Posts Tagged ‘characteristics of an entrepreneur’

Granted, this is a challenging economic time for many of us. Men, women and even the smartest pets are budgeting, borrowing and looking for a rich connection. Ok, so maybe the pets are only looking for warm shelter, treats and pets, but the treats may be in shorter supply. Burying that rawhide bone may not be a bad move.

2 choices come to mind for most people – either make more money or spend less. With an abundance mindset, the preferred choice is to make more money. The time tested adage “You will always receive more of whatever you give you time, energy and focus” rings true today will ear piercing volume. Where are you focusing your thoughts, feelings and actions? Focus on “what is the best way for me to generate more income?” and you mind will start clicking, spinning and creating ways to generate income. Focus on “oh woe is me, there is never enough” and your energy will plummet. Your income will dive in rocket speed right down to the red ink. Red ink is an accounting term for negative cash flow; you spent more than you received. Another way of expressing that thought is credit card debt which you do not have the money to pay.

The problem is clear. The solution begins with positive creative thoughts. Over 70,000 individuals have decided to start a new business. Facts reveal that a business will require time, money and effort in order to be successful. Entrepreneurial thinking requires some careful analysis. Is having your own business the correct decision for you? Not everyone is mentally wired, disciplined, enough to succeed at their own business. The entrepreneurial mindset requires:
1. absolute clarity about your choice of business
2. absolute dedication to do whatever it takes until success is achieved
3. discipline to design a plan and stick to the plan consistently
4. an open mind to learn, grow and make wise decisions with time, money and talent
5. a SMART goal (specific, measurable, attainable, relevant and timely)

If you have chosen to make more money and then chosen to start a business as the means to achieve more income, analyze your mindset to confirm if you possess the entrepreneurial mindset characteristics. If you have a resounding yes to all of the above, let’s go forward.

Bonus entrepreneurial mindset thought. I have written an entire series of articles on this topic. Into every life, some emotional ice water will flow. Guaranteed. This negative, usually unsolicited, advice flows more freely than political rhetoric during an election campaign; actually it is about as welcome as the tirade of political ads. But I digress. This negative input which I term as “emotional ice water” flows from co-workers, friends and even our own relatives. Sometimes those to whom we are related pour the largest buckets of the emotional chill. They ridicule, criticize, and tell you they are doing it for your own good. Some may actually believe they are doing it for your own good but the result is just as devastating. Debbie and David Downer exist somewhere on each of our family trees.

If you are to become all that you can be, you MUST minimize the effect of the emotional ice water. Developing and maintaining an entrepreneurial mindset requires overcoming this potentially hazardous substance. Emotional ice water may flow in to you but it is up to you to develop such a red hot passion for your goal that your entrepreneurial mindset will overcome any effect. Your entrepreneurial thinking will determine a major portion of your success.

Remember that what you focus on expands. Focus on success, abundance and your own millionaire mindset. Ok, so you won’t become a millionaire overnight, but if you focus on the characteristics of an entrepreneur and really hone your entrepreneurial mindset, you can become anything you choose.

I salute you on your journey to success. Hire Elaine Love to speak to your group and to coach you as an individual as you pursue your goal. Go to www.ElaineSpeaks.net and lets jumpstart your success. Review www.Elaine4Success.com to insure your success.

Over 79 million people will start a home based business this year according to Forbes magazine.  Yesterday I wrote an article on Steps to Start a Small Business.

Starting a small business from home has positives and negatives.

Positives:

1. You do not have any additional rent for your business location.
2. You do not have any additional utility expense for your business.
3. You do not require any travel time or expense.  A 30 second walk from your bedroom to your office does not count as travel time.

4.  In the initial stages you will probably not have any employee expense

Negatives:

1. You work from home.  You have all of the distractions of home life which makes it more challenging to focus and concentrate on business tasks.
2. You have to do all of the tasks.  You place the ads, you call the people, you do the  training, you do the record keeping, you do the short and long range planning and you do your own research to learn more about your new business
3. Wow.  After all of that you are probably thinking about a nap.  No can do.  Until you start making money in your new small business, you are probably still working your day job.  Plan at least 20 hours a week for you new business.

Being health conscious and an exercise-a-holic, I am not telling you to give up your sleep, give up healthy eating, or give up exercise.  It will be more challenging for awhile to accomplish everything.

