While everyone’s definition of success will be different, there is a collection of characteristics successful entrepreneurs share that are crucial to any business venture. A willingness to learn, take risks, make mistakes, experiment, face failure, and live with consequences, just to name a few. The ability to face these challenges requires a certain mindset, a growth mindset. A desire and initiative to change and to adapt is essential if you want to create and build a thriving company. In the factoring industry and other industries, top innovators and entrepreneurs have to possess the following traits.
1. Embrace Tenacity
Starting a business has been compared to an ultramarathon by some, and rightfully so. You must be able to live with a constant level of uncertainty, and the knowledge that obstacles can arise unexpectedly for years to come. Such obstacles may be a lack of cash flow or financing issues. Thus, tenacity, perseverance, determination, persistence, commitment, and resilience is a necessary quality to have.
If failure happens, getting back on the path to success may require you to start all over again. In fact, it may require you to overcome the fear of “reinventing” yourself or to completely redirect your business’ path and purpose. Thriving entrepreneurs look at challenges as an opportunity to conquer and succeed, regardless of the risks involved. In the words of Thomas Edison, “I have not failed. I’ve just found 10,000 ways that won’t work.”
2. Establish Expertise
When a problem arises, would you seek the advice of just anyone? Or would you seek an expert in that field to help you solve your problem? Naturally, you would seek the advice of an expert. The most successful entrepreneurs take the time and steps necessary to become known for their expertise in their business. The more effective you are in achieving this, the more people will seek you out. Ultimately, this creates endless selling and referral opportunities. You’ll no longer be limited to finding new and qualified people to sell to, they will seek you out for your expertise all on their own.
3. Delegate Effectively
For some, it is a constant struggle to not adopt a hands-on-approach in the daily operations of their business. They make the mistake of trying to work in too many areas of the business and/or too many tasks at once. The most highly successful entrepreneurs, on the other hand, recognize what they are best at from the very beginning. All other tasks are delegated to others, who are equally as strong in the area(s) assigned to them. Top entrepreneurs realize early on that delegating, not just the ability to multitask, is in the best interest of the business in the long run.
4. Earn a Rock-Solid Reputation
One of the most important marketable assets commonly overlooked is your reputation. A good reputation cannot be bought, it is built over time through consistency and honored promises. If you
’ve agreed to have merchandise on a customer’s doorstep by Monday, there’s no excuse for you to not have it there on time. At Security Business Capital, we work hard to build trust, which develops into a strong reputation.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently,” says Warren Buffett, CEO of Berkshire Hathaway, American business magnate, investor, and philanthropist.
5. Invest in Self-Improvement
Industries are constantly changing and evolving. Only those who are willing to grow through constant learning can stay ahead. The most important tool you should invest in is yourself; you are your own best business and marketing tool.
Highly successful entrepreneurs regularly buy and read business and marketing books, newsletters, websites, journals, magazines, reports, and industry publications. They are constantly improving their understanding of business and marketing skills and functions. Successful entrepreneurs also join business associations and clubs; this allows them the opportunity to network with other skilled business people that have similar goals and objectives. Even if they are already established experts in their field, many top entrepreneurs attend business and marketing seminars.
“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had – every day I’m learning something new,” shares billionaire entrepreneur and Virgin Group founder, Richard Branson.
6. Committed to Self-Promotion
One of the biggest myths to avoid concerning business success is the idea that your products or services will suddenly be discovered and accepted by the masses, with little to no effort on your part. If no one knows who you are or what you’re offering, they simply won’t know why they should be buying. Self-promotion is one of the most underutilized marketing tools, even though it’s at an entrepreneur’s immediate disposal.
You have but a few passing moments to make a positive and memorable impression with those you intend to do business with. Always make a conscious effort to project the most professional business image. It is also essential that you know how to sell. You must be able to express what it is that makes your product or service unique and desirable. After all, if you, the creator, are unable to explain it, who will?
7. Establish Customer Connections
So much time and effort is devoted to a business’ operations that the customers themselves are often overlooked. For the startup, securing business funding through a factoring service, developing products/services and creating a top-notch business team are the focus. Once the business is established, the attention shifts to growth, cash flow, advertising, etc. The most significant competitive edge over larger competitors can easily be overlooked: offering personalized attention to your customers. Take the time to really get to know your customers. While reaching new customers is important, establishing relationships with your repeat customers is even more so. According to Forbes, “It’s a researched fact that most businesses (80 percent) will come from repeat customers rather than new customers.”
8. Incorporate Community Involvement
In addition, don’t overlook the significance of getting involved in the community that supports your business. This can be done in many ways such as helping charities, organizing community events, getting involved in local politics, etc. People want to do business with those they know, like and respect. One of the best opportunities you have to demonstrate your values and purpose is by meeting the members of your community and discovering what you can do to help.
9. Manage Money Wisely
The life force of any business venture is cash flow. Without sufficient working capital, a business cannot cover operational expenses and/or continue to expand. Regardless of your business funding choice, excellent money management skills are critical. Poor financial decisions can quickly derail and destroy a business. Successful entrepreneurs make sure that the business funding option they choose will lead to both the short-term and the long-term financial health of their business venture.
Business Funding Solutions with Security Business Capital
Security Business Capital specializes in helping companies secure the funds they need to operate smoothly, grow their business and take advantage of opportunities - minus the high-interest rates and costs. Our invoice factoring solution, for example, provides you with the cash your company has already earned. The working capital received provides you with the flexibility you need to pay your bills on time, hire more staff, expand into new areas and invest in new equipment. Since it also allows you to avoid the added burden of debt and risks, invoice factoring is a great long-term solution.
If your startup or small business is seeking alternative financing solutions to meet expenses or fund expansion, Security Business Capital offers a fast, simple and hassle-free setup process. SBC can provide your company with the cash it needs in as little as 24 hours. Oil and gas services, temp staffing, manufacturing/distribution, and transportation are just a few of the business types that can use invoice factoring to generate cash on hand. To learn more about Security Business Capital’s invoice factoring option or our other service options, contact SBC for a free quote and/or consultation.