Qualities To Acquire In Entrepreneurial Business

by Celtic 6 Replies latest jw friends

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  Celtic

  What qualities do you feel are important if you want to make a name for yourself in business?

  Is it wise to be the nice guy, who does everything with fairness in mind or is it better to be a hardnosed, lying, manipulative bastard?

  If you were to consider going into business for yourself, which 'qualities' would you employ to gain maximum business profits?

  Also, what do you consider good money to be, what earning rate per day/week/annum and profit ratio would be enough to really grab your interest?

  Celtic Mark - Cornwall UK
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  Sadie5

  Ok I'll give this a try, we've been in business for 10 years. I think the qualities you need to have are flexibility, patience and endurance. Yes I think it is best to be honest and fair minded. People do talk, and a reputation can make or break you.

  Qualities to employ to gain maximum business profits: this is a tough one, maybe having a unique product or service that everyone wants or needs. This will last for a time until someone else starts offering it too at a cheaper price.

  As far as money, in the beginning of the business, it is good to see what do you need out of it. Take as little as possible so you have the funds to make the business grow. Try not to create a lot of debt to run your business. Usually if you break even the first year, you are doing ok. Eventually, your business will be doing better and you can pay yourself more. But there will be times when your busiess isn't doing so well and you have to take less. Be flexible. I have a saying I tell my family, "take care of the business, and the business will take care of you."

  Hope this helps

  Sadie
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  Englishman

  OK, Mark, you asked for it, so here goes!

  I have my own little business as you know, so I have a few ground rules that make it pay reasonably well:

  1. Members of the public will pay up immediately on completion of a job, if you make it clear to them that is what you require before you start. Business's are always slow payers, usually wanting 90 days credit, avoid them like the plague otherwise you get locked into a permanent cycle of not being able to dump them because they owe you money.

  2. Avoid the need for premises if you can, that way if you have no business you are not still paying out. Same applies to staff, don't have any if poss.

  3. Work out of a car if you can, if you are in the service or maintenence business suppliers can deliver for you. Saves the cost of buying and running a van!

  4. DONT ever go into a partnership, you will fall out over money and delegation of responsibility, it's inevitable.

  5. Make sure everyone knows that you are now in business! Shop window cards are always worth it, a paste table at a car-boot sale advertising your business will be seen by as many people who would walk past a secondary position shop in a week, and only cost a fiver too!

  6. Always be 100% reliable for your customers, they will remember it and recommend you to others.

  Hope that helped!

  Englishman.

  PS: Sorry, on the subject of money, you need to clear 150 smackers a day after expenses, otherwise it's just not worth it.

  Edited by - Englishman on 20 September 2002 9:19:14
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  Silverleaf

  Hi Celtic,

  I've been in business for three years and I definitely agree that being fair and honest is the way to go. I spend no money on advertising - all my clients [I'm a medical transcriptionist] I acquired by word of mouth from my very first client [my former boss]. Having a reputation for being honest, hardworking and flexible is priceless.

  Silverleaf
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  TR

  I've also been in business for myself for 10 years. Ditto what Sadie said.

  TR
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  freedom96

  Many good points already listed. I have owned my own business for years, and continue to do so. For me, I feel that is the only way to make an above average income, plus you are in control of destiny.

  One thing I might suggest, is if you are going to have employees, give them some motivation to do well, and be productive. Keeping a job will not cut it. I have been very disappointed with employees and their work ethics. No one will put more time, or have a vested interest as you will. If there is a way to reward the employees based on their work, a piece of the pie, if you will, you will have workers that will make a difference. Give them that incentive. The better the business does, the better they will do.

  Also, as much as you will own your company, make sure that it does not own you.

  As far as income goes, it is whatever level makes you happy. I used to think 100,000 a year was all the money in the world, until I hung around those making that a week.

  Take pride in your work, and the clients, customers, etc will respect you, and you will have repeat business, which should be a huge portion of your business.
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  livingagain

  Food at the proper time(heard that before). I have always wanted to own a gift shop, thought I,d better not get too attached to this system though, you know the old drill. Now I am finally in the process of getting it all together. Thanks for the tips! Has anyone had any experience with getting help through SBA for funds? Let me know if you have, or any good sources to raise capital to start a new business, have some funds but need more to get going. I too believe believe being honest and fair is the best policy but I learned that first from my mother who gave birth to me and (not mother orginization.)