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Who wants to be an entrepreneur? I do!

December 31, 2015 by Carrie Kaw Leave a Comment

Shopping

Remember the jingle “Who wants to be a millionaire? I do!”
Here are the top 10 traits of successful entrepreneurs:
1) Unwavering self-belief; never take “no” for an answer; back themselves! Relentless in pursuing their goals whatever the barriers/challenges that are in their ways!
2) Their business is a top 3 priorities in their lives (for many of them is the number one priority). They are obsessed; they focused!
3) Know their market; know the persons they are marketing to intimately; what is in their head; what do they want! All you need to do is to look at Apple. Entertainment on the palm of your hand!
4) They have the ability to craft an irresistible and unique offer which stood out in a crowded market. It will only take one good offer to make money. Take the example of Dominos. At the time, Pizza hut virtually dominate the market; how did Dominos compete and stood out? They have an irresistible offer – hot, fresh, deliver within 30 minutes, otherwise is free. Another example is FedEx – absolutely positively will get there the next day.
5) Know their numbers. Be obsessed over the numbers. Text books principles – when it can be measured, in can be improved! Focus on the key metrics of the business.
6) Willingness to take short term losses for the long term gain.
7) They only know one speed – fast! It is all about the speed, about scaling their business fast. It’s not about greed, it’s about growth/scale. Always asking what’s next?
8) Shameless promoters. They have a brand! Everyone and anyone could have recognised it/them. Take Kim Kardashian for example. She is a “walking commercial”. She markets everything about herself! What about Floyd Mayweather – earns $83K/sec for a fight. It was not the fight, but the marketing and the publicity of the fight! Coca cola; Apple; Harry Potter; Star Wars…. the list goes on! People follow a brand; they will pay more for the brand! Avoid being in the “sea of sameness”; always differentiate yourself from others. Branding trumps products!
9) They change the rules of the game; evolution vs revolution. How do they change the rules of the game? Take Uber for example. Turn the taxi business upside down. MOBE pays high commissions on the back end sales.
10) Think big, think bigger! Take the Donald for example. Real estate, casino and now, the President of United States. Sir Richard Branson – taking passengers to the moon!

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