Starting a new business can be rife with headaches, risks, and pitfalls. But it also can be an incredibly rewarding experience that can change one’s life for the better. Most entrepreneurs who start their businesses in mid-life utilize skills honed through years of experience. Yet, like their younger counterparts, they also face a wide variety of business development and planning challenges that no amount of work experience can mitigate.
Today’s blog post focuses on many of the traits, skills and characteristics required for entrepreneurial success, with an emphasis on the mid-life entrepreneur, in particular.
Qualities of successful entrepreneurs There are six important qualities that all successful entrepreneurs must either possess or develop:
While mid-life entrepreneurs have the advantage of maturity, all entrepreneurs - regardless of age or experience - must continue to develop these important skills as their companies grow. Entrepreneurial success requires learning the multiple facets of operating a business. But even the most successful entrepreneurs may need the guidance of outside experts to assist with one or more areas of the business. You can locate assistance through a local U.S. Small Business Administration office (see www.sba.gov for a location near you) or through online searches or research at a local library. You also should ask other entrepreneurs for consultant referrals.
Money management skills are critical. It is imperative that you find an expert who can be a sounding board for financial topics. Consider speaking with a banker or financial advisor, or seek advice at the U.S. Small Business Administration Website.
The ability to thrive during rapid change is an invaluable skillset all entrepreneurs should try to cultivate. To succeed in today’s dynamic marketplace, it’s important to become a lifelong learner and to be malleable as changes occur. There are many ways to embrace change and to stay on top of trends: From reviewing relevant publications to joining groups of like-minded people to hiring employees who complement your knowledge and skill set.
Above all, self-confidence will guide you through challenges that are sure to arise. Cultivating your inner-strength and expertise are critical components of success. It is never too late for entrepreneurs to gain new skills, competencies, and self-confidence in targeted areas. Consider taking classes at a local university or community college, or networking with groups that focus on developing your particular skill set and leadership potential. As the saying goes, “Patience, persistence, and perspiration make an unbeatable combination for success!” (Napoleon Hill). Patience is required to see your efforts turn into results, while persistence and sweat-equity will reap rewards for all entrepreneurs.
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