Oh, your sanity is in the mix somewhere as well.  I am not telling you to give up your spouse, your kids or even your tennis racquet.  You WILL have to focus your time and energy carefully.  No more wasted time.  Carefully examine your schedule and make every minute count.

Weigh the time freedom, lower start up cost, convenience, and unlimited income potential against the discipline, time, initial investment and learning curve required for entrepreneurial thinking.  Do you have what it takes to be successful?

You may be thinking, “What if I fail?”  The best way to overcome your fear of failure is to make your desire for success more powerful than you fear.  What is your “why?”  What is your powerful reason to push through any obstacle until you reach success?

Every business requires a powerful “why,” but a home based business seems to require an even stronger why than a brick and mortar business.  Maybe it is because there is a lower investment or because it is easier to quit.  You do not have a lease to break or contracts to renegotiate or transfer.  Work from home business ideas sound great and they are great.  The catch is the follow through.

If you have the discipline, determination and “why,” your odds of success just skyrocketed.

If you would like individual coaching or more personalized guidance on your steps to start a small business, contact me at www.Elaine4Success.com.

How many hours did you spend preparing for that presentation?  Entrepreneurial success requires preparation, presentation and review.  If it was a major client, it was probably several hours.  You wrote, rehearsed, tweaked and worried.  You probably picked out just the right outfit to make a favorable impression.  The time arrived and you gave your presentation.  How did it go?

Preparation is absolutely important.  Delivery is also very important.  What happens next?  “It has been 2 days since we met, Mr. Buyer.  What do you think?”  Regardless of the words chosen, you probably made at least one follow up call.

What did you do about your presentation?  Did you review your own performance?  Reality indicates that less then 1% of the salesmen ever review their own presentation.  Entrepreneurial success is epitomized by the Toastmasters speaking and leadership tracks.  Toastmasters encourages every member to record a video and an audio of every speech.  Just recording the speech is not enough.  It is important to actually watch and listen to the recording.

How many salesmen, male and female, ever record their presentations?  Out of thousands of sales professionals, you could count the number on one foot with toes left over.  No wonder so many salesmen put their foot in their mouth during presentations.

A wise friend of mine, Ed Tate, recommends using debriefing questions after every presentation.  (Ed Tate was the 2000 world champion of public speaking for Toastmasters.)

What happened?  List the good points and the “lets do that differently next time” points.

Why did that part work or why didn’t that part work?  Break the entire presentation down into small parts and review each one.  Don’t beat yourself up, but do be honest.  The growth is in the struggle to improve.  I recently had a speech which did not go nearly as well as I would have liked.  I don’t know if you ever talk to yourself, but I had a serious heart to heart with myself over that performance.  “Elaine, you stayed up all night working on the last minute changes.  You were not rested and refreshed.”  “Elaine, you spent the time running off new handouts instead of eating breakfast.  Your energy was low.”  “Elaine, you drank black coffee in an attempt to boost energy all night and early in the morning rather than drinking water to stay hydrated.”  “Elaine, you self sabotaged your own performance.”  Even though staying up all night working, running off copies and coffee seemed like good ideas at the time, in retrospect, they were self defeating.

How many college students have crammed all night for a test and almost fell asleep during the test?  Common practice but not a good idea.

What worked?  What parts did not work?  In any speech or presentation some parts work better than others.  Unless you take the time to dissect the entire presentation, you do not know what parts to keep in for the next presentation and which parts to tweak.  In order to maximize entrepreneurial success, a debrief of the presentation is essential.

What did you learn?  Debrief all parts of the presentation and make concentrated efforts to strengthen the most effective parts and revise the weaker segments.  Examine carefully what you learned.  The growth is in the struggle.

For more tips, techniques and solid business practices, join me at www.Elaine4Success.com.

Life isn’t perfect.  You always have a choice of attitude.  Choose to view the situation as a problem, a calamity and whine about how unfair life is to you.  Choose to view it as fate which is totally out of your control; be a helpless victim.  Or choose the viewpoint of a challenge, an opportunity for change, and a potential for improvement.

All 3 scenarios are exactly the same set of circumstances.  Your attitude represents the only variable.

Have you ever wanted something very badly, almost had it within your grasp and been disappointed?

