Do you dream of opening your own business someday? Starting a business is a risk every person who wants to profit from his passion must take. And every successful entrepreneur has gone through all the worries of not knowing how to start a business, not knowing what kind of business to create, and failing - the same worries that prevent so many people from starting.
We all know that there is no universal approach to start-up success, but there is a handful of traits successful business owners seem to have in common that others lack. An infographic published by SCORE, a nonprofit organization aimed at helping small businesses, illustrates the key ingredients entrepreneurs today need to be successful.
Entrepreneurs with professional experience as an advantage are the ones you can count on to make wise decisions. With a track record of success, these people are more likely to raise more money, see better user growth, and less likely to scale prematurely.
A Business Plan
By creating a solid business plan, you give your business direction, advantages over your competitors, and secure funding. As SCORE found, companies with a business plan see nearly twice the success compared to those without one.
While being aggressive can usually work to your advantage, too much of it will make you look greedy and scare off potential customers. The most successful entrepreneurs are the ones who are open and agreeable. Kick bad habits like narcissism, defensiveness, and dishonesty.
Most business owners have survived the start-up stage with the help of trusted confidantes who continuously provide them with information and wisdom. According to SCORE, entrepreneurs who work with mentors are three times more likely to start a business, seven times more likely to raise investment money, and three and a half times more likely to grow demand for their product.