Category Archives: Entrepreneurial Skill Development

How to Write a Customer Survey

Looking for an idea into what your customers desires? Are you having challenges on how to present a good customer survey that will give you a fast response? Below are how to ask relevant questions they will actually take their time to answer.

DEVELOP PRACTICAL OBJECTIVES.

Before you start your survey design, it is very essential to know the reasons of your survey. What kind of information do you require? What will the survey assist you to decide? Are you taking action based on the survey? It will be wise having your objectives to be simple and clearly defined. Analysis, measurement and outcome execution will be actively more if your objective are clear and precise.

Put this two objectives into consideration:

First objective:discover the thought of your customers about your newest survey product.

what action will you embark on if you are told that they appreciate or do not appreciate it? It is better you gather much fact to work with before commencing your work.

 

Second objective:  the objective of the survey should be to determine the features of online survey products that is regarded as qualitative by your customers. Again, the second objective should concentrates on features of the survey products (and not yours) and feed backs  should very well inspire a company to invest future effort

PREPARE AN INTRODUCTION.

The purpose, goal and possible results of your company survey should be clear to your sample by writing a useful title and brief introductory paragraph. Add the benefits of the survey and how long it should last. Before you complete any survey, you should understand why the survey is important to you, what the investment is and how it may benefit you if you complete it. Will take part in the survey influence price of a product you use? Will it result in new components you wanted? A nice introduction explaining the advantage and qualitative importance of the survey will assist to increase the number of customers who will take their time to complete it.

MAKE IT BRIEF.

This time around, nobody has time to stop and chat any longer. They certainly have no time to waste up to 45 minutes answering questions on your survey. Make your survey brief and concentrate on the goal. If you can gather the facts that you require in 10 minutes brief questions, then do it. All question on a survey should be relevant to your goal.

ALWAYS ASK ONE QUESTION AT A TIME.

Prevent multiple questions that needs the customer to to render an answer based on more than one element. Instead of writing for example; How important is design and style in survey questionnaires?, split it into two separate questions, one for design and another for style.

PREVENT OPEN-ENDED QUESTIONS.

In traditional market research, open ended questions can provide useful facts about behaviors and altitudes. The challenges with open- ended questions comes when you are analyzing the facts garnered. Because it is very challenging to measure written responses, it is best to keep questions near and direct.  If you still desire to let your respondents provide free-flowing content, put the open-ended questions at the end of your survey so that users will not be discourage by the investment needed at the beginning.

PREVENT TECHNICAL WORDING AND JARGON.

Make use of pure and simple language in your questions. While RSS,XML and ISP may be very familiar to you and your industry, they may not be familiar to many of your customers.

AVOID USING LEADING QUESTIONS.

At times, we try to influence respondents with questions that sway their answers. If you ask someone, major professional value demographic questions, knowing how essential is it for you in your business, They may be influenced to answer positively knowing from your question that it is something valued by major professionals. To forbid biased answers, avoid any leading content that will sway responses.

APPLY CONTEXTUAL GROUPS OF QUESTIONS.

Organize questions in relevant groups so that they will be clear in the context. Grouping sets of related questions in one place makes the survey clearer to the respondents and will be regarded easier to complete.

INCENTIVE SHOULD BE PROVIDED.

If worried about your sample size, you should render an incentive to the respondent for completing the survey. Although small representative samples are considered to be important, large sample sizes provides a big accurate reflection of the market. Think about rendering a discount to the respondent on a particular products or services; or issuing to them a free electronic book or your newsletter subscription.

ALWAYS ACKNOWLEDGE BY SAYING THANK YOU.

Do not hesitate to acknowledge the effort and time your customers, affiliates, re-sellers, suppliers, employees and prospects invested. Always commend them and be grateful to them for their effort because their efforts are priceless.

The above procedures, are they basic steps for writing a good and an effective customers survey that will encourage your customer to respond effectively.

How to Practice Time Management Skills

Are you having difficulties in managing your time? Do you want to develop a better time management skills? if your answer is yes; then you need to pay good attention to  the information on this article below.

Before i proceed, i want you to bear this in mind that the key element on to managing your time in your working place or in your personal life are just this two things:

  • Planning
  • Delegation

Now let’s see how you can use these two elements to manage your time better and more effectively. Time management is a skill that anyone can learn if he wants to. Nothing like magic about making the best use of your time.

  • The Primary Tools Needed for Effective Time Management

Planning and carefully arranging work that has to be done simply means that there is a sense of orderliness and time consciousness. To effective plan your activities, the following steps are needed:

  • Setting priorities.
  • Determining how much time to distribute to each task.
  • Identifying the tasks that requires to be done, taking note of the deadline for each one.
  • Preparing for the unexpected.

The planning exercise may be done once a week or once a month. However, it is usually a nice idea to review the plan the night prior or early in the morning, so that you will be ready for each day. You must regularly observe the plan and make any necessary adjustments if need be.

  • Tools You Can Use to Plan Effectively and Manage your Time

Various tools can be used to carry out your planning exercise. In case of your family life planning, you may simply use a large calendar on the wall with absolutely all thing posted on it, involving who is responsible for what. If you are in co-ordination of the work of a volunteer group, you can use a schedule of events with the task/time notes attached that is allotted to all persons involved. In your working place, an agenda, either electronic or paper, can create the minimum list of work to be done. Frequently, there is an official structure for long term plans for the entire work unit. There are tools even called time logs that can help you organize your work life.

  • Delegation as a Time Management Tool

Delegation is one of the most useful tools for your time management. You have laid out every of the work that has to be done and you realize that it is overwhelming and that you require assistance.

Always delegate the right thing to the right person and at the right time; and do not try to overload someone else just because you have planned badly, poorly or an unexpected project landed on your table.

The same in your personal life, do not believe that you have to do all thing in the house. You may accept responsibility for having a clean and neat home, but the tasks can be delegated to a spouse or the children.

  • Put the Skills into Practice

It is not enough to know how to plan and delegate at work, home, or school. You have to practice these skills until they become a habit. Always map out time for planning, whether it means scribbling out what to do on calendar or completing an electronic log. Observe it regularly. Learn to practice delegation. Quit from thinking that you are the only one that can do it right. By assigning and delegating tasks to others, you give them an opportunity to learn and to contribute.

Delegation and planning are good time management skills that benefits all. It is never too late to begin managing your time more actively and effectively. Give it a trial and your time management problem will become history.

