10 Unique Character Traits Of a Successful Entrepreneur

Becoming successful at business is one major goal every business owner strives to reach. And this isn't achieved overnight. A lot of painstaking efforts are required to make that goal see the light of day. This, however, comes with worthwhile approach to your business. A truly successful business enterprise is built upon certain unique character traits which every successful entrepreneur should  possesses.

These traits, no doubt, will help you become the success you've long dreamed of and distinguish you in that chosen business. Most entrepreneurs are visionaries with the drive to get things started and done successfully. They don't just own a business, they run it also with those traits at the back of their mind.

Who is an entrepreneur?  An entrepreneur is the economic driver of a given nation. He is more than a small business owner; is an agent of positive change. An entrepreneur is one who sets up a business, runs it with a risk and a view to maximizing profit. According to John C. Maxwell "An entrepreneur is one who knows the way, goes the way and shows the way." His desire to manage a business of his own is paramount; he sees entrepreneurship as his inner drive through which success can be achieved.

What's entrepreneurship? Entrepreneurship is the art of setting up a business venture with the goal of maximizing profit. "Entrepreneurship is neither an art nor science, it is a practice" ----Peter Drucker It's the doing aspect that makes you a real entrepreneur. You ought to take action. It's a practice not theory.
Following are the unique character traits of a successful entrepreneur:

1. Passion

If you do what you love and love what you do, you'll go fast and far. A successful entrepreneur is passionate about what he does. He's driven by an inner force -- a force to create, a burning desire to bring into existence. That force or burning desire is what propels him to greater heights and ultimately to success. What's your passion? What do you like doing effortlessly? That could be the starting point to your greatness. 

As an entrepreneur, what you think most of the time matters most to you. Yes! All you need do is, screw up the courage and take the bull by the horn. An entrepreneur is ambitious to know how to do what and make it happen for himself. He follows his dream and puts his whole heart to it. A successful entrepreneur is smart, thinks differently from other people. What he thinks depends on the goal he wants to achieve. He's driven by his passion to reach accomplishment. A successful entrepreneur turns fantasies into realities.

2. Planning
Developing success strategies ahead of time on a regular basis, is a peculiarity of a successful entrepreneur. Planning helps him forecast the future and know the direction his business should go. By so doing, he avoids uncertainties or risks that may arise in the course of doing business. "Failing to plan is planning to fail, " is a common maxim.

The entrepreneur is focused and is much more concerned about the future of his business. Planning helps him ask questions such as:
-Why Am I in business?
-What's the profitability level?
-Who's the target customer?
-What's my business performance level?
-How do I improve productivity?
-When is it most appropriate to make necessary adjustments?

Most successful entrepreneurs envision their business by setting goals. They think more about what they want and less of what they don't want. They're smart positive thinkers; they think like the billionaires -- how to solve problems. They plan each day with purpose and action.

3. Problem-Solving
A typical successful entrepreneur is a problem solver. The insatiability of human wants and needs has necessitated the growing number of entrepreneurs in our society. In other words, the more societal problems we have, the more entrepreneurs we are likely to have.

Problems are many and range from small to big, natural to man-made. Examples of natural problems are erosion, hunger, Hurricane, etc. Man-made problems include wars, population explosion, air pollution to mention a few. The entrepreneur positions himself to tap into these human problems [and others not mentioned here] which he sees as great opportunities for making money. He believes that in every problem lies a great opportunity, and that one opportunity can lead him to other and even greater opportunities.

Some of these opportunities, however, present themselves in hidden forms. But if you have active business antenna, you could locate them fast and at the appropriate time, too. Successful entrepreneurs naturally migrate to opportunities through problem-solving.

4. Risk-Taking
Many people don't like risk. One distinguishing trait of a successful entrepreneur is the ability to venture into risk. Starting and running a business isn't a walk in the park. While some business owners are scary about risk, successful entrepreneurs take the bull by the horn.

Does the word, risk make you shudder? May be, you'll have to have a second thought on that. This is because, you can't completely eliminate risk in any sphere of life, including your business. Successful people thrive when they're stretched beyond what they think they can handle. In other words, they step out of their comfort zone.

The billionaire class of entrepreneurs have one thing in common -- they take calculated risk! To them, a risk is highly profitable experience. They're willing to face challenges more than anything else. Risk-taking is one of the items on their agenda and is, indeed, what dominates their business vocabularies. Most business owners aren't risk averse. If they were, they would be successful. Shake off your fears and take the risk!

Starting a new business is a risk. Successful entrepreneurs experiment and take chances that may frighten them at first. They use the fear factor to push forward to achieve their goals.

5. Creativity
A creative person stimulates their minds with great positive thoughts and translates those thoughts into physical reality. He believes he can bring into existence what hasn't been or can work on what's already in place and come up with improvements. Successful entrepreneurs love creativity and innovations; they're highly motivated by what they do, welcome and appreciate new ideas and use them to add value to both people and their businesses. Creativity is one of the unique character traits of a successful entrepreneur.

