Successful Small Business – The Three Top Requirements
Passion
Entrepreneurship is about being truly and fully passionate about a product or service. It doesn’t matter what your passion is, whether it’s chocolate, IT, cleaning houses, dust balls, cats, video, matchmaking or information. If you have a genuine and heart felt passion that is half the battle in starting and seeing through a business. Go for it! Start now!
Perseverance
Without perseverance an entrepreneur will undoubtedly fail. I believe perseverance is the single most important trait an entrepreneur can possess. And if he or she lacks perseverance then they need someone to inspire or support them. Perseverance includes believing in yourself and rising above the financial challenges, competition, time constraints and dozens of other challenges. Without the support of my wife (who is a successful entrepreneur with two businesses) I would have possibly folded up my business. Since I am now seeing results, that would have been a colossal mistake.
Always Understand The Competition
Bill Gates has stated that the most important contribution to his success is understanding the competition. If you don’t understand the competitions focus and strategy, you’ll soon find yourself bleeding customers to them. Always, always, keep on top of what your competitors are doing. Never underestimate them.
1 Passion
2 Perseverance
3 Always Understand The Competition
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