How to Deal with a Difficult Boss

How do you deal with a difficult boss? Now regardless of your position in life, whether as an entrepreneur, employee or whatsoever; you will always be under somebody. It is either you are answerable to your franchisor, employer, investor, partner, government, etc.

One of the greatest challenges for an employee is working with a difficult boss. So this makes it necessary for you as an employee have a strategy or a way of approaching your boss if you discover your boss is the difficult type. Now from personal experience, both as an entrepreneur and ex-employee, i can tell you authoritatively that working under a difficult boss brings about anxiety, stress, frustration, pain, anger, etc. So to know the best way to deal with your boss, i suggest you read on.

How to Deal with a Difficult Boss

1.   First make sure you are not the source of the problem

From my personal experience and interaction with people, i have been opportuned to come across certain individuals that think the world is up against them. They believe everyone else is wrong or people just don’t seem to like them while in reality, they are the trouble themselves. So the first step to dealing with difficult people is to make sure that the problem is not from you. You must make sure your attitude doesn’t irritate others.

2.   You must understand that you can’t change your boss

If you discover that your boss is characteristically difficult not only to you but also to others, know then that not even your concern or any other persons concern can change him or her. Only try to cope with your bosses character but don’t try changing him or her because you can’t. It is easier to change yourself than to change someone else.

3.   Be proactive

Learn to make things happen within your office environment, don’t just sit back and watch things happen, else your boss will tag you a lazy employee. Being proactive will prove to your boss that you are not the lazy type rather you make things happen.

4.   Don’t take it personal

Try to understand that whatsoever made your boss a difficult person has nothing to do with whom you are. Learn to guide your emotion whenever you are around your boss. Learn not to take rebuke or corrections personal. This will help you not to take him personally.

5.   Be serious with your work

It will be disastrous if you are not serious with your work when your boss is being difficult. Ensure you keep up with your task even if your boss is over loading you. This will give him no room for complaint even if he is looking for a reason to query or fire you.

6.   Learn to pick your words when talking

If your boss is freaking you out, you might be tempted to do the same. Resist the temptation even though it might prove difficult. Never use a rude word while talking to your boss because it will make him more difficult.

7.   Document your work

Be a good record keeper; document your work done, keep records of dates and time of business negotiations. Document your task before and after completion. This will close every hole that your difficult boss may want to use against you.

In conclusion, i am not disputing the fact that working under a difficult boss is frustrating but all the same, i believe that there are still ways to handle them without causing more harm or damages. Simply apply the strategies listed above and you will no longer find it difficult to get along with your boss.

How to Become a Motivational Speaker

Do you have a passion for changing lives? Do you have what it takes to inspire people to greatness? Are you a good orator, a goal getter and a positively minded person? Then it is high time you learn how to become a motivational speaker and make money by positively affecting people’s lives.

Now who is a motivational speaker? A motivational speaker is simply someone who renders speeches in order to motivate or inspire audience. But from personal experience, i know that the work of a motivational speaker goes beyond just motivating and inspiring. Modern day motivational speakers now engage in career talks and development, character and team building, entrepreneurial skill development, life coaching, ethics and corporate culture appreciation, staff orientation and training, mentorship, etc. In fact, the work of a motivational speaker is never done, provided such a person knows his or her onions.

Today, i make money from speaking at events, talk shows, seminars, workshops, etc. But it was never my intention to venture into motivational or public speaking. I started out in life as an entrepreneur, then i started a blog to share my business experience and challenges with people. From there, i found myself giving advice and sharing strategies with people over social media, phone and email. And before i knew it, i was speaking to people on platforms, getting paid and most importantly, transforming lives.

How did i do it? What special training did i enroll for? How did i improve my public speaking skills? What does it take to become a professional, successful motivational speaker? Well, i advice you read on as i share with you, the exact steps to becoming a professional motivational speaker.

 Benefits of being a motivational speaker

Becoming a motivational speaker is an interesting and lucrative job or business in the sense that there are some benefits attached to it which will always encourage and aspire people into the job. Below are some of the benefits;

  • Personal fulfillment
  • Financial gain
  • Exposure
  • Fame

How to Become a Highly Paid Professional Motivational Speaker

1.   Work on developing yourself

Garbage in, garbage out. You can never give what you don’t have. To help others improve themselves, you must first improve yourself. To motivate or inspire others, you must first be inspired and radiate positivity and optimism. Now what are the qualities you must work on developing if you must be a highly paid motivational speaker?

Five Qualities you need to be a good motivational speaker

  • You must be sociable and easy to interact with people.
  • You must be able to come up with creative ideas and stories to motivate your listeners.
  • You must have a wide general knowledge and experiences.
  • You must be a strategic thinker, that provides out of the box, creative ideas and solutions that can solve specific problems.
  • You must be entertaining and have a good sense of humor.

2.   Work on your public speaking skills

Even if you are having the best lessons and stories to share, you will fail if your speaking skill is poor. So you need to work hard on mastering your public speaking skills. The best way to discover your doings is to videotape your speeches in any program. Once that is done, take time to watch your records carefully. Carefully observe the audience attention to your intonation and the eye contact you establish with the audience. You should learn how to sound natural and reassuring.  If it pleases you, enroll in a public speaking course that will assist in polishing your skills.

3.   Select your target audience

You should decide who your target audiences are before you start making up your motivational speeches. Each group of persons should be approached in a particular way. When you do not have an idea of who will be receiving your speeches, you will fail in making those highly specific and relevant. Are you going to target students, career minded individuals, retirees, corporate executives, employees, the unemployed, or will you rather be focused on a  particular industry? That is left for you to decide.

4.   Look for a mentor

Motivational speakers are specific group of orators that influence the lives of others and as such, they hold tremendous responsibility. So for you to become a good motivational speaker, you should look out for what others are doing,  establish connections, talk to notable professional speakers and discover the right mentor that will show you tricks of this profession.  Having a mentor will assist you to refine your skills.

5.   Start selling your skills

For a start, you should make some sacrifices. You should probably deliver motivational speeches free of charge. This will be a crucial aspect of your marketing efforts. People needs to know how good you are in order to start paying for motivational speeches. Get contacted to NGOs and speakers’ bureaus that will need the services of a speaker. Allow these organizations to know that you are available. The more opportunities you have, the quicker you will gain the popularity you seek.

6.  Advertise yourself

Advertising is very important for success in nowadays. As a life coach, you will be dealing with fierce competition. A good number of people are already successful in the job. Word of mouth and internet promotion remains the best two mediums for marketing requirement. Though i have never advertised myself or my speaking services, my blog still remains a media for contact and passive marketing.

