Have you ever thought of yourself as an entrepreneur? Most of us have, even if we haven’t had a business idea. But there are some personality traits that you’ll need to succeed in the cut throat world of business.
- The first thing you’ll need is a personal skill. These are closely linked with your personality and can be seen as more like habits. For example, if you are a professional proofreader you’ll be more likely to pick out errors.
- Another skill needed to become a great entrepreneur is communication. You can talk but that doesn’t mean someone will listen. You have to make people hear what you have to say and with the skills in communication you can do this.
- You’ll also need to be good with negotiating. Successful entrepreneurs didn’t get to be successful by taking the first deal that came their way. They negotiated until they got what they wanted, or as close as they could.
- Most entrepreneurs are good leaders. To build a company you’ll need to manage a team and there will be moments when your team feels worthless. It’s your job to motivate them and lead them to where you want to go.
- The last skills are in sales. Some believe this is the most important of the five, and without it all else with fail. Most businesses will sell something and without the skill to sell your company, it may fall at the first hurdle.
For more information on entrepreneurial skills contact the Winflow Financial Group.
If your small business needs funding then you may have looked into the angel investor. But where a large majority of these have a professional outlook, some have lost touch with the real world and need to be avoided.
The first version of a bad angel investor is the Shadow CEO. These types will pick weak CEOs and try to control them like a puppet. They are intrusive and will push their decisions which can put your company at risk. Most are successful entrepreneurs who have built businesses in the past but have lost touch, or only remember the latter stages of running a company. These are dangerous angel investors and should be avoided.
The second angel investor to dodge is the crazy, rich relative. They will be comfortable with their life and laid back on the management team. Which sounds great in theory, but isn’t the best method of investing. As an entrepreneur, just starting out, you’ll need someone that is firm and steers you in the right direction. It’s also dangerous to have a relative as an investor because of arguments and problems in the family.
It takes personal instinct to pick an angel investor and the better you are at reading someone, the better angel investor you’ll get. Be sure to research the investor and be certain you have the right person. For more information on angel investors contact the Winflow Financial Group.
Posted by – June 28, 2011
Canadian entrepreneurs are rated as one of the top nations for owning a positive business outlook. This information was released on Friday June 24th by the Global Entrepreneur Indicator Business Environment Report.
The survey, which formulated the information, questioned 1,200 business owners from 38 different countries. They were asked for opinions on the current economic environment, in addition to details on their own companies.
Over 90% of Canadian entrepreneurs expect the economy to improve in the next six months. And nearly three-quarters of the entrepreneurs, from Latin America and the Caribbean, said the same. But there were some that held a more pessimistic outlook.
Business owners in Europe, the US and the Middle East had a more downbeat view of the economy. With over 20% predicting that the economy will deteriorate. Despite the pessimism, US entrepreneurs have seen an increase in profits over the last six months, higher than any other region. A total of 64% of the US entrepreneurs saw a rise, compared to the 29% of Canadians.
The survey also revealed that the general outlook of the economy doesn’t necessarily follow the predictions of an individual company future. Many entrepreneurs believed that the market may see a decline, but their business will continue to earn well.
Posted by – June 21, 2011
There are literally millions of home-based businesses that start everyday. Working from home as an entrepreneur is appealing but if you jump into the home-based business world without any preparation you could find your small business struggling. If you’ve decided to start a home-based business make sure you have completed the following:
- Set up a workspace separate from the craziness of the rest of the house. Even if you don’t have a separate room create a distinct separation between your personal space and your office space.
- Make sure you have a market. Do your market research before deciding to start operating your small business. You will know what kind of demand there is for your product/services this way.
- Get a separate phone line for your business. Your customers aren’t going to get a great impression of you business if your four-year-old answers the phone.
- Invest in ergonomics. If you’re going to be working from home make sure you are comfortable. You will likely be spending a lot of time sitting in your home office.
- It also smart to open a separate bank account so you aren’t mixing your business income with your personal finances.
For your small business needs, contact the Winflow Financial Group.
Posted by – June 17, 2011
During these rough economic times, your business may be struggling. Though we are constantly being promised that the worst is over, many business owners are still having trouble making ends meet and recouping their losses. If your small business is struggling during the recession, consider the following:
- Diversify your business. Expand the services/products offered. The broader your range of business is, the broader your range of clients will be.
- Keep the cash coming in. For a business to operate successfully, there must be a constant flow of cash coming in. Whether it’s a loyalty program for returning customers or discounted services, put in place measures to protect your cash flow.
- Keep marketing your products. Many business owners cut back on marketing expenses first during a recession. This is not a smart move. Marketing needs to be more aggressive during economic downturns because it is harder to get customers to part with their money.
- Organize your inventory. Store as little as possible and only keep what you need on hand. This will save you storing fees.
- Do you market research. Figure out why customers are coming to your business, where they are coming from and how you can capitalize on this.
If you’re struggling during the economic downturn, contact the Winflow Financial Group. Our trained consultants can assist you with your business needs.
Posted by – June 16, 2011
According to a 2009 report put together by Capgemini and Merrill Lynch, very affluent individuals grew their wealth by 22 percent. This statistic, coupled with the notion that the rich spend more money, may have you considering switching your marketing campaigns to attract more affluent customers. There are mixed feelings when it comes to marketing to the affluent. Some people says its great for profits and business expansion, whereas others label affluent customers particularly difficult to please. If you have thought about attracting affluent customers, consider the following:
- Utilize product placement. Affluent individuals are more isolated from marketing techniques. They often own technology that allows them to skip over advertisements. This is why product placement may be a good idea for your company. Product placement involves paying a television or movie company to incorporate your product into their script. Products placed in television or movies also gain higher status.
- Do your market research. Find out what affluent customers hate doing and provide services that do it for them. It a great way to capitalize on a target market’s dislikes.
- Hang out in places the rich are likely to be. You can get your business name out there by attending gatherings affluent individuals are likely to attend.
For your business needs, contact the Winflow Financial Group at 1.800.956.6897.
Posted by – June 15, 2011
Market research is the backbone of growth in a small business. Whether your choose to survey your customers or conduct a focus group, learning why your customers come to your business can help you attract more business. Consider their answers and expand your marketing around their feedback. To get the most out of your market research, it is important to know the right questions to ask. When conducting customer research, be sure to ask the following questions:
- How well do we keep our promises? Determining the level of trust a customer has in your business will determine how much they buy.
- Why do you choose our products (over the competition’s)? Once you have found out a customer’s motivation you can do more to meet their needs.
- Have you purchased products from our competition this year? If your customers have purchased products from your competition ask them why. This will allow you to gain insight into your competition and improve your business practices accordingly.
- What are three changes that would make doing business with us easier for you? After you have found out what your customers want it is easy to improve your business around their answers. Capitalize on their feedback to boost your sales.
For your small business needs, contact the Winflow Financial Group.