OverviewIn my years of mentoring and conducting Business Management training, people usually want me to tell them if I think they have the attributes to succeed in Home Based Business.Much as this appears to be a difficult question to answer, research has shown that there’re indeed certain character traits that predispose some people to succeed in home based enterprise.Aspiring to become a Home Based Entrepreneur is quite exciting; what with the pride of being your own Boss. But desire is one thing and having the right Personal Traits that can ensure the success of the business is another ball game altogether.Some of these traits are innate while some can be learned. However I have enumerated them here for you to consider before taking the leap. This is not meant to discourage you but to bring them to your awareness in order to help you prepare properly and make a success of your dream. Do not be dismayed even if you lack some of these attributes because they can be learned or acquired through training.So in this write up, we’ll discuss the personal character traits most successful Home Based Entrepreneurs always seem to have.I hope this will help you do a self-assessment and thereafter invest in training to beef up areas of need.Without further delay, below are the attributes.• Great DeterminationRight from the beginning, you must make up your mind to succeed in your chosen endeavor. Having a “Can Do Spirit” is always an advantage. When the pressure builds up, it’s only that huge determination to succeed that will help see you through.As the saying goes “when the going gets tough, the tough get going”• Having Self ConfidenceThis is almost like having strong determination. Having self -confidence and believing in one’s ability is also very important in the potential success matrix needed by a Home Business Owner. The saying “self- confidence makes the man” must have come from this. Even the ordinary con man is able to perpetrate his activities through his self-confidence.• Consummate Self StarterA self-starter is a person who does not procrastinate. He does not wait for someone to prod him into taking necessary action.A self-starter will not postpone to tomorrow what he’s supposed to do today. A self-starter is an action oriented person who attacks the task at hand and achieves set targets without being supervised or reminded.• Being A Natural Risk TakerIn order to succeed as a Home Based Entrepreneur, you must be a natural risk taker. Some people are risk averse but almost all successful Home Business Owners are ready to take that risk, burn all bridges and do whatever it takes to succeed.• Fast Thinking And FlexibilityHaving the ability to think fast and react quickly to unfolding situations is the hallmark of a successful Home Business Owner.Threats can come up suddenly from new government policies and the ability to think fast and adapt to the new situation can make the difference between success and collapse of the business.• Do What You EnjoyYou have to be totally obsessed with your Home Based Business. You eat and drink it every moment of the day.You must be very passionate about your business or else you’ll cave in when the pressure builds up.I recommend that you get involved with what you enjoy doing. Even turning your hobby into a Home Based Business could be the best decision.You’ll work harder and succeed faster because you won’t see what you’re doing as work. Invest in that thing that you would enjoy doing even if there are no pecuniary benefits.• Have A Good Business PlanYou must be able to prepare a good Business Plan and work the plan. It’s said that “He who fails to plan has already planned to fail”. Your Business Plan is like a Blue Print for your business. It must be flexible though to make room for adjustments as you go along. It’s like a road map that’ll lead you to the final goals set for your business.• Good Money Management SkillsHaving the right attitude to money is very essential. No matter the amount of cash available, a Home Business Owner without the right Money Management Skills will run the business aground.You must have a Money Management Plan and stick to the plan. Knowing how to allocate resources to the most needed areas of the business is very important.My advice is that you must be shrewd and frugal with your expenses- especially cash flow. This is to avoid running out of cash at an auspicious time.• Good Selling SkillsHaving the right selling skills can help you succeed in your business.You must be able to explain to people why what you’re offering is the best solution for the problem they’re having.• Create Authority Around YouIf you want to succeed in your Home Business, you must be willing to learn new things. You must be willing to keep up to date with latest industry trends.Being disposed to reading books, attending seminars and staying ahead of the competition is very essential.Your ability to market yourself as an Expert and a reliable resource in your field is very important.People will run to you for solution to their problems.• You Need Good Marketing SkillsThe ability to develop the perfect USP for your Home Business is very important. You must have a very good reason why I should buy your products/services instead of buying from the shop down the road. This could be the difference between growth and early bankruptcy.