 7.   Keep improving yourself through feedback

A good life coach always listen to the audience. Learn how to ask for responses and how to listen to the things people will have to say. The simplest way to receive some information is through the creation of a simple poll. Always be ready to modify anything that is not in place or below expectation.

 8.   The more you speak, the more you should write

A good speaker is a good writer. Try and publish articles and informative pieces in blogs, special magazines and websites. Despite being a good form of publicity, it will assist you to master your motivational speaking skills. Just learn how to master both.

In conclusion, i believe the above tips are the best approach to becoming a good and vibrant motivational speaker. Being a motivational speaker is very lucrative in the sense that it will take you high, get you connected to dignities in the society, make you popular and fetch good money.

How to Be a Good Business Manager

What makes a good manager? What are the characteristics and qualities of a good manager? Do you want to learn how to become a good manager in business? Then read on.

For an organization to be successful, there must be a good manager. The same is applicable to business management. There are a number of factors that can make you that better business manager that you have always wanted to be. So without wasting your time, below are some practical steps to follow if you want to become a good business manager.

How to Be a Good Business Manager – 8 Qualities and Characteristics

1.   Lead by example

Let it be at the back of your mind that the people you manage look up to you. If you expect your staffs to behave in a certain way, show an example by portraying the behavior first. It is not fair to expect your staffs to do something when you know that you are not doing it.

2.   Do your job

That you are a manager does not give the temerity to leave all the tasks to your staff. You need to also prove that you are also part of the team. By so doing, your staff will respect you for being a leader that works with the team; not just talking to the team alone.

3.   Be transparent with your team

No one will like to confide in a person who is not transparent and reliable. When you are reliable, your staffs will not find it difficult to communicate to you any idea that they think will help in moving the business forward.

4.   Be constructive while critizing

Nobody is above mistakes. What makes you a good manager is your ability to learn from those mistakes and help your team mates do the same. Ensure you don’t repeat a particular mistake twice. Construct your employees’ mistakes into learning opportunities.

5.   Be motivating and inspiring

To be a good business manager, you must do your best to inspire and motivate your staffs. This will encourage them to do more and it will not only portray you as a good manager but also it will profit the business enterprise because everyone will be up and doing.

6.   Allow employees to participate in management

Allowing employees participate in management is always a good strategy. Don’t hide anything from the employees just because you want to showcase your power and authority as the manager. A good manager should always discuss problems facing the organization with the employees and seek for suggestions from the employees.

7.   Manage your time

One thing you will not have in abundance aside money is time. To be a good business manager, you must learn how to manage your time as well as other people’s time.

8.   Don’t over stress yourself

Your effectiveness as a manager drops when you are over stressed. Give yourself a break to relax and recharge your energy. You must also learn how to do your work with your allotted time and go home. Try to eliminate or reduce working over time. This will help increase your productivity.

In conclusion, i want you to know that business management is very wonderful, if only you have what it takes to be called a good business manager. And as you strive to improve your managerial skills, always remember that becoming a good manager is not a one-day job. It requires continuous learning and action-taking.

How to Improve Ethics in the Workplace

What is workplace ethics? How do you improve ethics in the workplace? Do you know that improving workplace ethics can also increase productivity and performance? Well, i suggest you read on as i share with you the importance of having good workplace ethics.

The work place is a place of business. In other to ensure effectiveness and productivity, some certain ethics (morals or conducts) has to be employed. Workplace ethics help people guide their behavior while at the office. So if you are trying to improve your office performance, whether as an entrepreneur or employee; then below are some office ethics you should adopt.

10 Effective Ways to Improve Ethics in the Workplace or Office

1.    Be punctual

Punctuality is one of the important thing an employer expects from an employee. When you come to work late, you disturb you co-workers who are already working and this will send a impress about you to your employer. It might even terminate your appointment. Even if you are the boss, coming late to the office is not advisable because you are suppose to lead by example.

2.   Dress Smart

Dress as you want to be addressed is a very true statement that you must not take for granted. Let your attire speak for you. Always remember that at the beginning of the week, you are expected to be on cooperate while on Fridays it is expected of you to be dressed on jeans or any other mode of dressing apart from being on cooperate.

3.   Don’t critize your boss

One thing you have to understand as an employees is that the boss is always right, even if he or she is unbearably difficult. As long as you are working for him or her, they are always right. To be a good employee, remain good in the employees record. Keep your mouth shut, your eyes and ears open; and your fly zipped. It is for your own good.

4.   Don’t bring your family to the workplace

It is unacceptable to talk about your family to your colleagues. Everybody has a family and it will be ridiculous for you to discuss about your family woes in the office. Do not bring your family visiting your workplace unless they are invited.

5.   Respect other people’s privacy

You are expected to respect the privacy of your co-workers. More so, listening to their conversations and searching through their files without informing them can get them quit furious. So no matter how curious you want be, bear it in mind that curiosity kills a cat.

6.   Don’t be nosy

Just as you are not expected to discuss your private life in the workplace, you have to also stay away from poking your nose into other people’s matter. Don’t ask questions on personal issues that you know the other person will not be willing to share.

10 Effective Ways to Improve Ethics in the Workplace or Office

7.   Call etiquette

The most common ethical mistake people make in their workplace is the poor manner with which they answer phone calls. When on a call, talk in a reduced tone so you do not disturb your colleagues. Most importantly, keep you phone on silent in order not to distract or disturb your colleagues when your phone rings

8.   Taking Credit

When you are given credit for a job well done, ensure that you do not take credit for another ‘work. If you are giving an undue credit, rectify it immediately by transferring the credit to whom it is due to. Accepting acknowledgement for a job you did not do will negatively affect your reputation. Also, it is very important you learn to share your successes with the team. Remember, employers are more interested in team performance than individual performances.

9.   Welcome newcomers

Never be rude to a newcomer, and don’t go about trying to create problems for them. Be as friendly as you can to a newcomer. Do not mock them or give them a hard time. Be courteous to them and lend a helping hand when ever they need it. They might save your neck tomorrow.

Keeping yourself informed is the last but not the least of ethics you must try to adopt in the workplace. Try to always be informed of what is going on in your workplace because as the saying goes ” if you are not informed you are deformed and when you are deformed you cannot perform.” Try to stay in touch with industrial trends and try to improve your IQ at any given opportunity.

10 Responsibilities and Duties of a Business Team Leader

What are the roles or responsibilities of a business leader? What are the duties expected of a leader? Are you a business leader but you don’t really what your roles in business are? Then i advice you read on.