One measure of creativity is the ability to flow with technological advancements. Successful entrepreneurs flow with new ideas and innovations. They look at the globe through the lens of possibilities. Examples of successful entrepreneurs are Thomas Edison, Henry Ford, Bill Gates, Mark Zuckerberg, Warren Buffet, Steve Jobs, Robert Kiyosaki, among others. 

6. Courage
The ability to continue and succeed in the face of seemingly insurmountable challenge is the life-style of a successful entrepreneur. He's bold in standing up for himself and others, even in the face of uncertainty. He's courageous and confident in his ability.

Most times he has no guarantee of succeeding in his chosen business. But, through courage, he strives to reach his set goal. Courage is the tonic which invigorates him to more energy, helps him climb fast to the topmost rung of ladder of success without fear. "A courageous person is not someone who never feels fear but who fears the right thing at the right time."---Jim Rohn

7. Persistence
Challenges are an open door to greater opportunities. If you make a mistake and give up, you may never be the success you could have been. Successful entrepreneurs neither cling to the relics of their past mistakes nor give up in the face of adversity. If he didn't succeed in the first business, he would try the second or the third. He keeps trying until he succeeds, regardless of  how long it takes.

Successful entrepreneurs pop up time and again without relenting their efforts; they're resilient. They visualize failing as a stepping stone to greatness, don't quit rather they push on in spite of difficulties, are determined. Persistence is critical to success.


8. Optimism
The successful entrepreneur believes in the good side of life -- optimistic not pessimistic. He focuses on the big picture of his life and business. He never allows his past determine his future. In other word, he has positive mental attitude towards himself, business and life generally, the odds not withstanding. He believes in himself by developing a mindset of 'I can do it' and a strong desire to succeed. He pursues his dreams everyday relentlessly.

9. Continuous Learning
Continuous learning experience is critical to the success of an entrepreneur. Personal growth and development is synonymous with investing in knowledge. During the course of learning, mistakes can occur. But don't be afraid of making mistakes; they'll help you think smart and grow fast.

"Knowledge is power" is a common adage  To succeed as an entrepreneur, you must not be weary of learning new skills and experience to grow yourself  and  your business. Unfortunately, some of us stop active learning after graduation from formal education [classroom learning environment]. We shouldn't be stuck in our thinking and allow our minds to rot!

Refuse to be stagnant both in career and personal lives, rather love to make progress. Focus more on what works and less of what doesn't. Continue setting new challenges for yourself and look for opportunities to constantly improve. Remember, when you stop learning, you stop dying. Learning stimulates a bored mind, and the successful entrepreneur is constantly on the learning curve.


10. Action
To be successful in business, you must be action-oriented. Action is the last bus stop that defines the route to success. The successful entrepreneur makes things happen by acting upon opportunity. He has the ability to stir up the water a little bit where nothing is happening. He doesn't drag his feet against his desires.

It's human behavior to procrastinate. There's a common saying that procrastination is the theft of time. While this is true, successful entrepreneurs are never associated with delays. They know that delay is more dangerous than the venom of a viper! Therefore, they do one thing every day that brings them closer to their goals. And they do it sooner rather than later. Successful people have developed laser-like focus in completing a task.

The most successful people are those who do things NOW. They never scale their dreams back. They're in the front by starting early. They follow one course of action until successful. They're the first to know when it comes to new knowledge or information. "Be the first to know." -- CNN.

Finally, now that you've known what to do to become a successful entrepreneur, the responsibility rests upon you. Success isn't a gift, it's worked out. Decide exactly what you want and set a deadline. While it's extremely rewarding to be an entrepreneur, entrepreneurship requires hard work, sacrifice, obsession and determination. However, anyone can be an entrepreneur, but not everyone can be successful at the business they do.

 Becoming a successful entrepreneur depends largely on the 10 character traits we discussed above. It's equally interesting to note that developing these positive attributes isn't rocket science. With plenty of practice and determination, you'll have them just as the desire to do so spurs you on. "Remember, it is not about what you know, it's about what you do with what you know. Action is the key!" --- John C. Maxwell

ABOUT THE AUTHOR:
Clement Nkem

Entrepreneur, Freelance Writer and Blogger.
Join me here, on www.clementnkem.blogspot.com and learn how to become a successful entrepreneur 




  

   

How To Start a Business While Still In Paid Employment

A lot of folks in paid employment neither develop nor maximize the innate potential that's theirs. They're limited to the extent that they're not adequately in control of their own financial life. Although, some of them have the burning desire to fulfill their dreams - growing a business. But doing so is like climbing Mount Everest! Others have even ended up their careers in paid employments. Only those who are entrepreneurial strive for financial education in other to increase their financial opportunities. While it's good to work for someone else or government, it's better to start a business and become your own boss. You can start a business while still in paid employment.

What business do you want to start? Starting a side business while still working a full time job, can be an incredible challenging experience. The entrepreneurs know that nothing worth achieving in life comes easily. They're really aware of this fact; and are excited about it. They don't allow any obstacles stop them in their quest for success.