• Excellent Net Working SkillsA Home Based Entrepreneur with excellent networking skills already has an advantage.Good networking skills entail having the ability to strike up relationships that can generate business opportunities and mutually beneficial relationships.It should not be a one way street though. You must think of what you can contribute to the relationship even before thinking of what to get from the other person.• Develop A Magnetic PersonalityHaving a likable persona that will attract people to you is an advantage. On the internet, design an engaging website. Don’t be aloof. Always stay engaged with your customers and community.• Be Organized, Be Disciplined!You must not take for granted that you are your own boss and so wake up 10 am and decide to chill with a glass of wine and some music. No! You must maintain a high self – esteem and discipline. Wake up early, listen to industry news and get started with the day’s activities.I mean you must have a positive daily routine• Embrace New Technology And Management ProcessesBy this I mean you should be disposed to the use of modern technology. Invest in new technology that will help you work smarter by achieving more results while working less. For instance, if you are being inundated with orders and you are having problems meeting up with schedule, you can outsource this aspect of your business to experts in that field. This way you keep your business lean and responsive.You can also invest in modern software like inventory management software to help you manage your business more effectively.You can also invest in ICT to help you run your business more efficiently.• Be ProfessionalStrive at all times to be professional in all your dealings. Maintain the highest ethical standards. Honesty must be your watch word!Dress appropriately when meeting with clients.Ensure you have a home office and a dedicated phone line for your business• Don’t Be Afraid To FailFinally, this might sound weird but failure is part of the process of learning how to do it better next time. Do not be afraid to fail but remember to take away the lessons learned.The great Thomas Edison who failed over 5000 times while trying to discover the incandescent lamp said that each failure taught him how to do it better next time.Wrapping UpWe’ve come to the end of this discussion and I hope you find this write up useful. Though some of these attributes are innate, they can all be acquired through structured training. So you should not be discouraged if you find yourself wanting in some areas.Do you feel I’ve left out anything, please feel free to send in your thoughts.
10 Useful Books for Small Business Owners
Reading good management books enables small business owners think and act wisely. It helps them improve their ability to carry out business in the right way, by successfully resolving issues that a business is likely to face.
There are thousands of books available in the market. It can be very confusing for a small business owner on what to pick and read. We have listed 10 books that every small business owner should read to succeed in business.
1. The Seven Habits of Highly Effective People by Stephen R. Covey:
This is a book useful to everyone in general and small business owners in particular. It explains seven habits that are essential to be able to influence others. The seven habits discussed in this book are ‘be proactive’, ‘begin with the end in mind’, ‘put first things first’, ‘think win-win’, ‘seek first to understand, then to be understood’, ‘synergize’ and ‘sharpen the saw’.
These principles will help you in shaping and strengthening your personality to tackle the issues at stake. They would help you develop a positive and pragmatic attitude without making you go over board under a given situation.
2. Made to Stick by Chip and Dan Heath:
Using case studies, the authors claim that for any business, certain ideas are universal. The ideas may look simple, but are critical to make your business survive in the face of distress to business.
3. How to Win Friends and Influence People by Dale Carnegie:
No business can run without the cooperation of customers. To survive competition, you have to win people. For this, you should have the skills to influence people. These people can be your customers, clientele, vendors, retailers or creditors.
You can nurture skills to influence them all by reading this book, How to Win Friends and Influence People. Lucid, and self explanatory, the book expounds the points with empirical examples and sound practical common sense.
4. Think and Grow Rich by Napoleon Hill:
This book is an inspiration and is the result of more than two decades of research by the author Napoleon Hill. Hill gives thirteen principles, which can help you to reach your goal. This book is an excellent source of information for beginners.
5. Getting Things Done by David Alien:
This book helps you to improve the productivity of your business. It points to various hindrances and dangers to your business. Further, it enables you to delegate responsibilities efficiently.
6. Good to Great by Jim Collins:
Jim Collins and team have examined the proposition whether a good company can become great. Collins says that the transition is possible if certain conditions are fulfilled, for instance, by removing redundant labor and fostering an ideal corporate culture. He also says that the personnel at the top management should be honest.