It is an already established fact that every leader must lead by example. This implies, your life must reflect that character or trait which you want you followers imbibe. As a business team leader, there are certain responsibilities demanded of you as far as leadership and team work is concerned. Aside moral responsibilities, there are official duties that you have to execute as a business team leader. So without wasting your time, below are ten responsibilities and duties of a business team leader.

“Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates

 10 Responsibilities and Duties of a Business Team Leader

1.   Business Negotiation

“My style of deal making is quite simple and straightforward. I aim very high and then I just keep pushing and pushing and pushing to get what I’m after. Sometimes, I settle for less than I sought but in most cases, I still end up with what I want.” – Donald Trump

The team leader is responsible for making negotiations on behalf of the team and the business. Therefore, it is important that a business team leader must possess very good and admirable negotiation skills. He must also be a good communicator, marketer and a tough negotiator.

2.   Decision Making

“I have made tough decisions, always with an eye on the bottom line. Perhaps it’s time America was run like a business.” – Donald Trump

“Before making an important decision, get as much as you can of the best information available and review it carefully, analyze it and draw up worst case scenarios. Add up the plus or minus factors, discuss it with your team and do what your guts tell you to do.” – The Mafia Manager

It is the duty of a business team leader to make valuable decisions. He or she must be a fast decision maker and must assign task to the group members according to their skills and experience. Most importantly, a leader must be prepared to face the consequences of his/her decisions made.

“If you see a snake, just kill it. Don’t appoint a committee on snakes.” – Henry Ross Perot

3.  Serving the team

“You’ve got to give great tools to small teams. Pick good people, use small teams and give them great tools so that they are very productive in terms of what they are doing.” – Bill Gates

You are a leader, not a boss; so one of your duties as a leader is to serve the team members. The welfare of the team must be your utmost concern and a good way to display concern to the team is to advocate for resources for your team.

4.  Strategy development

“A bad strategy will fail no matter how good your information is and lame execution will stymie a good strategy. If you do enough things poorly, you will go out of business.” – Bill Gates

One of the most critically important tasks of a business leader is to develop and communicate the business strategy. It is the job of a leader to provide a strategic direction and purpose for the team. After developing the strategy, it is still the duty of a team leader to make sure that the team understands and implements the strategy. A leader should also be willing to give a helping hand to a team member that’s having difficulty in completing a task.

5.  Vision Communication

“He who establishes his argument by noise is weak and command shows that his reason is weak.” – Montaigne

As a business leader, it is your duty to communicate the vision of the company to the team. To achieve this, you have to be a good communicator because it will go along way to help you in solving group conflicts.

10 Responsibilities and Duties of a Business Team Leader

6.   Co-ordination

A good team leader is that one who posses good coordination skills. He or she must be able to coordinate the team at any given time to ensure effectiveness and cooperation amongst the team members.

7.   Conduct Meetings

A team leader is responsible for conducting regular meetings with the team member, not just to delegate their duties to them but to also review their performance and discus on ways to move the business to the next level.

8.  Inspire the team

“Giving people self confidence is by far the most important thing that I can do because then they will act.” – Jack Welch

“Outstanding leaders go out of their way to boost the self esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.” – Sam Walton

Of all the duties of a leader, the most important is to inspire the team mates. It is your duty to keep their morale high, treat every one with equality, motivate them with motivational and inspirational words. Remember, a good leader is not only good at achieving great things; a good leader also inspire his team to achieve great things.

9.  Coaching

“Good leadership consists of showing average people how to do the work of superior people.” – John D. Rockefeller

A business team leader must not be autocratic, he or she must be patient, understanding and flexible when the team members are not getting it right. It is his or her duty to coach them on the right thing to do and the right way to go about it.

In conclusion, the last but not the least duty of a business leader is to constantly evaluate the performance of the team. The team leader is responsible for evaluating the team members to know their capabilities, strengths and weaknesses in order to be certain on the type of task to assign to them.

As a final note, the list above are the core reasons why team leaders play a very important role in the success of any business or organization. Do you want to be a great team leader? Then i believe you have your answers above.

17 Uncommon Traits of Billionaires

What special traits do the billionaires of this world possess that others don’t? Is there any special skill or uncommon trait I must possess before I can become a billionaire? What trait propelled the school drop out billionaires to success? Were people like Bill Gates, Warren Buffett and Mark Zuckerberg born to be billionaires? Well, read on to find the answers you seek.

In this article, I will be revealing to you 17 uncommon traits of billionaires. So if it’s your dream to become a billionaire, then you might as well start developing these billionaire traits gradually. Without wasting much of your time, below are 17 uncommon traits of billionaires.

Becoming a Billionaire – 17 Uncommon Traits of Billionaires

1.  Billionaires start small

Most self made billionaires were not born billionaires. They were born like every other human but they desired to be exceptional. Sometimes, most people believe that billionaires such as Bill Gates and Mark Zuckerberg emerged overnight to become billionaires. That’s definitely not true.

Most of the billionaires today were nobody’s sometime ago but they started small and kept at it. Bill Gates, Mark Zuckerberg, Michael Dell, Jerry Yang and David Filo, Larry Page and Sergey Brin started from the Dormitory of their various schools.

Jeff Bezos, Henry Ford and Steve Jobs started small in their garages. Ray Kroc started as a salesman; Larry Ellison started as a freelance programmer; Li Ka Shing also started small while Dhirubhai Ambani started as a petrol station attendant. The illustrations above prove that most billionaires had a humble beginning; they started small.

2.  They think Big

“I like thinking big. If you’re going to be thinking anything, you might as well think big.” – Donald Trump

Another uncommon trait of billionaires is that they think big. They refused to allow their creative imagination be hindered by race, age or background. Though they started from scratch; they dreamed big and worked towards that dream. They didn’t just emerge billionaires overnight; they desired it, they hungered for it and worked towards making that desire a reality.

“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” – Warren Buffett

3. Billionaires take calculated risk

“To win big, you sometimes have to take big risks.” – Bill Gates

Most people abhor taking risk but billionaires know how to take calculated risk. Instead of shying away from taking risk; what billionaires do is to put up a strong risk management strategy and then go ahead to take that risk. Their ability to take calculated risk is the reason they emerged billionaires.