Everyone wants to live a life of fulfillment. One thing that can help you achieve this is money! We all need money, and even more of it to keep life going. Don't pretend you don't. Supplementing your income while doing a 9-to-5 job will only afford you the freedom to enjoy the good things of life you greatly desire. Indeed, you can make extra income with your side business. "You can have it all, just not all at once." - Oprah Winfrey.

The following strategies may help you get started: 

1. The Nature Of Business
Having good knowledge of what type of business to start is crucial. You can do this successfully when you research on the business of your interest. Research will help you determine the initial capital that is required, market to serve, expenses that may be incurred, profitability, challenges/prospects, etc. What's your business idea? Is it online or offline business? Can you manage your paid employment and side business at the same time? These questions will help keep you focused.

2. Personal Savings
Once you determine the type of business to run, start saving money immediately. The initial capital outlay should have been saved over long period through your current employment. The amount of money required is determined by the type of business idea in view. For example, the amount of money required for a supermarket will not be the same amount required to run a restaurant business.

3. Legal Framework
Aside registering your business with government authority, don't violate the legal agreements binding on you and your employer. There should be no clash between what you should do and not do. But if you're not bound by any laws in any way, starting a second stream of income could be all you need to increase your financial chances. On the other hand, if you're trapped by your employer's agreement, you could think of other legitimate ways of starting a business, even if you're in another employment. You can make money without necessarily breaking the rules of the game.

4. Location
The location of a business can determine its success or failure. A business that's sited at a strategic location, can't be compared to a business that's located at a less busy location. The truth is, the more people see your business, the more it's likely to be patronized by those people. When you want to locate a business, you may consider these factors: demographics, traffic, competition, accessibility, proximity to a similar business, government regulations, image of the environment, utilities, the building, etc. Where is your business located? Who're your target customers and where do they live? This, however, may not apply to online service businesses.

5. Set Goals
Getting started with setting goals can be daunting in most instances. A business isn't set up for its own sake, but for what it can offer to its customers. While some goals can take a life time to attain, others can be completed within the shortest period. The amount of time it takes to realize a business goal, will depend largely, on the nature of  business. A goal is what gives direction to a business.

However, if the picture is big, you can break it down into smaller and specific goals. Then write the steps towards their realization. Further, let the smaller goals move your business towards larger goals. You can adjust them periodically. What's the goal of your business?  Whatever your goal, if it must be successful, it must be "SMART". This acronymi was developed by Dr. Edwin A. Locke of the University of  Maryland when he conducted a research on goal-setting theory.

Specific - Every goal should call for specific actions. It must define the desired result through a proactive means. .For instance, if you want to increase your personal savings towards starting a business in the future. What's the actual amount you want to top up? Let's say, for instance, that the amount is $20 daily. Here, you're specific about the actual deposit. The sentences that make up a goal shouldn't exceed two sentences. It should establish what, where and why.

Measurable - Set unambiguous steps and timelines for actualization. For instance, the action step involves increasing  personal savings by $20. You may not be able to track your progress if your goal isn't measurable. In measuring your goal, ask yourself this question "How can I measure my success?

Achievable - Ask yourself whether you've the knowledge, skills, tools and all other resources required to achieve the stated goal.

Realistic - Your goal should be able to challenge you. If you don't save the $20 towards starting your own business, it's certain you can't start your own business. Ask yourself this question, "Is this possible?"
 
Time-bound - Your goal should have time within which it should be realized. When will you start and end the personal savings toward your future business? State the start year and the end year. You may, however, review and assess your goal. In the above example, a daily period goal was set. Open-ended goals often fail because they're not timely.

6. Create/Manage Time Efficiently
This is perhaps the most challenging aspect of starting a business while still in paid employment. Time, as you may know, is one of the most valuable resources at our disposal. And a lot of people, especially, the moms find time difficult to manage. This, could be due, partly to the domestic activities  they're involved in. For instance, taking care of kids, cooking, cleaning, etc. But you can overcome this by creating a plan, stay focused and finish your work in time.

Spare time doesn't just appear on its own, it's created. Discipline is all it takes to make it a part of your schedule. If you're a mom, finding a side business you can do from the comfort of your office, may help put you at ease than a business outside the home. However, with commitment and passion to succeed, you can build a business while still in paid employment.

7. Build a Team
As an aspiring entrepreneur, managing a business alone isn't that easy. You need others to assist you. There should be division of labor. However, you may think of team-building as a marriage relationship, consisting of you and your spouse. Or, a process that involves you and your friend[s] or a business partner. Let your team member{s}have similar  goals as you. They may be persons in the same line of business.

It's often said, "The death of an entrepreneur is the end of the business." Look beyond this statement and start focusing on building a formidable business team that can stand the test of time. What legacy would you leave when you're no more? You can employ few number of persons - supervising manager, personal assistant, secretary, etc. Depending on the type of business you want to run, you can create appropriate designations for your employees. If you've strong and dedicated team, the business will run successfully. For instance, John C. Maxwell, Brian Tracy, Robert Kiyosaki, Jim Rohn, etc have incredible teams.

A team oversees and manages every aspect of a business successfully, whether or not the owner is present. Do you know Napoleon Hill? Do you also know Napoleon Hill Foundation? What lesson can you draw from both? As you build a successful team together with your employees, you'll realize that the death of an entrepreneur is the beginning of his business.