The book would help you to realize and discover new knowledge, techniques of managing people and business, dealing with different groups such as clientele, vendors and the like.
7. The E-Myth Revisited by Micheal Gerber:
This book explains reasons for failure of a business within a few years of inception. The author provides supportive examples with empirical data. He finds that most small businesses become defunct because of lack of certain attributes on part of the owners. He says the business owner needs to be a technician, a manager as well as an entrepreneur; only then the business will survive.
8. The $100 Startup by Chris Guillebeau:
Chris Guillebeau focuses on the affairs of a tiny enterprise with one, two persons in the operation. Beginners and those who are planning a new start-up should read this book.
9. Rework by Jason Fried:
This book contains common sense ideas. If applied practically, they help you build qualities that are indispensable for a business owner.
10. Built to Sell by John Warrillow and Bo Burlingham:
This book will help those who want to sell their business. Others will also, find it useful. The authors have explained in detail the points to observe initially, and how to get profits from the business, sustain growth momentum of the business and finally sell the business.
As a small business owner, reading these books will benefit you largely. You will improve knowledge on how to do things in business, and thus will be able to do your business better.
Information Product Creation: Never Compete on Price Because There Is Only One You
Information product creation requires extensive preparation, no matter which niche you work within and you want to make sure that your information product has a successful launch. That probably sounds scary and intimidating but here’s the thing: this is a one time effort and it will pay off in a foundation that is strong enough to get your ideal clients to invest in your high-end programs and services without the perils of a traditional funnel. This article will teach you a few of the things that you need to remember if you’d like to invest in yourself and start on the information product creation path using your unique talents and abilities. Remember that you never have to worry about anyone ripping off your ideas because if you understand how to properly position yourself around your story.
Understand Both Strengths and Weaknesses: It is good to have an impartial view of your own strengths and weaknesses when lay the foundation of selling yourself within the information product creation process. It helps you figure out where you are, what you lack and how to move forward so that you get as much growth as possible. It is more than important, it is urgent if you want to create fast success for yourself to have personal positive reinforcement and deep belief to provide yourself the support you need so that you can get over your own limitations to ensure that your information product is as valuable as it can be.
You also need to know exactly who your competition is so you can study them and use their methods to help you improve your own standings. Down recreate the wheel, but understand the wheel and position yourself going uphill from the competition. Check out which kinds of opportunities you’ve already got and try to figure out how best to use them while taking care to remember your strengths and weaknesses. This is a great way to figure out where you stand against your competition which helps you figure out how best to grow.
Launch on Time: No matter what, even if you haven’t officially announced your “launch date” you should launch the site when you’ve said you would. This will force you to stick to your goal and actually work on it. Thinking that “I’ll launch it when I think it’s ready to launch” will only hinder your efforts. You’ve got a responsibility that you need to live up to with your launch, and you can’t move back on that one. If you get close to your launch date and you are getting hung up on your self limiting beliefs in your information product creation, don’t worry this about getting it out there and not perfection. As long as it is usable you should launch it. Launching on time is the professional thing to do and it is more important than creating a “wow” effect in your site visitors. You can always update/upgrade your website when you have to, so there shouldn’t be any issue with that.
Analyze Your Own Concept: If you want to make your information product creation successful you need to understand how good your concept is: is it really going to work for your chosen audience or would something else be better? You already know about your competition; how does your concept measure up? If you haven’t come up with your own idea and are trying to work with someone else’s concept, do some more work on your own before your launch. People want original ideas because they’ve seen too many other me-too websites already.
Test Your Concept Before You Commit To The Information Product Creation Process: One of the biggest failures people have with information product creation is not testing an idea before putting a lot of effort into producing an information product. PPC to a small 5 page site with a landing page is a great way to test an offer before you even produce it. If people will sign up to get it, you can be sure that you can create an information product that will target eliminating the pain of your target market. The small amount of money will be invaluable in using crowd sourcing to direct the final outline of the information product creation process.
You’ll have lots of hurdles to clear after the launch of your information product and the only way to truly take care of them is to follow the advice in this article to work smarter. Plenty of people work hard, but it is the ones who work smarter who make real money online with the information product creation business model.