“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

4. They are competitive

“When somebody challenges you, fight back. Be brutal, be tough.” – Donald Trump

“And obviously from our own personal point of view, the principal challenge is a personal challenge.” – Richard Branson

The fourth trait of billionaires is competitiveness. Most people dread competition but billionaires thrive in competitive environments. They believe that competition brings out the best in them so they seek it out.

“You don’t have to be the biggest to beat the biggest.” – Henry Ross Perot

“The competitor to be feared is one who never bothers about you at all but goes on making his own business better all the time.” – Henry Ford

“We have always had a pretty competitive ferocious battle with British Airways. It lasted about 14 years and we are very pleased to have survived it.” – Richard Branson

5. They are focused

“The wise man put all his eggs in one basket and watches the basket.” – Andrew Carnegie

Take a look at billionaires and you will observe they are focused in their dealings. They don’t try to do many things at once; they focus on one. When it comes to business; billionaires are focused. Bill Gates and Larry Ellison focused on software; Aliko Dangote, the richest black man in the world focused on commodities. Ray Kroc, Dave Thomas and Carl Linder focused on fast foods.

“Diversification is a protection against ignorance. It makes very little sense to those who know what they are doing.” – Warren Buffett

Warren Buffett, George Soros, John Templeton and Peter Lynch focused on stocks as their preferred investment vehicle. Donald Trump is focused on real estate. Michael Milken focused on junk bond and that’s why he was referred to as the junk bond king. Ralph Lauren and Giorgio Armani focused on fashion while Anita Roddick and Mary Kay Ash focused on beauty care (cosmetics).

Michael Dell and Ted Waitt focused on computers while John D. Rockefeller and J. Paul Getty focused on oil. Andrew Carnegie and Lakshmi Mittal focused on steel. Sam Walton, Philip Green, Ingvar Kamprad and J.C. Penny focused on retailing. Walt Disney, David Geffen, Martha Steward and Oprah Winfrey focused on entertainment while Henry Ford focused on automobiles. The list goes on and on.

“The men who have succeeded are men who have chosen one line and stuck to it.” – Andrew Carnegie

6.  They are driven by passion

“Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” – Aliko Dangote

Listen to billionaires speak and you will sense a kind of passion in them. Billionaires are passionate about their calling and they pursue this calling with vigor. It’s this passion in them that keeps them going; despite their wealth, their passion keeps them working for long hours.

“Without passion, you don’t have energy. Without energy, you have nothing.” – Warren Buffett

7. They are goal getters

“I intend to be, the richest man in the world.” – Howard Hughes

Billionaires are goal getters. They spend time to set goals that are high and challenging but realistic and attainable; and they don’t rest on their oars until their set goals are achieved. To them, life without goals set and achieved is life wasted.

“We must have a theme, a goal, a purpose in our lives. If you don’t know where you are aiming, you don’t have a goal. My goal is to live my life in such a way that when I die, someone can say, ‘she cared.” – Mary Kay Ash

“I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.” – Larry Ellison

“A good goal is like a strenuous exercise, it makes you stretch.” – Mary Kay Ash

8. They thrive on criticism

“Dare to risk public Criticism.” – Mary Kay Ash

I have never seen a billionaire that hasn’t at one time or the other been criticized. Bill Gates, John D. Rockefeller, Steve Jobs, Mark Zuckerberg, J. Paul Getty and other billionaires have been heavily criticized. Henry Ford was even called an ignorant man by some scholars.

“When you innovate, you’ve got to be prepared for people telling you that you are nuts.” – Larry Ellison

But billionaires don’t get weighed down by criticism; instead, they get inspired by criticism. Billionaires welcome criticism because they see criticism as a feedback to improve themselves.

“Never be ashamed! There’s some who will hold it against you, but they are not worth bothering with.” – J. K. Rowling

“Embrace bad news to learn where you need the most improvement.” – Bill Gates

Becoming a Billionaire – 17 Uncommon Traits of Billionaires

9. They have strong self imposed standards

“I am stingy and I’m proud of the reputation.” – Ingvar Kamprad

Get close to a billionaire and you will see a strong willed individual with tough self imposed personal standard. Billionaires don’t compromise their standard; they stick to their self imposed standard no matter what it takes.

“Remain true to yourself and your philosophy.” – Giorgio Armani

“People say I am cheap, and I don’t mind if they do.” – Ingvar Kamprad

10. They believe in themselves

“You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins

Strong self belief is an uncommon trait possessed by billionaires. Billionaires display a high level of self confidence. They have little belief in fate, they strongly believe in themselves and their ability to achieve their set goals. Billionaires take charge of their destiny; they don’t leave it to fate.

“Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember you can achieve.” – Mary Kay Ash

11. They are persistent

“Sheer persistence is the difference between success and failure.” – Donald Trump

Billionaires are tough and unyielding. They believe that when the going gets tough, the tough should get going.”  Billionaires are known for being persistent and tough; they press on even in the face of hardship and failure. Billionaires know that without persistence, nothing can be achieved.

“Press on. Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

“When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash

12. They are committed

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

Unyielding commitment is another uncommon trait of billionaires. Despite acquiring tremendous wealth, billionaires remain committed to their call. An example of this uncommon display of commitment is that of Warren Buffett and Ingvar Kamprad; these two men have pledged commitment to their companies until death. What a tough commitment.

“It’s my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one.” – Larry Ellison

13. They learn quickly from mistakes

“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs

Billionaires make mistakes, just like every other human and their mistakes sometimes lead to business failures but billionaires don’t get bugged down by mistakes; they don’t bow their head in defeat. Instead, they quickly acknowledge their business mistakes, correct them, learn from their failures and move on. They fail but they don’t quit. Instead, they get inspired by their failure and use their failure as a stepping stone to success.

“Failure is just a resting place. It is an opportunity to begin again more intelligently.” – Henry Ford

14. They thrive on pressure and uncertainty

“You must not only learn to live with tension, you must seek it out. You must learn to thrive on stress.” – J. Paul Getty

Billionaires thrive on tension; they thrive on uncertainty. When the billionaires started the entrepreneurial process with nothing, there was no security for their initial investment or guarantee for success. Though they made it through the process; they still thrive on uncertainty despite their wealth.

When Bill Gates dropped out of school to build Microsoft; there was no guarantee of success. There was also no guarantee of success for other drop out billionaires such as Mark Zuckerberg, Michael Dell, Steve Jobs, Richard Branson, Larry Ellison and Li Ka Shing. Yet, they emerged successful.

