5 TRAITS MONEY MAKING ENTREPRENEURS POSE

Entrepreneurs are those whom capable to identify problem and works on a solution for it

either on profit or non-profitable basis. Entrepreneurs knew that in order to succeed

with their undertaking and continuously be in in the industry they need poses certain

essential traits. We researched and summarized five essential traits are often

developed or cultivated by entrepreneurs to grow a profitable business.

the fun way : PASSION

A widower and mother for 3 school going children earning in the range of $25, 000 per

month from selling plants. She started a nursery at her backyard for a particular plant

that she identified in demand for which neither her late husband nor she have any

knowledge of how to go about farming expect the experience of working in a farm

nearby for about $40 a day or even less on some days and managed their daily

expenses.

While still working at the farm upon her husband's departure, she continued her passion

for planting in her backyard by getting technical support from agricultural department

and research institutions. Despite being illiterate, she went on looking for assistance to

start a business of supplying the plants to retail nurseries and landscape sectors.

Today, she is most sought after expert to advise budding entrepreneurs on how start

organic farming and making a decent living of it. People who once did not believe her

work are asking her to help them. Her passion guided and energizes her to learn new

skills and change her life.

We tend to contemplate aspects like talent, luck and capital as necessity to be

successful while failing to include passion as the essential trait. Whether you’re in

business or we're considering to begin a business, it’s vital that we take after our

passion.

the tough one: VALUES

This important trait often been ignored by most entrepreneurs as they strive for survival

rather than sustainability and success. Try to take time to define your business values,

live and demonstrate with it, keep them afresh and observe how the company being

built by a unique platform.

Well you may ask what the values are and how to define them? Here we need to

amalgamate both culturally ethical with what your market needs. The market needs

continuous price advantage while your cost keeps moving north. Should your company

had defined innovation as one of value then you may able to withstand the ever

evaluating need otherwise business tend to find easy way out by cheating customers

putting your integrity at stake.

The main core values an entrepreneur should focus is integrity, persistence, discipline

and innovation.

the talent : GREAT TEAM

Successful teams have not developed by chance instead they work cooperatively,

sharing common goals as well as the resources to achieve them. In the book “The

Seven Habits of Highly Effective People” Stephen Covey pointed out that great leaders

give their team challenges and get them excited about them.

Surround yourself with the best people you can find, delegate authority, and don't interfere as long as

the policy you've decided upon is being carried out. – Ronald Reagan, 40th President of USA

Entrepreneurs must help their team to develop confidence, believe their team and help

them win by:

i. Clarifying the role of each person in achieving the common purpose

ii. Appraise and reward the team as a whole

iii. Pay attention to conflicts when they arise.

Finally, all successful entrepreneurs get their team to execute business policies in a good and ideal condition not by sitting in the comfort but stand and deliver for business profitability.

the test : RESILIENT

Despite been lonely successful entrepreneurs are hard worker and risk takers who have

all gotten over one very significant hurdle: they are not afraid of failure since they have

very strong resilience. Resilient in my opinion is the ability return to a state of self-

assurance, self-confidence and ease no matter what curve balls are thrown on your way

of succeeding in your business.

People who are afraid of failing should not become entrepreneurs. They can't overcome

the psychological fears of making a mistake, and are afraid of losing money. They are

better off keeping their day job. Successful entrepreneurs, on the other hand, tap into

the positive power of failure. Dean Kamen, the creator of the Segway Human

Transporter, several successful biomedical device businesses, and holder of 440

patents, jokes that his biggest failure is “that I have too many to talk about.”

Sara Blakely, founder of Spanx, and world's youngest self-made female billionaire in

an interview to Entrepreneur magazine says “ I listen to motivational tapes and my

favorite is an early series by Wayne Dyer, How to Be a No-Limit Person. When I was

16, I saw my good friend get run over by a car and killed. Around the same time, my

parents separated, and my dad handed me that series, and said, 'I wish someone gave

this to me when I was your age instead of having to discover it when I was 40.' I

memorized all 10 tapes. It's my go-to gift for people I care about.”

The Golden Rule: TREAT OTHERS WITH RESPECT

Do right. Do your best. Treat others as you want to be treated. Lou Holtz , American football coach and motivation speaker

You may not always be liked, but if you treat people with respect and honesty the

strength of your character will shine through even in the most difficult circumstances. It’s

pretty simple treat others as you would have them treat you. Clients will be difficult,

employees will come and go and your business career will go through peaks and

valleys. Do the right thing in life and in business and you’ll never have regrets.

There are 4 things every employee can do to increase sales and profits for the

business.

1. Treat every customer like a millionaire:

Just think of it this way. If you knew the next customer to come through your front door

was a millionaire, capable and ready to purchase your most expensive products and

services, at your highest markups, how would you treat them? Most of us would role out

the red carpet. Fall all over them with great service. Spare no effort to satisfy their ever

need and want.

Well first of all you do not know if that next customer through your door is going to be

millionaire. Millionaires for the most part do not look, dress, or sound different than

everyone else. And even if they are not a millionaire, people will buy more products and

services when they get treated like one.

2. The second thing every employee can do to increase sales and profits is get the

customer involved in the sale:

When I owned and operated a jewelry store we outsold all of our competition combined

by simply getting as many different pieces of jewelry on the customer as possible. When

women came into our store we strived together to try on a necklace, earrings, bracelets

(arm and ankle, rings, pins, etc. all at the same time. The old seller's rule- The more

products the customer views themselves as owning, the more they will buy. Possession

becomes ownership.

In our tire business we involved the customer by having them lift the tires we wanted to

sell them, not just look at them as our competition did. We outsold all of our tire

competition. Our furniture business was successful because we involved the customer

in the sale. No one ever walked into my mattress department that did not lie on at least

3 of our beds. Even while selling intangibles like extended warranties and service

contracts we involve the customer in the sale. Physically by doing them the math (the

cost savings they will receive or expenses they will insure) and mentally picturing the

problems they may encounter if they do not purchase the coverage.

3. The third thing every employee can do to increase sales and profits is always given

the customer choices of products and services to purchase. People always take the

easy way out and saying no to a request for them to buy is easier than saying yes. After

all, most people do not want to give up their money. And people like to shop around to

make sure they are getting the best deal. When you give the customers a choice of

products and services, it is no longer - "Will they buy from you or the competition, it is

what will they buy from you."

4. And the last (fourth) way every employee can increase sales and profits is simply

ASK FOR THE SALE.

It is estimated that over 90% of sales people never actively ask for the sale. Sure, they

show the products and tell about their services, but they never ask for the sale. They

never ask for the sale because they are afraid to the customer will say the one terrible

word that will cause them to feel rejected. The word "NO".

Hockey great Wayne Gretzky once said when asked why he shoots the puck so much,

"I miss 100% of the shots I do not take."

The easiest way to ask for the sale over and over again is constantly giving the

customers choices of different products and services that will solve his/her problems,

needs and wants.