Last week I talked about the top 20 qualities you need to have to run your own business online.
But I only touched the surface when it comes to entrepreneurial principles. Today you’ll find 25 more qualities you need if you want to be in business for yourself.
These are just as important as the top 20, so if you want a business of your own, pay close attention to these principles…
Principle #21 – When It’s Time to Be Serious, Be Serious
One thing that separates the successful from those who have not yet experience success is the ability to become serious when it is important. Many people cannot do this.
Instead, when faced with a real problem that is potentially unsolvable, they use humor, procrastination, or some other device to shy away from the problem. But if you want to be truly successful, you must learn to get serious when it’s time to be serious.
Principle #22 – Don’t Just Learn – Apply
When it comes to business, “learning” isn’t enough. In business, learning is only as valuable as the return it generates. This is why you must get in the habit of learning new things—and then applying them immediately.
Principle #23 – Take Time to Think About Important Decisions
Most people agree that “analysis paralysis” is a bad thing. However, when it comes to making decisions, we often err too far on one side or the other. Sometimes, we take far too long; and, other times, we don’t take long enough.
Instead of deliberating carefully, forming an opinion, and then acting, we often either jump to a conclusion or waste endless days thinking about the subject. In the end, our interests are better served by making the decision fast, but doing so based on sound information.
Principle #24 – Avoid the Grandiose
Creativity is important, but when it is excessive, it can lead to grandiosity. The successful know that being grandiose is not useful. Rather, it is simply a form of day-dreaming that does not translate into practical and reasonable set of steps you can take to improve your situation.
Principle #25 – Think in Terms of Problems and Solutions
Those who are successful in most of their endeavors see the world in terms of problems and solutions. That is, as soon as they hit a bump in the road, they go into problem-solving mode, rather than going into problem-avoidance mode or panicking.
Principle #26 – Delegate Tasks to Others
If you ever want to match the success of some of your business heroes, you will need to learn how to delegate tasks to others. Often, the most important trait that makes people successful is that they are willing and able to break down and a large task; and efficiently and intelligently allocate its pieces to employees.
Principle #27 – Correct Your Weaknesses
Another important trait of the successful is their ability to identify and correct weaknesses. For instance, if they recognize that they are particularly weak at decision-making, then they will make an effort to become decisive, rather than wallowing in self-loathing or anger about their problem.
Principle #28 – Don’t Let Emotions Get the Best of You
Emotions can be an important driver of success. They can keep you focused on a goal; and they can give you the willpower to go on, even when things start to look bleak.
Unfortunately, emotions can also play a deeply negative role when it comes to running a business. They can coax you into making irrational, vindictive, and poorly thought-out choices. So, don’t let your emotions get the best of you, but do let them push you on towards success.
Principle #29 – Be Humble and Honest
Two additional traits that many successful individuals share are humility and honesty. In particular, when someone says something that they know is wrong, they point it out. And when they don’t know whether or not they are correct, they allow others to speak.
Principle #30 – Always Improve Your Business Processes
Along with begin a continuous learner, you should try to be a continuous improver, too. Wherever your business is lacking, make it better. And wherever you see room for improvement, make an improvement.
Principle #31 – Create Networks with Other Business Owners
Another important part of success in business is networking with other managers and business owners. Find out how they run their businesses; and see whether you can learn from them or work with them in some complementary fashion.
Principle #32 – Do Not Allow Your Personal Life to Interfere with Your Business Life
No matter what is going in on your personal life, remember to keep work at work and home life at home. Don’t allow a stressful situation with a friend or a relative spillover into your work and prevent you from being effective.
Principle #33 – Be Fast
One important trait of successful individuals in business is that they know that speed is important. Often, starting earlier and moving faster can make the difference between profitability and bankruptcy. So keep this in mind next time you are lagging far behind your competitors and cannot decide whether or not to push ahead or continue stagnating.
Principle #34 – Differentiate Yourself from Competitors
Whether you are competing for a promotion at work or competing with another business, differentiating yourself from your competitors is usually a good idea. Now, if you’re friends with the competition, then this is a more delicate task.
However, your goal should always be to spell out to either your boss or your customers (whichever case is the relevant one) that you have certain qualities that are desirable. This will often be sufficient, even without saying anything additional about other businesses or your co-workers.
Principle #35 – Leave Your Comfort Zone
When it comes to business, it is easy to settle into your comfort zone and stop taking risks. In some cases, if your comfort zone is a good place to be, your results may be very good. However, if you repeatedly experience poor results, then it may be time to leave your comfort zone, so that you can experience success.
Principle #36 – Be Persistent
In business, few things are more closely related to success than persistence. Persistence will determine whether you push ahead or give up altogether. And persistence will determine whether you eventually break through as a leader in your field; or whether you allow everyone else to walk over you to get to the top.
Principle #37 – Give Things Time to Get Better (or Worse)
In many situations, it is tempting to micromanage the implementation of a project. You may feel the need to monitor what’s going on and make frequent changes. However, it is important to know when enough is enough—and when it might just be best to give things time to play out before making a change.
Principle #38 – Be Realistic with Yourself and Others
One thing the successful know is that being realistic with yourself and others is crucial. In a business environment, if you do not tell others when they may be mistaken, they will continue on the wrong path. And if you do not allow others to correct you, then you will do the same.
Principle #39 – Take Action Immediately
Thoughts and actions are two very different things. And this is something the successful know very well. They know that coming up with a good idea is completely useless if you cannot implement it—or cannot give it to someone who can. So get in the habit of not only thinking of new things, but of taking action swiftly.
Principle #40 – Become Goal-Oriented
Don’t only set goals, but become goal-oriented. That is, in every waking moment, decide how you will channel your energy and actions towards outcomes that favor your chosen set of goals.
Principle #41 – Use Visualization Techniques
Visualization techniques can be very powerful instruments for achieving goals in business. Next time you hit a rough patch of uncertainty, consider spending some time visualization how you will behave in order to get through it. This will not only relax you, but it will also prepare you for the road ahead.
Principle #42 – Work on Your Time Management Skills
If you want to be successful, time management is vital. Not only must you keep track of all of your appointments, meetings, and project deadlines, but you also must manage your time when it comes to accomplishing tasks. If you allocate too much time to a project, that’s time that you cannot use for a different project.
Principle #43 – Organize Your Workspace
Having a clean, organized workspace is a vital part of success. It may sound trivial, but in fact, the cleanliness and the order can go a long way towards improving your mindset and structuring your day.
Principle #44 – Create Schedules and Use a Calendar
Similar to keeping your office space clean and organized, keeping your schedule clean and organized is important, too. It helps to keep your mind clear of unnecessary clutter and worries; and instead focus on moment.
Principle #45 – Take Control of Your Role in the Business
When it comes to business, staying in control means a lot. It means that you not only prevent other businesses from dictating an agenda for you, but it also means that you firmly seize control of your own density. If you want to be successful, then you must be willing to take control.
GREAT INFORMATION JIM !
If I can follow with half of it, I will feel like I accomplished something.
Great info and even though some points some business owners already know it is worth revisiting just in case we get too comfortable and slip into bad habits.
I really like the Apply, and Action principles I feel once you start applying these principles it motivates me to continue.
This article is very enlightening and humbling. It is a must read for anyone in business or thinking of entering a business. Very nice Jim, thanks again for your valuable information.
Good advice,in both parts 1 and 2, Thanks!