“Without the element of uncertainty, the bringing off of even, the greatest business triumph would be dull, routine and eminently unsatisfying.” – J. Paul Getty

Becoming a Billionaire – 17 Uncommon Traits of Billionaires

15. They use money as a means to keep score

“I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump

Billionaires are driven by passion; not money. They use the money acquired from their businesses as a landmark; a target and a sign to move on to other business challenges. Billionaires use money as a means to keep score; they are not driven by the quest to make money.

“Money was never a big motivation for me except as a way to keep score. The real excitement is playing the game.” – Donald Trump

“If only your goal is to become rich, you will never achieve it.” – John D. Rockefeller

“Being first is more important to me. I have so much money. Whatever money is, it’s just a method of keeping score now. I mean, I certainly don’t need more money.” – Larry Ellison

16. They are opportunists

“The way to make money is to buy when blood is running in the streets.” – John D. Rockefeller

Billionaires are opportunists. They are always on the look out for people’s problems because they always want to be the solution to people’s problems. Billionaires move in when others are moving out; they see opportunities where others see problems. Billionaires are like the ancient alchemists; who try to turn lead into gold. Billionaires will always attempt to turn problems into value; they believe in creating value out of nothing.

“Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.” – J. Paul Getty

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere.” – Orji Uzor Kalu

17. They use debt to their advantage

“If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” – J. Paul Getty

Debt is a double edged sword that can make or break you but billionaires have mastered the art of debt management. In fact, there is no billionaire that is free from debt. However, while others advocate staying away from debt; billionaires use debt as a financial leverage to get richer. While others use debts to acquire flashy liabilities such as cars, houses, etc; billionaires use to to invest and acquire income producing assets. The keyword here is “income producing.” To become rich in life and stay rich, you must be able to know the difference between good debt and bad debt, assets and liabilities, capital gain and cash flow, etc.

“Be careful when you take on debt. If you take on debt personally, make sure it is small. If you take on large debt, make sure someone else is paying for it.” – Rich Dad

“Financial leverage is the advantage the rich have over the poor and middle class.” – Rich Dad

How to Motivate Your Employees

What has motivating employees got to do with effective business management? How do you boost your employees morale? Do you want to learn how to motivate your employees and increase office productivity? Then i advice you read on.

It is a well known fact that you can’t build a successful business alone; there must be contributing efforts from your employees and strategic business team. This therefore, makes it necessary to motivate employees. Now what has motivating employees got to do with transformational leadership? Well, you are going to find out.

In an article i wrote titled “10 Business Challenges Entrepreneurs Face.” i stressed the fact that finding good employees is one of the toughest business challenges faced by most entrepreneurs and that’s the truth. This is the sole reason why HR companies, head hunters and recruiters are having a field day. If you are an entrepreneur and you haven’t gone through the process of hiring, then you are still scratching the surface of business.

“The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.” – Bill Gates

However, finding good employees is not the major challenge. The real challenge is transferring your passion, your entrepreneurial spirit and the fire burning inside you to your employees. Your employees are your business representatives to the customers and outside world. If your employees are sluggish, your business will be sluggish. But if your employees are fast and smart, your business will move at a fast pace. Now that you are convinced that employee motivation is important to increasing productivity, then let’s move on.

“The most important ‘speed’ issue is often not technical but cultural. It’s convincing everyone that the company’s survival depends on everyone moving as fast as possible.” – Bill Gates

How to Motivate Your Employees

1. Build employee’s confidence and self esteem

“Giving people self confidence is by far the most important thing that I can do because then they will act.” – Jack Welch

One good way to motivate employees and increase productivity in your workplace is to build their confidence and self esteem. You can build employees confidence and self esteem. A good way to achieve this is to make your employees understand how important they are to your business. Let your employees know that without them, your business will not exist. Tell them you chose them amongst all because they were the best.

“Everyone has an invisible sign hanging from their neck saying, ‘make me feel important.’ Never forget this message when working with people.” – Mary Kay Ash

When giving an employee a task, tell that employee that the task was given to him/her because he/she is the most competent. Simply saying such words to your employees will boost their morale and they will go all out to prove that they are what you say they are.

“Regardless of the quality of your staff, you have to keep telling its members how good they are, or can be. You must stress their worth and the value to you of what they do.” -  The Mafia Manager

2.  Be a good Communicator

The need for good communication flow is the reason British billionaire; Richard Branson keeps his companies small. He believes everybody should know each other and this belief is the reason his companies are successful. Creating a good communication channel within your organization will increase the productivity of your employees and strengthen the bottom line. Research shows that employees need a leader they can talk to; a leader they can see.

As an entrepreneur, you need to be a good communicator. You need to know how to speak in different situations. Your words should have the power to awaken the spirit inside your employees. Your words alone must have the power to increase the productivity of your employees; as emphasized by Charles Schwab, the master motivator.

You must be able to inspire them to be their best. You must be able to spur them to action and most of all; you must be able to turn bad news into good news. Don’t ever let bad news demoralize your employees; instead, use bad news to inspire your employees.

“Strategically, a major function of the CEO is to look for bad news and encourage the organization to respond to it. Employees must be encouraged to share bad news as much as good news.” – Bill Gates

The primary duty of a leader is to inspire his team to achieve great things and you can’t do it without being a good communicator. If you want to be a good business leader and communicator, i will recommend you take a course in public speaking. It will do you a lot of good in the long run.

“Teams should be able to act with the same unity of purpose and focus as a well motivated individual.” – Bill Gates

3. Delegate responsibilities to subordinates

“When people are placed in positions slightly above what they expect, they are apt to excel.” – Richard Branson

Delegating responsibilities is a very good and proven way to motivate your employees. Employees are always excited and challenged when given special responsibilities. One attribute and characteristic of successful entrepreneurs is the ability to strategically delegate responsibilities to subordinates.

“Before you assign a task, know the facts of the situation and the facts about the staffers who will do the work. Make recommendations and give directions in specific terms with recognizable objectives. Give as few orders as possible.” – The Mafia Manager

4.  Maintain personal contact with employees and remember their important dates

“To be happy, make other people happy.” – W. Clement

One of the best ways to motivate your employees and increase productivity is to keep personal contact with them. You need to treat your employees as important personalities. You need to make your employees think and act as a family. Showing your employees that you care about their personal affairs is a great way to inspire them.

By simply remembering their birthdays, asking how they spent their weekend, asking after their loved ones and sharing on their good or bad moments, you can bring out the best in them. If possible, get to know their family, loved ones, likes and dislikes. Showing your employees that you care will make them feel responsible for your business and they will go all out to make you happy.

“We treat our people like royalty. If you honor and serve the people who work for you, they will honor and serve you.” – Mary Kay Ash

For instance, i have a habit of surprising my employees. Whenever any of my employees is celebrating the birthday, I will arrive early before that employee and drop a gift on his/her desk wishing him/her happy birthday. On special days such as Valentine’s Day, Easter or Christmas, I usually arrive earlier than all my employees and drop a gift on everyone’s desk. This usually causes a stir when my employees arrive; you need to see the sparkle in their eyes. Showing your employees love and care will make them care for your business in return but don’t over do it.

“Don’t be too familiar with your followers; it may at first inspire affection but eventually, like all familiarity; it will breed contempt.” – The Mafia Manager

5. Reward Desirable behaviors

Another step to motivating your employees is by showing appreciation for their efforts. When an employee goes all out to please you by discharging his/her duties excellently, you also have to go all out to show that employee that you appreciate his/her effort.

“Everyone wants to be appreciated, so if you appreciate someone; don’t keep it secret.” – Mary Kay Ash

Try to praise the employee in front of other employees. Giving an employee a hug and saying a big thank you is an excellent way to increase the productivity of that employee and encourage that employee to do more. As a side note, you also need to reward certain failures or mistakes made by your employees.

“Reward worthy failure – Experimentation.” – Bill Gates

“Punishing honest mistakes stifles creativity. I want people moving and shaking the earth and they are going to make mistakes.” – Henry Ross Perot

In my company, I have a program called “A day as the boss.” Every month, the best performing staff will get a chance to be the boss for a day. I vacate my office once a month for the best performing employee to be the boss for a day. There is also an allowance given to that staff of mine for being the boss of the day and the more you repeatedly get on that seat, the more privileges and incentives you receive.

This performance evaluation program increases the productivity and creates a kind of competition between my employees. Those who have made it to the boss seat and gotten some of his incentives want to repeat the feat. Those who haven’t been on the seat strive to get there. I think this kind of competition is healthy for my business.

6. Be a good listener

To be an exceptional business or corporate leader, you need to be a good listener. You need to listen attentively before you take any action. You also have to encourage your staff to share their problems with you. You need to make them have confidence in you; they need to see you as a father. Sometimes, an employee might be emotionally shaken and needs someone to talk to. Always bear in mind that a sad employee might affect your business negatively. So you have to get that employee of yours out of that emotional burden.

You must always listen to your employees with rapt attention, don’t be in a haste to hear them out. Your employees must be encouraged to share either bad news or good news with you and you must be willing to listen very attentively. A good team leader is a leader who listens.

“Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates

How to Motivate Your Employees and Increase Productivity

7.  Take corrective measures

“There will be times when you have to be abrasive, even brutal to members of your staff. Don’t worry that people will say bad things about you because of this; they already have. But in general, try to be pleasant and accommodating. Try to please the greatest number who work for you that you can; antagonize the fewest. Blow smoke.” – The Mafia Manager

As an entrepreneur, you need to take quick corrective measures on both yourself and your employees. You must also encourage your employees to bring their grievances to you instead of murmuring and criticizing you behind.

“Be prepared for betrayal from anyone on your staff, but especially from those you have the most trust in. Every betrayal must be repaid as quickly and as publicly as possible. If you should let a betrayal go unpunished, you are through as a leader.” – The Mafia Manager

Never leave staff conflict unattended to, even if it is a minor complaint about an employee. Sometimes, increasing your employees productivity may require you take corrective steps and disciplinary action that includes firing, sanctioning or suspending an employee. Sometimes in business, you have to let go of bad employees or else, the good ones will leave.

“You must fire bad customers just as you would fire a bad employee. If you do not get rid of your bad employees, the good employees will leave. If I do not fire bad customers, not only will my good customers leave but many of my good employees will leave as well.” – Rich Dad

8.  Share wins together with your employees

“If you are really thankful, what do you do? You share.” – W. Clement Stone

The last but not the least way to motivate your employees and increase their productivity is to share your business wins with them. Remember, you can never make certain achievements without the input of your employees. Sharing your wins sometimes means dedicating some of your awards or milestone achievements to them.

When Virgin Atlantic won the libel suit it filed against British Airways, it shared the compensation paid by British Airways with all employees. That’s a good example of sharing wins together with your employees. Another company that has used profit sharing as a strategy to increase productivity is Wal-Mart.

“The profit sharing plan has created significant wealth for many Wal-Mart employees, but more importantly; it makes each employee eager to work hard and come up with innovations to improve the profitability of the company.” – Sam Walton

In conclusion, these are the eight basic steps to motivating your employees and increasing their productivity in the office. Motivating employees is no big deal, all you have to do is come up with something creative and you will see an increase in employee productivity.

12 Traits of Successful Entrepreneurs

What are the traits of successful entrepreneurs that set them apart from everyone else? What trait do entrepreneurs like Bill Gates, Steve Jobs, Oprah Winfrey, Henry Ford, Mike Adenuga, J. Paul Getty, Lawrence Ellison, Lakshmi Mittal, W. Clement Stone, Richard Branson and Aliko Dangote have that the ordinary entrepreneurs don’t? All these questions are going to be answered in this article.

After understudying the lives of successful entrepreneurs and the drop out billionaires of this world, I have been able to pinpoint 12 traits that makes them successful. Without wasting your time, below are the 12 traits of successful entrepreneurs.

 12 Traits of Successful Entrepreneurs

1.  Successful Entrepreneurs are proactive learners

Entrepreneurship is a life long process and successful entrepreneurs know this. Things change so fast in the business world; you could be an innovation today and become obsolete tomorrow. To stay on course and adapt swiftly to the ever changing trend, successful entrepreneurs keep studying and learning.

“To succeed in business, to reach the top, an individual must know all that is possible to know about that business.” – J. Paul Getty

They read industrial journals, books and magazines. They attend seminars and update themselves regularly with the latest industrial trend. Successful entrepreneurs know that their cup is never full; they know that they don’t have the right answers to all questions. So they humble themselves and learn when availed the opportunity.

“A cup that is full is useless.” – Chinese Proverb

2.  They thrive on risk

“In today’s rapidly changing world, the people who are not taking risk are the risk takers.” – Robert Kiyosaki

I have never seen a successful entrepreneur who rose to the pinnacle of success without a measurable amount of risk. Successful entrepreneurs are risk takers; they risk their time, energy and resources with the hope of building a successful business. If they fail, they risk losing everything they’ve ever owned. Risk is the main reason many employees fail to start a business.