8. Free Days
Most young entrepreneurs hardly create time for their other businesses. Possibly, they work from Monday through Friday. Don't loose sight of the fact that vacations, weekends and off days can be good times to run a business. That, however, depends on the kind of business you want to run. Avoid distractions -- unplanned visits, ceremonies, chats, etc. Don't allow them take you off the track. Time is precious and it doesn't wait for anyone. Utilize it to the maximum whenever available. Any time lost, is lost forever. It can't be recovered.

9. Be Unique 
Competitions are ever-increasing in the business world. It takes only those who're serious to succeed. Introduce new strategies that will make your business exceptional among the crowd of competitors. What can you do differently that your competitors can't? Is your business technology-driven?

In fact, in this world of modern technology, no business can survive without creativity and innovation. It's high time you improved, so your business can excel. You can be unique when you stay current, give free stuffs, deliver quality product/service, satisfy your customers, arrive early to office, learn continuously in the area of your business, take risks, etc. Remember, the bigger the risk, the better! You can't do business the old way and expect new result. Think of what you can do to make your business unique.

10. Customer Database
Every business is built around its customers. In other words, without the customers there will be no business. They're the most important aspect of a business. The customer database is a collection of information that's gathered from each customer. It's a useful strategic tool the entrepreneur can use to increase sales. This is easily achieved through list building.

The list building helps the business owner generate comprehensive contact information about his customers and their businesses. For instance, names, addresses, phone numbers, e-mail addresses. It also helps you keep customers in contact and reach out to them easily, irrespective of their locations. With customer database, you can repeat sales - sell over and over. And the goodnews is, you can do this at any given time, from the comfort of your office at the press of a button. If you want to inform your customers of what's new about your business, sticking to customer database could be all you need.

11. Feedback System
Closely related to customer database is the feedback system. It's a response system whereby, the business owner can effectively communicate with their clientele. Thus, a relationship is built over time between the business and its customers. As interactive as it is, the feedback system helps the entrepreneur get reactions or gather information about the usefulness or otherwise of their product/service.

Feedback can be positive [merits] or negative [demerits]. It helps the business owner make changes where necessary about his product/service. The feedback system can be an efficient control mechanism.

12. Social Media
The social media is the platform on which information is shared between the business and its customers. It's also a medium through which awareness is created about a product/service. With social media, thousands or even millions of people get to know about your business. Examples of social media are Facebook, LinkedIn, Twitter, Google+, Pinterest, to mention a few.


Doing business while still in paid employment, could be all you need to change your financial misfortune. Some of the people we call business 'moguls' started in this way, before they climbed the topmost rung of  financial ladder. But with the triplet sisters of passion, hard work and positive mental attitude, you'll not only climb that same ladder of success, but you could stand taller above it!

Remember, the entrepreneur is a strategist - he thinks big and smart. He utilizes opportunities maximally. Even though he's in paid employment, the entrepreneur continuously searches for more opportunities. He constantly realizes that one opportunity can lead to other rewarding opportunities. Get a job and slowly build your business on the side until it becomes successful. The key is in your hands.



ABOUT THE AUTHOR:
Clement Nkem
Entrepreneur, Freelance Writer and Blogger.
Join me here, on www.clementnkem.blogspot.com and learn how to become a successful entrepreneur.


    
      

How To Start And Run a Viable Business Enterprise

I will be sharing with you some strategies that will help you start and run a viable business enterprise. Whether it's a 'going concern' or  a start up, as you consciously apply them, your business will grow by leaps and bounds. It will stay on top exceptionally!

There are lots of business ideas starring in the faces of most would-be entrepreneurs. Many of them are clueless about what kind of start up they should actually get involved in. This, however, shouldn't make you lose sight of your own plans or misplace your priorities. Rather, you need the courage and the ability to stay focused until you achieve your dreams.

Basically, not all start ups are viable and as such they don't survive to the end. Research has proved that 99 out of 100 new business ideas fail. Many businesses, of course, wind up within the first 5years! Would you like your business to fail after investing so much money, time, energy and other resources?
The following strategies may help you run a viable business enterprise:

1. Problem Solving 

Entrepreneurs love to solve problems. They know that in every problem lie great opportunities. This is what makes them distinct from other people. If your business can meet the ever-increasing needs of your customers, then it will succeed. If you can identify problem{s} and provide solutions to them, your business will be in the front burner. What problems can your business solve? Why are you offering what to your numerous customers? These important questions will help keep you focused and guide you into the specific purpose of your business.

2. Market Analysis

A great determinant of a viable business is market analysis. Every business is built around its customers, otherwise it's not a business. What specific group of people does your business really serve? Are they willing to buy your products or services? In other words, how many people are there to patronize your business consistently? Targeting a specific group is as important as the business.

Don't launch your business into the marketplace without first sharing the business idea to people. Market analysis will help you know whether or not your business is profitable. The best people you should share your business idea, however, are people in the same line of business with you. You will be amazed how they'll be willing to assist you in whatever area you need their expert advice.