If you had been with me in that tiny little farm town in June when I was seventeen, you would have felt the hot Kansas sun.  You would have smelled the sweet scent of fresh cut alfalfa hay.  You would have seen me run into our farm house so excited that I almost tripped over the rug at the front door.  “Dad, they gave me a full college scholarship.  I’m going to go to college.”  You would have seen the flush of heat and excitement on my face as I handed him the papers.  “Elaine, you’re a girl.  You don’t deserve a college education.”

I watched in shock and disappointment as he threw the papers on the floor and walked away.  Under my breath, “It would not have cost you anything.  Why wouldn’t you sign the papers?”

Decision time.  Whine, curl up in a ball and cry about being a victim, or seek a solution.  Attitude becomes the only variable.

Facts:  scholarship received, scholarship becomes invalid without a parent’s signature, scholarship is no longer an option for me to attend college.  I was so close to having my dream of a college education within my grasp only to have the hopes thrown on the floor.

When have you faced a situation in your life when you were so close, but denied at the last minute?

Solution based attitudes, determined individuals, and goal oriented thinkers find an answer.  An entrepreneurial mindset or a millionaire mindset will focus on the potential solution.

Ask any man and he will confirm the mindset of a determined female.  The circumstances remain exactly the same; the shift in the end result comes in the attitude.  Attitude will get you everywhere; choose positive or choose negative.  The entrepreneurial mindset, the millionaire mindset or the determined female mindset all revolve around a positive attitude.

After dialing numerous friends, acquaintances and friends of friends, a ride to college was located, confirmed and finalized.  No job, no money and no parental approval.  Remember that focused positive attitude?  Three years later, my college diploma was firmly grasped in those determined female fingers.  A positive attitude backed with action accomplishes amazing feats.

Even though he never told me, I heard that my father told others that he was proud of me.

Attitude will get you everywhere.  Determination, a positive attitude and action achieve goals.

For more inspiration, motivation and practical techniques for success, join me at http://www.elaine4success.com/.

When your attitude shifts, your life follows suit.  Everyone reaches that magic “decision time.”  You know the time.  You look at your life or a situation and determine “that’s enough; something is going to change NOW.”

A firm decision results in an attitude shift.  Your attitude will get you everywhere.  The relief associated with a major attitude shift is phenomenal.  The trauma and stress are all previous to the decision.  Once the decision is made, the attitude turns positive and progressive.  The stress comes from the “should I” or “shouldn’t I” dilemma.  Stop shoulding all over yourself and get with the program.

So many people spend so much time getting ready to get ready that they never actually make a decision.  What is it in your life right now that is holding you back from making a progressive decision, a progressive attitude?  Wealth builders and  self-made millionaires all make decisions.

Self-made millionaires possess decision oriented habits and positive attitudes.  Wealth builders know that a positive attitude will get you everywhere.  It starts with a dream and builds to a goal.  A plan forms designing the process to reach the goal.  Absolute laser focus is applied to the implementation of the plan.  Frequent benchmarks or checkpoints are established to insure the plan is on course.  Will there be adjustments? Yes.  Even a jet airplane does not go from San Francisco to New York without a few minor tweaks and turns.

The entire process starts with a firm decision and an attitude shift.

If your life or plan is off target, check your attitude.  Queasy attitude probably means there is a decision in limbo.  Clear the roadblock by determining what decision you have procrastinated about making.  Make the decision.  Feel the relief and the positive attitude shift.

You can never make forward progress and remain sitting on the fence.  Make the decision.  Establish a positive attitude.  Set the goal and the plan to achieve it.  Establish the course correction checkpoints and prepare to celebrate victory.

For more positive attitude tips and techniques, join me at http://www.elaine4success.com/

Poor me.  Boo Hoo.  Whine Whine.  Maybe you will hear this attitude from a quitter, but never from an entrepreneur.  Entrepreneurs never quit.  We may alter the course or even change directions, but never quit.  Quitting simply does not exist with the entrepreneurial mindset.  Does that mean that we never get discouraged or face challenges?  No.  Of course we do.  The difference between the entrepreneur and the quitter is that an entrepreneurial mindset never quits.