“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

3.  They work for free

Working for free is one trait of successful entrepreneurs that set them apart from others. It’s hard to find individuals who will be willing to work for free, without pay for many years but successful entrepreneurs do this. They work on their business for many years without pay.

“You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey

Being an entrepreneur, I can attest to this trait because I have built businesses without getting a dime from them for some years. All profits generated are re-invested into the business. Before i get paid as an entrepreneur, i must first make sure that my business is running smoothly, then i pay my employees, pay the government and pay my investors.

To be a successful entrepreneur, you must always bear in mind that you are not building a job for monthly pay. Instead, you are building an asset that can generate residual income for you and add value to humanity in the coming years.

4.  They work longer hours than employees

“I have no complex about wealth. I have worked very hard for my money; producing things people need.” – J. Paul Getty

Successful entrepreneurs are known for their extraordinary resilience and long standing commitment to the course of building a business. Building a business is never easy and it requires time and dedication. Entrepreneurs are known to work for 70 – 80 hours per week while average employees work less than that.

From my own personal experience, i can tell you that this fact is true. I wake up everyday by 5am and go online immediately sending messages to my staff or writing down ideas. By 8am (Mon – Fri), i am in the office and work till 6pm while my staff are dismissed by 4pm. On my way home, i am always online and even while in bed at night, my smartphone and notepad is nearby because ideas may pop into my head at any time. Even at that, i must still spend time with my family. This is my life as an entrepreneur. So if you are going to join the league of successful entrepreneurs, then you definitely need to develop the trait of working longer hours than normal.

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

“My formula for success? Rise early, work late, strike oil.” – J. Paul Getty

5.  Successful entrepreneurs learn quickly from mistakes

“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs

Of all the traits of successful entrepreneurs, this one interests me the most. Many individuals shy away from the game of entrepreneurship because of the fear of making mistakes. They perceive mistakes as bad because mistakes sometimes cost money and pain; so they avoid it like a plague. But successful entrepreneurs see business mistakes as a learning tool; they see it as an opportunity to learn something new.

“Even a mistake may turn out to be the one thing necessary to a worthwhile achievement.” – Henry Ford

Successful entrepreneurs make mistakes in business but they don’t quit. They know mistakes are part of the entrepreneurial process, so they learn quickly from these business mistakes and move on. I strongly believe that if you have not made a mistake in business that cost you money and caused you a few sleepless nights, then you have not really tasted the sour side of entrepreneurship.

“Like success, failure is many things to many people. With positive mental attitude, failure is a learning experience, a rung on the ladder, and a plateau at which to get your thoughts in order to prepare to try again.” – W. Clement Stone

“Excuses cost a dime and that’s why the poor can afford a lot of it.” – Robert Kiyosaki

6.  They have the ability to run on debt

“If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” – J. Paul Getty

As a rule of life, we are all indebted to someone in one way or the other. With respect to building a business, I have never seen a successful entrepreneur that hasn’t been in debt. Everyone owes but successful entrepreneurs know how to use debt to their advantage, they know how to use debt as an instrument and leverage to build a business and get richer.

“Financial leverage is the advantage the rich have over the poor and middle class.” – Rich Dad

“Be careful when you take on debt. If you take on debt personally, make sure it is small. If you take on large debt, make sure someone else is paying for it.” – Rich Dad

 12 Traits of Successful Entrepreneurs

7.  They are accountable and responsible

Successful entrepreneurs are accountable and responsible for the failure or success of their business. They shoulder the responsibility of piloting the business through its trying times. If they succeed, it becomes a plus to them but if they fail, they will be held responsible.

8.  They thrive on criticism

“Dare to risk public Criticism.” – Mary Kay Ash

Another trait successful entrepreneurs share in common is the ability to forge ahead in the face of criticism. Building a business comes with its own challenges; as an entrepreneur, you are bound to be loved and hated by the public. But successful entrepreneurs always devise a means to use every bit of criticism to make themselves better and stronger.

“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford

“Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates

9.  Successful entrepreneurs are ambitious

“I Intend to be, the richest man in the world.” – Howard Hughes

Ambition is one of the traits of successful entrepreneurs. Successful entrepreneurs think big and do things big. They are never satisfied with their current achievement; they believe there is always room for constant improvement and they go for it.

“I like thinking big. If you’re going to be thinking anything, you might as well think big.” – Donald Trump

Mukesh Ambani controls the world’s largest refinery. Lakshmi Mittal built Mittal Steel to become the world’s largest steel producer and Aliko Dangote; the richest man in the world controls the largest cement factory in Africa. Look at Larry Ellison’s ambition to surmount Microsoft. In generality, entrepreneurs are very ambitious personalities.

 ”I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.” – Larry Ellison

12 Traits of Successful Entrepreneurs

10.  They are opportunist

“War has been good to me from a financial standpoint but I don’t want to make money that way. I don’t want blood money.” – Ted Turner

This is another trait of successful entrepreneurs. Successful entrepreneurs share a common ability to see opportunities, where others see problems. They know that behind every problem lies an opportunity. Successful entrepreneurs are the drivers of creativity and innovation even in the midst of adversity.

“The way to make money is to buy when blood is running in the streets.” – John D. Rockefeller

11. They are great leaders

“If there is such a thing as good leadership, it is to give a good example. I have to do so for all the IKEA employees.” – Ingvar Kamprad

Successful entrepreneurs are great leaders with a well thought leadership strategy. They possess the ability to bring out the best in their employees. They inspire creativity and foster innovation. They also have the ability to hire and lead smarter individuals

“Good leadership consists of showing average people how to do the work of superior people.” – John D. Rockefeller

“Punishing honest mistakes stifles creativity. I want people moving and shaking the earth and they are going to make mistakes.” – Henry Ross Perot

12.  Successful entrepreneurs are team players

“Individuals don’t win in business; teams do.” – Sam Walton

“Go to the wolf, consider its ways and be wise. A wolf will never hunt alone; it hunts in packs because it knows the power of team work.” – Ajaero Tony Martins

I want to start my own business, I want to be my own boss, I want to do this my own way. These are the words I often hear from people who dream to become entrepreneurs. Successful entrepreneurs know that entrepreneurship and investing are team sports. So they never work alone, they join forces with other entrepreneurs and professional advisers to build a successful business.

In conclusion, these are the 12 traits of successful entrepreneurs which you must possess in order to succeed. Successful entrepreneurs were not born with these traits, they developed them over time. You can also develop these traits, if only you are willing.