3. Planning Process

This is development of strategies or action plans in other to achieve predetermined objectives. It's a mental activity. Planning is seeing the future state of your business from the present situation. It's deciding in advance how to tackle critical issues that may arise in the future. It answers the questions: What, How, Why, Where, When, Who and For whom.

One major characteristic of planning is its futuristic nature. Strategizing on the best ways to take your business to a new phase is one major task of planning. Creating a business plan will help you achieve the planning objective - it will prepare you mentally strong against unforeseen circumstance that may arise [and most of the times it does], think through all the various aspects of your business without leaving out important details. What measures have you put in place to start and run a viable business?

4. Profitability

The primary aim of every business venture is profit maximization. Take profit away and your business is dead. What actually drives you to do business is the desire to make extra cash. It's the cornerstone of a business. What's profit?  Profit is the excess of revenue over expenditure. If the money you receive in doing a business is more than money you spend in the course of doing that business, profitability has occurred. This is a good indication for the business. Conversely, if expenses incurred in doing a business are more than the money received, that's a 'red' signal for your business. In the circumstance, all you need to do is sit up and make critical evaluations. Close all possible loopholes immediately.

A viable business is measured by a long-term survival. What's responsible for long-term survival of a business?  Profit maximization is the life-style of a viable business.  And profit should be generated every year. How much money does your business generate yearly? How much is spent? Do you keep records of business transactions?

5. Opportunities/ Risks 
The viability of a business is a function of the ability to identify opportunities and risks. While both factors are success indicators, efforts should be geared towards maximizing opportunities and evaluating the related risks. Entrepreneurs love business risks, because great opportunities are hidden in them. What opportunities are in your business? What are the related risks that can be evaluated? How would you harness opportunities/risks to start and run a viable business enterprise?

6. Sale of Products/Services
All businesses revolve around its customers. When you buy a product/service, money exchanges hands. Sales is the life-blood of a thriving business. That means, no business can survive without sales. If you don't sell, customers won't buy and vice versa. How do you start and run a viable business enterprise?  Are your products/services saleable? Who are your customers and how do you treat them? What's the level of patronage? Why do you want them to buy your products/services? The ability to convince your customers to buy from you is a marketing technique worth learning.

7. Money
Small scale business enterprises need some money to start. Decide on the best way to raise the required capital for your business. While most young entrepreneurs would want to borrow money from the banks to start a business, it's my advice you raise capital from your personal savings. The risk involved in borrowing from banks is too high. "You need six months of operating costs in bank before you go into business" - Brian Tracy.

Banks don't lend money to start a business. At best, they can lend to an existing business with success indicator. They wouldn't want to take any financial risks, just like you wouldn't. Determining how much you need and the sources of funds before going into business is very important.

8. Unique Product/Service
One way to remain thriving in your business is selling or rendering unique products or services. What's new with your business? Does it flow with technology as we have it today? How would your business survive without the internet? Would you continue to sell the bricks and mortar way? The  online marketplaces have introduced new ways of buying and selling with ease. Examples of online market platforms are Amazon, E-bay, Fiverr, etc.

Online businesses such as virtual freelance writing, website design, logo design, blogging, etc are all unique. The cellphones, computer devices, etc are currently making waves in the communication industry. How about the social media platforms such as the Facebook, Twitter, Google+, YouTube, LinkedIn, Instagram, Pinterest, Digg, etc? As long as people communicate, this business will continue to be viable.

9. Feedback Mechanism
A feedback mechanism is an interactive system between the business owner and its customers. It's also a response system through which customers react to a product or service. The reaction may be positive or negative. Whichever way, it  helps the business owner monitor progress of business.

10. Leadership
A business without a leader is like a ship without a captain. And because it isn't steered in the specific direction it should go, it sails uncontrollably and without a purpose. This is how some businesses operate. Sooner or later, they're crashed! Who's a leader? A leader is someone who holds a position of authority and exercises a high level of influence over those under him to achieve stated objectives. He is a visionary. He cares. His interest is in building a business to greater heights. As a business representative [leader] you must carry other employees along. 'If we win the hearts and minds of  employees, we're going to have better business success' - Mary Barra, CEO , General Motors.

What's leadership? There's no one acceptable definition of leadership. Rather, leadership is defined based on the situation - situational leadership. However, from the context of this article, it can be defined as the art of getting people to do something through the use of influence or inspiration to achieve desired organizational objectives.

Leadership gives direction and builds an inspiring vision. How do you lead your organizational members? What steps have you taken to realize stated objectives? Leadership is said to take place when there is purposeful and positive relationship between you [the leader] and your employees [ the led]. How do your employees benefit from the organization? Are they trained on the job? Note the success or failure of your business is dependent on the level of training you give to your employees. If they grow, the business grows. And if the business grows, you will grow also, and vice versa.

If you think and believe you've within you what it takes to build a viable business, you've it! Countless number of people have done it in the past. You, too, can do it now! There's absolutely nothing difficult to achieve. Nothing, therefore, should stop you from achieving your dreams. You're the only one who can stop yourself! So, when you learn how to start and run a thriving business enterprise, you'll be amazed how it'll naturally attract opportunities for long-term survival.

