed when your Facebook page likes are decreasing and from being paranoid when clients don’t come. It helps you bounce back when things don’t go as planned.
- Be Tenacious the average person views life’s problems as problems but an entrepreneur sees it as an opportunity. They look at the market potential of solving that problem. Entrepreneurs are undaunted by apparently unsolvable problems.
- Be Organized getting a business off the ground requires a lot of effort. The ability to plan and implement is key to launching and growing your business. Entrepreneurs are productive people who how to put order to chaos.
- Be a Psychic the talent to forecast what will be the next big thing is what defines an entrepreneur. Entrepreneurs train their brains to see things that are new and vital to the future of their business.
- It’s All in the Mind successful entrepreneurs have different ways of thinking and perceiving the world around them. So get out of the “business as usual” mindset because thinking differently is the reason some are entrepreneurs and some are employees.
Now we will touch on the habits needed to navigate the world of business. Working for yourself can bring many rewards, but it also comes with just as many challenges. The questions below can help you decide if the entrepreneurial route is right for you.
- Are you willing to work long hours?
- Have you done your market research?
- Are you willing to market your product/service?
- Do you have what it takes to lead?
Remember “Rome was not built in a day” and even if these habits are not currently part of your DNA, practices, practice, practice and they will soon become.
If you are already in business consider these pointers…
- Accountability: Can make the difference between getting stuff done and not getting it done. It can also mean the difference between succeeding and not succeeding. Small business owners don’t have managers tracking their progress or giving them performance reviews. Accountability needs to come from within. You have to pull your own weight when you’re self-employed or you won’t meet the needs of your customers—and you won’t keep up with the myriad of administrative and operational responsibilities that come with running a business. Fall short on either of those and you’ll be headed for trouble. Staying accountable to yourself as a self-employed professional takes discipline and effort. It’s not always easy. If you, as the boss, cannot demonstrate responsibility for doing what needs to be done when it needs to be done, how can you expect anyone else to do so as your business grows? Accountability is everything.
- Social Media: Might look spontaneous, but the reality is, the most successful social media strategies include making an organised plan and sticking with it. Spontaneity should have a place in your but your social media should run on a schedule. You should have a mix of promotional and non-promotional content and a regular posting schedule. Just posting several times a day at evenly spaced intervals and when you find that you get the most engagement at certain times of the day or evening, adjust your schedule to reflect that.
- Accounting Software: A computerised accounting system provides major advantages such as speed and accuracy of operations and reduces costly bookkeeping mistakes. It increases the accuracy of your records by reducing or eliminating human errors in calculation. Processing your accounts with greater speed increases efficiency, for example if a business needs to record VAT on all of its transactions the software could be configured to do that for each entry automatically. And most importantly, it can generate can provide profit and loss statements and balance sheets so you can evaluate your business’ financial position real-time.
- Hire an Accountant: It is one investment that can really make a difference to your company’s growth. They can help with more than just tax returns. Their expertise and knowledge is invaluable whether you’re writing a business plan, managing your day-to-day expenditure or dealing with tax compliance. You might think it’s too early to hire an accountant, but the way you set up your operations can have a serious impact on your future success. An accountant can help you determine the most appropriate business structure, analyze your ideas to create a business plan that’s realistic, professional and more likely to succeed, and keep you on top of all your regulatory and compliance requirements. If you haven’t already hired an accountant, this is the perfect time to get someone on board. They’ll provide key insights into your company’s financial situation and help you grow your business and provide you with peace of mind so you can focus on what you truly love doing.
Be sure to join our Facebook, Instagram, Tiktok and our Website for more valuable information. Ask about our Business Startup Kit, Retainer Package, Year End Retainer Package , Business Bank Account or learn how manage your finance with our Prerecorded and Live Courses. Book a FREE 15 mins CONSULTATION on Fridays from 1pm to 3 pm.
“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki