There are many factors that go into whether or not a small or home-based business is a success or a failure. Competition, the economy, or just bad luck could all play a factor in how far a business goes. The most important element however is still the person or group of people that started the business in the first place. Below is a list of characteristics that are important for an entrepreneur to have when starting a home based business.
1. Discipline: When you are working from home you are your own boss. You don’t have someone around to help keep you on task. There are numerous distractions when you work from home, not to mention being surrounded by your personal life. It is up to you to stay focused and keep working in order to reach your goals.
2. Consistency: You will be able to set your hours and work when you want, but it is important to have a routine in place so you don’t procrastinate. Putting off work until later is a quick way to sink your business. Create a schedule and stick to it. Being consistent will assure that you always get your necessary tasks completed.
3. Determination: Every business will hit bumps in the road, and problems will come up, but a successful entrepreneur must be determined to overcome every situation. You should have a central purpose and set up long term goals, which you are determined to reach.
4. Willingness to Learn: In order to be successful in a small or home-based business it is important to continue learning. You should never stop trying to learn new ways to operate, or researching industry news. It will keep you updated on the latest techniques and trends and could keep you ahead of your competition.
5. Passion: In order to be a success you must truly enjoy and be passionate about whatever you are doing. Starting a home-based business gives you the freedom to do whatever you want to do, so why not pick something your passionate about. Your enthusiasm will show and people will enjoy doing business with you. Customers will see that you love and believe in what you are doing.
Suggested Reading: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs
“To achieve unimaginable business success and financial wealth—to reach the upper echelons of entrepreneurs, where you’ll find Mark Zuckerberg of Facebook, Sara Blakely of Spanx, Mark Pincus of Zynga, Kevin Plank of Under Armour, and many others—you have to change the way you think. In other words, you must develop the Entrepreneur Mind, a way of thinking that comes from learning the vital lessons of the best entrepreneurs.
In a praiseworthy effort to distill some of the most important lessons of entrepreneurship, Kevin D. Johnson, president of multimillion-dollar company Johnson Media Inc. and a serial entrepreneur for several years, shares the essential beliefs, characteristics, and habits of elite entrepreneurs. Through the conviction of his own personal experiences, which include a life-changing visit to Harvard Business.”