ABOUT  THE AUTHOR:
Clement Nkem

Entrepreneur, Freelance Writer and Blogger. Connect with me here, on www.clementnkem.blogspot.com and learn how to become a successful entrepreneur.

15 Amazing Money-Making Business Ideas For Success

Deciding on the type of business to do is one of the greatest challenges most aspiring entrepreneurs face. Sometime before I started blogging, it was not clear to me the type of amazing money-making business idea I should actually go into. I was kept dangling because many business ideas were starring me in the face.

However, there are lots of businesses you can do on a small scale and get some dough right away. It doesn't require huge capital outlay to start. It's only your passion- doing what you love and loving what you do. What's your passion? What do you like doing effortlessly? Are you talented in any area? That, of course, could be your starting point to creating wealth. Remember, no man ever becomes great in life with idleness. To live a full and beautiful life, you must attach yourself to something that's money-spinning. Making money isn't  rocket science.
The following business ideas may help you get started:

1. Real Estate And Properties
One business you can start without money at all is real estate and properties. All that's required of you is present yourself as a consultant or agent and connect sellers with prospective buyers. Common examples of real estate and properties are land, building, etc. A 10% commission [or as agreed] is  usually charged for the services rendered.

With more commissions rolling in, you can expand the business by renting an office accommodation where you can operate as a full-time consultant. This, no doubt, will give you credibility and an edge over your competitors who don't have an office. But staying long in this business, requires trust, good customer relationship and goodwill. Real estate and properties can make you incredibly rich.

2. Event Planning/Management
This is one of the rapidly growing industries. Every week people the world over celebrate one form of event or another. Such celebrations may include birthday parties, naming ceremonies, marriages, anniversaries, political rallies, etc. With a token training fee, depending on your country, you can become a professional within two [2] years or less. This, however, depends on how fast you can learn and understand. As an event planner and manager, your job involves organizing, coordinating, and controlling of events to achieve predetermined objectives.

3. Laundry/Dry-cleaning 
Because most of the times we seem to be very busy with routine schedules in our homes or offices, we hardly make out time. This, no doubt, has affected the way we maintain our clothes. Aspiring entrepreneurs have found this business hot and are already smiling to the banks.

So, if you're thinking of a quick way of making cool legit cash, you can give this business a try. Both laundry and dry-cleaning go hand in hand. The objective is keeping a clothe neat and good-looking. Trust, meeting customers' collection deadlines are key ingredients of a successful laundry/dry-cleaning business.

4. Catering/Restaurant Business
As lucrative as this business, most people shy away from it. Often times, I hear people say, 'It's a woman's business.' While I disagree with this, I'm of the opinion that both men and women can undertake to do this trade. There are men who are caterers, chefs or cooks in big hotels. They can set up a catering/restaurant business with their side jobs. It's your passion that matters. Location and customers' satisfaction are two major factors that can help you succeed amazingly in this money-making business idea.

5. Tailoring/Fashion Design
Clothing the body is one thing all humans can't afford to overlook. It's simply indispensable. The style and shape of a clothe is important to the customer. In other words, their tastes and preferences matter to them. Meeting their deadlines and being meticulous about their clothes are crucial areas you shouldn't overlook at all. If you take these areas seriously, you'll be amazed at how you would be patronized.

However, like other trades, training for one or two years is crucial for becoming skilled. That actually depends on your ability to assimilate as fast as possible. While some people learn fast, others learn slow. The pace at which you learn will determine, to a large extent, the speed at which you can go.

6. Hairdressing/ Barbing
For most people combining hairdressing and barbing is ideal. But for others, it's not. Whether or not they're combined, the success factors are your experience and skill. Acquire a first hand knowledge about the business from someone who is already into it. Whether you're washing, dressing or cutting the hairs, some techniques are needed to achieve success. With little or no training cost, you can learn this business and get it up and running.

7. Sale Of Phones/Accessories
In this internet age, communication is one aspect of life that people can't do without. Family members, friends, relatives, well-wishers, etc, are all involved in the process. Communication can be formal or informal. In a formal system of communication, organizational members exchange information or messages to one another and among themselves. Any form of communication outside a formal setting is referred to as informal communication.

The necessity for communication has made this business even more lucrative, as the demand for cell phones and its accessories are on the increase. As long as people communicate, this business will continue to thrive. If you go into this business, you can make steady streams of income, all things being equal.

8. Interior Decoration
Many people are beginning to realize the importance of keeping their homes and offices neat and nice. And many interior decorators are finding this  business opportunity lucrative. The way you keep your home or office - clean or dirty, will either attract or repel your visitors/customers. The arrangement of your chairs, tables, TV, flowers, curtains, wardrobe, picture frames etc, should be a source of concern to you.

By helping people decorate their homes/ offices creatively and professionally, you could earn a fortune. Are you passionate about aesthetics? You can get trained on home/office make-over. With little training fee you can leverage on this business and pile up some reasonable dough.