Entrepreneur	Quitter
Goal Oriented	Today Oriented
Written Success Plan	Mood of the Moment Activity
Determined	Maybe and If Thoughts
Consistent	Sometimes – Infrequent
Compelling Reason to Succeed	Luke warm desire to succeed
Researched and Planned	Impulse of the Moment

Goal Oriented means you have specific written goals.  Each goal has a time frame to be accomplished, measurable criteria and is a stretch but yet possible.  Without specific written goals, it is just a daydream or a wish.

Entrepreneurial mindsets require a detailed written success plan with each element defined.  What financing will be needed?  What marketing method, budget and specific marketing action steps are required?  What specific benchmarks must be reached by what date to know that the business is on target toward the goal rather than wandering aimlessly.  Excellent written success plans are composed in weekly, monthly, quarterly, one year, five year and ten year time frames.

Rock solid determination is not optional.  One of the characteristics of an entrepreneur is the unwavering commitment to reach their goals no matter what the obstacles.  This determination is frequently based on a “why.”  Why will you never give up on your goals?  What is so important that you will persevere through any obstacle?  Go over it, around it, under it or through it; the obstacle must yield.

Consistent and persistent actions are typical characteristics of an entrepreneur.  Entrepreneurs know that focused action is required each and every day.

Entrepreneurial mindset remains crystal clear on their “why.”  Thus reason becomes compelling and long term.

Another characteristic of an entrepreneur is researching the ideal business fit for them and planning their success with a detailed written business success plan.

Entrepreneurs are never quitters.  Entrepreneurs succeed partially because they never accept any other outcome.

For more specific and personalized fine tuning of your individual entrepreneurial mindset, join me at http://www.elaine4success.com/ or http://www.yes2money.com/.

Is your net worth sinking from the black into the red?  Is your wallet shrinking right along with your confidence while you eat out of tension and your waistline goes the other direction?  What you want is a tensionectomy?  I’ll let you in on a little secret.  Shhhh.  Having the right non-conflict of interest information at the right time and knowing what action to take plumps your wallet and strengthens your self confidence.

Wealth creation strategies require passion, perseverance and a commitment toward permanent improvement.  Get rich quick schemes are for the foolish, lazy and perhaps unethical.  Serious wealth creation strategies require a mindset change.  If your current mindset would create a path toward wealth, you would already be rich.

Millions of people invest hundreds of thousands in college, various schools and classes every year.  Americans, and now the world need solid, accurate financial information.  How much are you willing to invest in yourself to receive honest, non-conflict of interest education about how to earn more money and make better choices with the money you do have?

The alarm bells are ringing all over the world now.  The euro is screaming in terror as its debt level rises to flood stage and it is swimming in a sea of red ink.  The US Dollar has been drowning in its own red ink for months now and the massive bailouts are causing it to go down for the third time.  Pouring in more debt, red ink, to an already overflowing debt level only intensifies the problem.

Now since we are doing such a terrible job of managing our own economy, we have decided to expand this disastrous flood stage economic model to Europe, Portugal, China and any other poor soul who decides to listen.  Increasing debt far beyond what can ever be repaid makes no sense.

Hello, bankruptcy.  When your debts far exceed your current and future income, you are bankrupt.  Running the printing presses to flood the market with deflated dollars is like tying a big rock to your wallet and expecting it to float to the surface.  What are we doing to ourselves?  Even worse, what are we doing to future generations?

Wealth creation strategies require making wise decisions with current money and becoming wealth builders for the future.

1. Stop buying things you can not afford with money you do not have to impress people who do not care.
2. Start taking your financial education from people who want to educate you rather than sell you the latest and greatest “get rich quick” scheme.  Real wealth does not happen overnight.  It is a mindset of wise decisions at the right time backed by action.
3. Stop jumping on every fad that floats through the media.  Pet rocks are long gone.

The US economy and the world economy are changing rapidly.  If you go with the flow of the masses, you will go down with the masses.  By the time information floats down through the spin artists from the top of Wall Street through the media and talking heads down to main street, it is far too late to act on it.  Come learn the facts.

Join me at http://www.elaine4success.com/ and get honest non-conflict of interest information.

