1. Developing ideas:
Clever product and service ideas are a dime a dozen. Everybody has one, and most of them never get implemented. The successful entrepreneur starts with a basic idea. This idea is first tested to staying power. Can it be used to grow a customer base, and will it be profitable? The pseudo-entrepreneurial itch often ends before the basic idea gets tested. Studies show that a high percentage of people who open new businesses do so because they are frustrated with their current job. They’ll jump into any business venture that comes along without first checking it out. Ninety percent of this group will go out of business in their first year.

• Be Creative
The opposite of creativity is rigidity. Entrepreneurs are not rigid in their thinking. If you cling to the old ways of doing things because “that’s the way we have always done it,” you’ll never come up with the new solutions that are demanded by today’s small businesses. To test your creative ability, practice finding ways to tie together seemingly unrelated ideas.

• Understand Every Problem
You must have a clear understanding of what it is you are trying to achieve and be able to identify the obstacles that stand in your way. Break each problem down so that you understand it and know what you need to do to eliminate it. For example, the problem may be that you need more space. Why do you need more space, and what are the alternatives? An alternative may pose a new set of problems, but if they reduce the magnitude of the original problem, the alternative may be a more viable option.

• Brainstorming:
When you come up with a solution to a problem, brainstorm the solution with as many qualified people as you can find to avoid judging your own answer. Accept modifications that make sense, and be prepared to replace the solution with a totally new and better alternative. The key to the brainstorming process is to be objective. Brainstorming is an excellent way to come up with a new set of ideas for new products, services, or improvements that could accelerate the growth of your business.

2. Evaluation:
The ability to examine important facts about the business and to determine the least risky way to proceed.

3. Organization:
The ability to organize all the resources of the business in order to make it run in the most efficient manner.

4. Research:
The ability to obtain all the necessary information to insure that the best possible decisions are made.

5. Self-Control:
Entrepreneurs do not function well in structured organizations and do not like someone having authority over them. Most believe they can do the job better than anyone else and will strive for maximum responsibility and accountability. They enjoy creating business strategies and thrive on the process of achieving their goals. Once they achieve a goal, they quickly replace it with a greater goal. They strive to exert whatever influence they can over future events.

6. Self-Confidence:
Entrepreneurs are self-confident when they are in control of what they’re doing and working alone. They tackle problems immediately with confidence and are persistent in their pursuit of their objectives. Most are at their best in the face of adversity, since they thrive on their own self-confidence.

7. Sense of Urgency:
Entrepreneurs have a never-ending sense of urgency to develop their ideas. Inactivity makes them impatient, tense, and uneasy. They thrive on activity and are not likely to be found sitting on bank fishing unless the fish are biting. When they are in the entrepreneurial mode, they are more likely to be found getting things done instead of fishing.

8. Comprehensive Awareness:
Successful entrepreneurs can comprehend complex situations that may include planning, making strategic decisions, and working on multiple business ideas simultaneously. They are farsighted and aware of important details, and they will continuously review all possibilities to achieve their business objectives. At the same time,
they devote their energy to completing the tasks immediately before them.

9. Realism:
Entrepreneurs accept things as they are and deal with them accordingly. They may or may not be idealistic, but they are seldom unrealistic. They will change their direction when they see that change will improve their prospects for achieving their goals. They will verify any information they receive before they use it in making a decision. Entrepreneurs say what they mean and assume that everyone else does too. They tend to be too trusting and may not be sufficiently suspicious in their business dealings with other people.

10. Conceptual Ability:
Entrepreneurs possess the ability to identify relationships quickly in the midst of complex situations. They identify problems and begin working on their solution faster than other people. They are not troubled by ambiguity and uncertainty because they are used to solving problems. Entrepreneurs are natural leaders and are usually the first to identify a problem to be overcome. If it is pointed out to them that their solution to a problem will not work for some valid reason, they will quickly identify an alternative problem-solving approach.

11. Communication and Human Relations:
Ability to understand and interact with people of varying personalities and values. This is important when dealing with employees, bankers, investors, partners, suppliers and customers.

12. Status requirement:
Entrepreneurs find satisfaction in symbols of success that are external to themselves. Successful entrepreneurs find their satisfaction of status needs in the performance of their business, not in the appearance they present to their peers and to the public. They will postpone acquiring status items like a luxury car until they are certain that their business is stable.

13. Interpersonal Relationships:
Entrepreneurs are more concerned with people’s accomplishments than with their feelings. They generally avoid becoming personally involved and will not hesitate to sever relationships that could hinder the progress of their business. During the business-building period, when resources are scarce, they seldom devote time to dealing with satisfying people’s feelings beyond what is essential to achieving their goals.

14. Emotional Stability:
Entrepreneurs have a considerable amount of self-control and can handle business pressures. They are comfortable in stress situations and are challenged rather than discouraged by setbacks or failures. Entrepreneurs are uncomfortable when things are going well. They’ll frequently find some new activity on which to vent their pent-up energy. They are not content to leave well enough alone.

Entrepreneurs tend to handle people problems with action plans without empathy.

15. Flexibility:
Receptive to change, ability to adjust perceptions, goals or actions based on an assessment of new information: a rigid, conservative personality is not a trait of a successful entrepreneur. Capable of dealing with many subjects or tasks at the same time; qualified to assume different roles and switch back and forth as required.

16. Continuous Goal Setting:
Ability to set clear goals that are challenging but attainable. Ability to continually re-evaluate and adjust goals to make sure that they are consistent with your interests, talents, and values, as well as your personal and business needs. Rather than being content with reaching goals, successful entrepreneurs tend to continue setting new goals to challenge themselves.

17. Feedback and Objectivity:
The skill to seek and use feedback on personal performance and goals for the business; the skill to take remedial action. Ability to distinguish between yourself and the business. The desire to deal with issues and decisions rationally and logically rather than emotionally.

The 12 Steps to Entrepreneurial Success

Step 1. Understanding Yourself
Step 2. Getting Things Done
Step 3. Apply Yourself- Don’t Be Lazy
Step 4. The Importance of Getting Organized
Step 5. Keep Your Emotions in Check
Step 6. Learn to Say No
Step 7. Practice the “Golden Rule” in all of Your Affairs.
Step 8. Avoid the Perils of Expansion
Step 9. If You Want Success Ask for it. And Keep Asking.
Step 10. Manage Your Money- Your Most Important Asset.
Step 11. Recognize The Risk
Step 12. A Sure Way to Fail: Quit too Soon!

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