9. Water Production
We all need water daily. We need it for different purposes - drinking, washing, bathing, cooking, etc. Research has shown that regular water intake helps our body function well. Water is simply indispensable to life! So if you have what it takes to do this business, you can make some money for yourself. Water can be produced in plastic bottle form, so it will be easier for people to carry them along wherever they may go.

But before you start this business, you must first register it with the appropriate government agency, get a license or permission to operate, get the required training, etc. Going through the back door will ultimately lead to prosecution.

10. Photography/Videography
Marking an event is one thing, and making it memorable afterward is a different ball game. Can you keep accurate record of all activities that take place at a particular place and at a given time? Even though you've a photographic memory, you may fail in some respect. Photographs and videos, can help you remember your past in picture form. Pictures are a great memorabilia. Have you ever taken a look at the videos or photographs you took 5yrs - 10yrs back? How did you feel?

Basically, you can start this business from your room. Yes, this is true! With passion and a good digital camera you're good to go. Good customer base, trust, meeting the deadline of customers and satisfying their needs are critical to the success of a photography/videography business.  As the business grows, you can move from a room to an office complex. This is sure to give your business a face-lift.

11. Multi-Level Marketing [MLM] Business 
This is a relatively new business. Most people are combining MLM with their side jobs and earning steady income. However, you need to possess some strong marketing skills to succeed. Getting people informed of new products or services and convincing them to buy, will only cost you hard-work. MLM or network marketing is more of referrals.

Do you have the ability to talk and relate with people positively? This is an important question you should answer before going into this business.  Do a due diligence about the company of your choice. Then look out for the most important aspect - good compensation plan! Many multi-level marketing companies have reared their ugly heads. Some have brought untold hardship to their innocent customers and disappeared into the thin air!

12. Blogging
A blog or website is an informational tool for reaching out to a large audience. Many bloggers are constantly making cool cash and smiling to the banks. What's blogging? It's the art of posting and publishing relevant contents onto a blog.

A blogger is someone who runs and maintains a blog of his own by posting articles. Such articles involve relevant information, up-to-date news, opinions or other interests which are usually shared among readers. A typical example is this article you're reading right now. The entries that are posted onto the blog are referred to as blog posts. Blogs should be regularly updated with original contents if it must survive competitions. Are you passionate about writing? You can blog and make some extra change legitimately. You can create a free blog at www.blogger.com

13. Agriculture 
Most of us like the white-collar jobs more than what some of us think is 'dirty' business - agriculture. Should we relegate agriculture to the background? I've seen people who've become millionaires by planting, harvesting crops and rearing animals. Do you know? You, too, can be a millionaire with agriculture. It's a good foreign exchange earner and provides employment to most people. Examples of agricultural produce are fish, cow, chicken, rice, beans, gari, groundnuts, yams, cocoa-yams, to mention a few.

Depending on the availability of agricultural produce and the system of agriculture practiced in your locality, you can start small with little capital. Take a look at the population in your neighborhood. How many persons are there? Do they eat food?  If they do, then you've a ready market for your business.

14. Website Design
The internet has provided us with lots and lots of job opportunities which we can do with our internet enabled devices. The goodnews is, they can be done from the comfort of your home. Web design is one hot business that's making waves around the world of internet business. You can start it today and make for yourself loads of cash - no hassles!

Many individuals and organizations are beginning to realize the importance of website as a veritable means of information and advertising of goods and services. The website helps businesses reach out to their numerous customers, irrespective of their location. It also helps us find relevant information faster. These individuals and organizations, are looking for people like you to design websites for them. Then, you get a commission after the job is done.

15. Freelance Writing
Website owners are constantly looking for freelance writers who can help update their websites with relevant contents and up-to-date information. A certain fee is paid for rendering service. A person who writes for another person[s] or an organization[s] on the basis of self-employed, is referred to as a freelance writer. So, a freelance writer is a hired writer in his own specialty; he works according to the specifications of his client and should have the ability to meet deadlines.

A freelance writer chooses who to work for and he isn't under any obligation. He has all the freedom at his disposal to work or not to work for a particular client. He sets his own time  and works without supervision from any quarters. Once an article is written and the freelance writer is paid, it automatically becomes the property of the client. Get tuned to the latest happenings in the world of writing!


Finally, choosing a business idea that makes you money to succeed amazingly, isn't all rainbows and unicorns. All you need, is the courage to start small and the discipline to stay focused until you achieve success. Don't bother about what you're going through. Look up to where you're going. 'When the going is hardest, just keep on keeping on, and you'll get there sooner than someone who finds the going easy' - Napoleon Hill Foundation.


 
ABOUT  THE AUTHOR:
Clement Nkem

Entrepreneur, Freelance Writer and Blogger. Join me here, on www.clementnkem.blogspot.com and learn how to become a successful entrepreneur.




   

10 Easy Ways To Raise Capital For Small Businesses

There are many easy ways to raise capital for your small business. The choice you make will determine, to a great extent, whether or not you'll succeed. Experience has shown that money-sourcing is not without a risk. This is why learning the basics of anything, including how to raise money is important. Once you identified and decided what type of business you're passionate about, next is find money to start it up immediately.