Gold dust in the air is an attitude backed by action. Maintaining a positive attitude is the key to success in any endeavor. Not a key, but the key to success….entrepreneurial mindset.  Your attitude screams so loudly that it drowns out the sound of your words. When you respond with a smile on your face, a glint of mischief in your eye and enthusiasm, people choose to be around you. Have that same smile, a glint in your eye and a grumpy tone of voice and people shy away. No one wants to spend time with Grumpy. A gold dust attitude expects and projects prosperity.

Grouchy people focus on the crisis. Positive people focus on the future. The sure fire test resides in the eyes. You can force a smile on your face even if you have gritted teeth but the eyes throw up red flags. Genuinely happy people smile with their eyes as well as their face. Eyes are the mirror to the soul. When your eyes smile and twinkle, the feeling is projected. Say anything you like; however, if you are not genuine and honest, your eyes will reveal your deception….entrepreneurial characteristics.

Ever notice when people openly gaze at your eyes and hold the connection? You feel closer to them and feel their sincerity. When they avert their eyes and avoid direct connection with your gaze, use caution. Positive, upbeat and genuine people enjoy connecting with you. Granted, some are shy. A shy person warms up as they become comfortable with you; they will meet your gaze as they get to know you.

Gold dust attitudes project optimism. Entrepreneurs display gold dust attitudes because they focus on opportunities; entrepreneurs focus on the future. Leaders are entrepreneurs and entrepreneurs are leaders. The tone of the entire organization takes root in the attitude of the entrepreneur. When the leader displays an attitude of gold dust in the air and backs that positive attitude with action, the followers duplicate the positive attitude.

In a challenging economy, it is even more important to maintain a positive attitude. Zig Zigler said it best, “a positive attitude will not let you do anything, but it will let you do everything better than a negative attitude.” Everyone prefers to thrive and progress forward; however, a negative attitude locks the emergency brake in place to halt all progress. If you are not going forward, you are going backward. Nothing stands still.

Gold dust in the air attitudes smile and know that opportunity exists in every economy. 16 of the 30 companies in the Dow Jones Industrial average started in a down economy. Down economy is another way of saying economic decline; also known as the D word – depression. Now before you go into panic mode at the D word, return to the gold dust in the air attitude. When the economy is down, so are the prices. This is a great time to do any remodeling, equipment replacement, or hire highly qualified personnel; availability is up and prices are down. Gold dust in the air attitudes capitalize on opportunities for future growth. Entrepreneurs who internalize the gold dust in the air attitude know that there are excellent opportunities in every economy….entrepreneurial opportunities.

Gold dust entrepreneurs look in a mirror and take responsibility for the future rather than looking through a window to the outside world for results. Remember the picture of the cute little yellow kitten that gazes into the mirror and sees a massive male lion? That cute little tabby cat understands how to look within to the future. It may be a kitty cat now but the future holds promise of bigger and better results. Entrepreneurs gaze into the mirror of now and see the vision of the future. Grumpy looks through the window, sees the down economy and focuses of the crisis. As Wayne Dyer says, ‘when you change the way you look at things, the things you look at change.”

Your choice. Are you a gold dust in the air attitude entrepreneur or do you have a grumpy crisis focus? Entrepreneurs maintain a gold dust in the air attitude and back that positive attitude with action.

For specific tips and techniques to develop yourself as an entrepreneur or to develop your gold dust in the air attitude, join me at www.Elaine4Success.com.

Visionary leaders serve in the local community with food drives, clothing for the homeless, educational support through scholarships, and health and water projects on a global scale.  What is your passion?  Where will you carve your niche of service?  Visionary leadership means seeing a need and serving others.  The highest quality visionary leader is also a giver; they give of their time, talent and resources.

As a fellow successful entrepreneur and visionary leader, I absolutely subscribe to service to others.  None of our lives are one dimensional.  We also have our families, our careers and our spiritual life.  As a Rotarian, we have a 4 way test.  We have at least 4 major life areas which also demand and deserve our time attention and money.

If you ever think that your children are out of the nest and on their own, try sending one to college.  “Hi, dad and mom, please send money.”

Children fall into various groups,

Baby birds – they are still in the nest

Touch and go flight patterns – they leave but return for laundry, raid the pantry and financial assistance

Circle flight pattern – they left and were out of the nest and then move back

homeFlight squadron – they leave but return with spouse and your grand children

Not that any of these are bad, but to say that children are inexpensive or maintenance free would be a gross error.

Our careers are also emotional, financial and time consumers.   Our careers require our passion.  Every successful person owned, lived and breathed their passion.  Olympic athletes, concert master musicians, inventors and corporate moguls were all consumed with passion for their chosen mission in life.  Whether you have chosen an entrepreneurial mindset or a corporate mindset, employing visionary leadership remains consistent.

Steve Jobs, the icon and founder of Apple Computers, credits his passion as his key to success. “You’ve got to find what you love.  Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work.  And the only way to do great work is to Love what you do.  If you haven’t found it yet, keep looking.  Don’t settle.”

When I first started Mt. Castles, Property management, I got up early, stayed up late and had an insatiable drive.  The creativity flowed and every day was an opportunity for a new adventure.

I read every book I could get my hands on about property management; I went to Inc. conferences to learn from other successful entrepreneurs.  I interviewed female entrepreneurs to determine the specific challenges they encountered.  In fact I published a white paper “Gender differences in Conflict Management Style in the Workplace.”

I picked the brains of every successful property manager I could interview.  I took them to a long lunch and asked questions.  I interviewed second home owners, tourists and long term renters.  What is it you need?  What is it you would like to have that you do not have available now?  I looked for niches to fill.

Look at your career right now.  Are you fired up to hop out of bed every morning and soar with the eagles or are you content to walk the same circle on the ground as the chickens?

How many books have you read lately about your chosen field?

When was the last time you reached outside your industry for creative ideas which work in other industries but have not been utilized in your industry yet?

When was the last time you took a successful business colleague to lunch and tapped into their mindset for success?  Do you belong to a “hold your feet to the fire” mastermind club?

When was the last time you interviewed your customers, vendors, and target market to ask what they needed?  Ask what they like now and what they would change if they could.

When was the last time you did a blind test and shopped your own customer service?

Tap into your passion and you will find your genius, your productivity and your enthusiasm.  Tap onto your passion and take focused action and you will find your profit.

Join me at http://www.elaine4success.com/ and lets mastermind together to focus your time, energy and financial resources in your passion.

How do you handle life’s little unexpected inconveniences?

Normally I am bubbly, enthusiastic, and in control of myself and my circumstances.  Yesterday there was a glitch in the conference call system and I could not sign in to the call.   As the call host, it was quite awkward not to be present and punctual.  I apologized a bit too profusely.  My normal unflappable composure collapsed.

What is the lesson here?  Let go of trying to be perfect.  Allow yourself to be human.  It is not a matter of IF there will be glitches in the schedule, but WHEN there are glitches.  Of course one of the characteristics of successful entrepreneurs is calmness under pressure.  Does that mean that as an entrepreneur you are expected to be perfect 100% of the time?  Absolutely not.  It means that as a successful entrepreneur you strive to be as good as you possibly can be.

Ever know a major league baseball star to hit a home run every tie at bat?  No.  Ever know a highly accomplished Hollywood screen star to get an academy award for every performance?  No.  Why do entrepreneurs put pressure on themselves to be perfect 100% of the time?  Get a grip on reality.  What makes us think we are above and beyond all of the statistics?

Now that we have had our slice of humble pie, relax.  Of course the Hollywood star steps on stage with the intention of performing their every best every time.  Yes, the major league baseball star goes to bat with the intention of a good solid base hit.  Successful people never approach a situation with the intention to be average.

Can you imagine a corporation proudly announcing that they were seeking a mediocre advertising agency?  Of course not.  An employee might go to work with the goal of “getting through the day,” but an entrepreneurial mindset would never tolerate such a thought.  Average or just getting through the day is NOT entrepreneurial thinking.

Since the characteristics of successful entrepreneurs demands striving for perfection, the very idea of average is appalling.  Henry Ford did not create the automobile by giving up at the first glitch.  Andrew Carnegie did not amass a fortune in steel by doing the minimum possible amount of effort.

Entrepreneurial traits drive the individual to seek new creative ideas, seek new and better performance from themselves and seek the top performance in everything they do.  Will they always achieve perfection?  No but they will keep striving to be the best they can possible be.  When they fall short, they analyze what happened and determine how they can do better the next time.

Being a perfectionist is one of the characteristics of successful entrepreneurs.  What is your goal?

If you want personalized assistance in reaching your peak performance, join me at http://www.elaine4success.com/.