Basically, sourcing for the required capital for your business can be challenging. This is so because, at the point of raising money, majority of the people give up on their dreams. Developing success attitude towards business is very important. Entrepreneurs don't give up on their visualized dreams no matter the challenge, until those dreams are finally actualized. But not to worry, I'll show you easy ways you can raise cash for your small business without getting stuck in the mud.

1. Personal Savings

The easiest way to source for funds for your small business is personal savings. It's an individual responsibility. It's the best way to fund a star-up, as there is little or no risk involved. If you want to finance your new business by yourself, keep a certain percentage of what you earn as income every month. In 'The Richest Man In Babylon', George S. Clason said, ' A part of what you earn is yours to keep'.

Personal savings is money set aside personally for future use. You can maintain a personal savings for the purpose of starting a business. This however, may not be achieved over-night. Personal savings puts the entrepreneur in a more relaxed state of mind than borrowing from external sources.

2. Asset 

An asset can be the means through which your business can take off. It can be a good source of financing your business if you sell it. I recall how selling some of my shares aided me in purchasing a laptop for internet business. At which time, there was no money on me. It can be your best bet if you want to raise capital fast for your small business. They're easily converted into cash.

Assets are categorized into tangible and intangible assets. Tangible assets refer to assets that can be touched  Examples include cash, building, land, equipment, etc. Intangible assets are those assets that can't  be touched. The latter is the opposite of the former. Intangible assets are by their nature and value, long-term resources of a business entity, and are very difficult to evaluate. Examples are goodwill, patents, trademarks, copyrights, etc.

3. Friends And Relatives

One common way to finance your business is borrowing from your friends and relatives. But it's important you apply caution. Be sure there's an official written agreement or at least, a promisory note, wherein is stated clear repayment terms.

It's common knowledge that people fight over money often times. Even in law court, suits are filed against a person who breaches a contract to pay back money. Don't take borrowing for granted. "Better a little caution than a great regret'- George S. Clason".

4. Borrowing From Bank

 A good business plan is crucial to borrowing from banks. It helps the management know the prospects or otherwise of a business. Whether or not your loan application would be granted, depends on it. It must state clearly the nature of business, viability, market, sources of income, how to repay loan, etc. Note that no bank is willing to offer credit facility, except for what it stands to benefit.

However, borrowing from banks can be risky. You've got to develop the ability to withstand  unforeseen risk if it arises [and most of the times it does]. Borrowing can be likened to closing one financial hole and digging another. The hole remains!

On the other hand, some top wealthy businessmen have become successful through the use of other people's money. While you may be thinking whether or not borrowing is good, it's striking to note that some people obtain credit facility to invest. Others do so for mere show-off. But smart entrepreneurs use others' money to grow their businesses.

5. Bank Overdraft
This is a credit facility given to a bank's customer in excess of his deposit. Interest is usually charged for over-withdrawal. Overdraft is an easy form of credit to help you jump-start your business without going through the headache of taking a loan. It has a fixed period within which repayment is made.

6. Government Grants

This is another easy way to source for funds for your small business. Government may decide to give financial assistance to small scale business enterprises to encourage them succeed. Such businesses must impact on the lives of the citizenry, otherwise the government won't fund them. Grants are free monies which are never repaid. But before money is released, the government commits you by asking you to provide guarantors.

7.  Co-operative Society

The co-op is an organization of people of like minds coming together voluntarily to jointly own a business. Their resources are usually pooled together for their own mutual benefits. They may engage themselves either in production or distribution of goods/services. Management of this organization is democratic and members participate fully during elections. Their proceeds are shared equally among themselves. Co-op can be classified into Producers' Co-operative Society and Consumers' Co-operative Society. As a member of co-operatives, borrowing is easy and without interest. This can be a good source of funding your start-up.

8. Money Brokers 

If you've a business you want to start, it can be funded by individuals or organizations that are willing to assist you. The money broker connects you and the lending organization. He is paid a commission at the end of the deal. You can become a money broker today and earn huge fees that can easily help you raise cash for your small scale business.

9. Informal Investors

They're the 'Big Boys' who are willing to invest in your small scale business. They're sometimes called angel investors. This wealthy class of investors are looking for your business to invest in. 

10.Credit From Suppliers

This is a credit arrangement whereby the supplier[creditor] and the purchaser[debtor] enter into mutual agreement of give and take. The money is received by the purchaser to pay at a later date to the supplier. Trust is the greatest ingredient here; and once it's abused the supplier may decide to terminate the contract for fear of losing money.

Finding money to start your small business isn't rocket science. It's possible and achievable. 'As a man thinketh in his heart so he is'. All that's required is your ability to step up and take action. Entrepreneurs take the bull by the horn. Fear isn't in their business vocabulary. They know that it's riskier not to take a risk in life and that's exactly the reason they succeed. Regardless of the financing platform, applying what you've learned is only appropriate otherwise it will not hold.

To your success!

ABOUT  THE AUTHOR:

Clement Nkem

Entrepreneur, Freelance Writer and Blogger. Join me here, on www.clementnkem.blogspot.com and learn how to become a successful entrepreneur.