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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

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.

List of Entrepreneurial Skills You Need for Fast Business Success

What secrets or entrepreneurial skills are needed to build a successful from scratch? Have you ever compared yourself with entrepreneurs such as Bill Gates, Henry Ford, Warren Buffett, Steve Jobs or Larry Page? What entrepreneurial skills do these great entrepreneurs possess that you don’t? How did Mark Zuckerberg attain a net worth of $6billion in 2010 while commanding a network of over 100 million users on Facebook? How did Aliko Dangote emerge the richest black man in the world? If the answers to these questions interest you, please read on.

“I wanted to be an editor or journalist. I wasn’t really interested in becoming an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.” – Richard Branson

I hope you know that to be a successful footballer, you must possess the necessary skills of a footballer. The same goes for every other profession including entrepreneurship. In this article, I will be tearing apart, the important entrepreneurial skills that set apart; the great entrepreneurs from others. If building a business is your concern, then you should make the acquisition of these entrepreneurial skills a priority.

“Skills make you rich, not theories.” Rich Dad

Without beating about the bush, below are five important entrepreneurial skills you must develop to build a successful business from scratch.

  List of Entrepreneurial Skills You Need for Fast Business Success

1.            Personal Skills

“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett

The first skill you must develop as an entrepreneur is your personal skill. Now what do I mean by personal skills? Personal skills are simply those skills that are attached to your personality, more like habits. They are the characters possessed by successful entrepreneurs. For instance; if you are a professional proofreader, then it’s important you develop a keen eye for spotting errors.

 “Great men are ordinary men with extra ordinary determination.” – Abraham Lincoln

When I talk about developing your personal skill with respect to building a business, I am talking about developing your entrepreneurial mindset. You have to be in the right mindset before ever starting a business. Being in the right mindset entails you have abandoned the get rich quick mentality and above all, you must have integrity.

“The most important thing in your business relationships is your reputation for honesty. If you can genuinely and sincerely fake honesty, you will be a success. Never doubt it.” – The Mafia Manager

If you carefully study the lives of successful entrepreneurs, you will observe they are courageous, passionate about their entrepreneurial calling and most of all, they think outside the box.

“Men of genius are admired, men of wealth are envied, men of power are feared, but only men of character are trusted.” – Arthur Friedman

“Courage is what it takes to stand up and speak, courage is also what it takes to sit down and listen.” – Winston Churchill

2.            Communication skill

“The test of a real comedian is whether you laugh at him before he opens his mouth.” – George Jean Natha

The next important entrepreneurial skill you need to develop is communication skill. A famous speaker once said that “the fact that you are talking doesn’t mean someone is listening.” I don’t know who made this statement but I know there is an atom of truth in it.

“Your words have the power to start or quench passion.” – John Mason

To be a successful business owner, you must be a powerful communicator. Look at Bill Gates; whenever he speaks, people listen with rapt attention. Steve Jobs successfully launched the IPod and IPad because he was a powerful communicator. Whenever Warren Buffett gives a directive or recommendation, people act.

“If the customer says they are not interested, it means you are not interesting.” – Jeffrey Citomer

Investors scramble for Buffett’s annual letter to his CEOs. Why? They do so because Warren Buffet has taken time to perfect his communication skill. Now how do you develop this communication skill? Warren Buffett; the billionaire investor once confessed in an interview that he took a public speaking course at Dale Carnegie’s academy to improve his communication skill.

“The more I risk being rejected, the better my chances are of being accepted.” – Rich Dad

  List of Entrepreneurial Skills You Need for Fast Business Success

3.            Negotiation skill

In the course of building a business, you are bound to negotiate deals. You negotiate with customers and suppliers over goods and services offered. You negotiate with bankers over bank loans terms and conditions, just as you negotiate with investors over equity and stakes.

“If you cannot negotiate, you will end up getting good deals at exorbitant prices or worse still, you will get nothing.” – Ajaero Tony Martins

Bill Gates became the richest man in the world in his thirties because he strategically negotiated a deal with IBM in his early 20s. If Bill Gates lacked persuasion skills, his name may not have been imprinted in the sands of time. So if you cannot negotiate, if you lack persuasion skills; building a business may just be a dream to you. Negotiation or persuasion is an art that can be learned, all you have to do is to devote your time to learning it and you will become a master at it.

4.            Leadership skill

“In business, leadership skill is not an option. It’s a necessity.” – Rich Dad

Business is all about your relationship with people. It entails uniting people with different backgrounds, beliefs and skills to a common cause. It entails forging people with different skills and ideologies into a business team.

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

I have never seen a great business without a great leader at the helm of affairs. Building a successful business therefore requires you become an excellent business leader. Take a look at Bill Gates, Henry Ford, John D. Rockefeller, Andrew Carnegie, Thomas Edison, Aliko Dangote, Steve Jobs and so many others. These men are great leaders in their respective businesses.

“Business is not just doing deals; business is having great products, doing great engineering and providing tremendous service to customers. Finally, business is a cobweb of human relationship.” – Henry Ross Perot

Successful entrepreneurs were not born business leaders; they were made. They became business great leaders because they desired it; they humbled themselves and learned the art and science of leadership. Today, they are leaders in their game with a huge number of followers.

“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

It’s within you reach to become a good corporate leader or but you must first develop the first three entrepreneurial skills listed above which are: personal skill, communication skill and negotiation skill. This is necessary because these three skills are vital components of effective corporate leaders.

“The ability to deal with people is as purchasable as a commodity as sugar or coffee and I will pay more for that ability than for any other thing under the sun.” – John D. Rockefeller

5.            Sales skill

“If you cannot sell, you will be sold.” – Ajaero Tony Martins

This is perhaps, the most important entrepreneurial skill of all. I decided to list it last so that I can explain its details in full. The reason I regard this as the most important is because I have never seen a business that doesn’t sell one thing or the other. If you are not selling tangible items, then you are probably selling intangible items such as services.

“A man’s success in business today turns upon his power of getting people to believe he has something they want.” – Gerland Stanley

I regard sales skill as the most important because life is all about selling. To get a good job, you must sell yourself to your employers. Even before you get married, you must sell yourself to your spouse, convincing him/her that you are the best partner. Success in business is also all about selling; you must first sell yourself to your investors, next to your suppliers, your business team and employees and then to your customers.

“The best way to turn a woman’s head is to tell her she has a beautiful profile.” – Sacha Guitry

Many people shy away from selling because they are afraid of rejection. Bill Gates sold himself to IBM before he became a billionaire. Steve Jobs personally sold his products such as the IPad in the media. Thomas Edison and Ray Kroc started as salesmen; I am also in the business of selling. The moment I stop selling; I will cease to be an entrepreneur. So my last note to you today is this “start selling something.”

“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad

In conclusion, I want you to go over the five entrepreneurial skills again and decide which one is missing in your life. As a last note, I leave you with this quote;

“Skills make you rich, not theories.” – Rich Dad

David vs Goliath: How to Overcome Your Giant Competitors with Limited Budget

How can I build a successful business from scratch when there are giant businesses existing in my industry? How can I compete favorably with the giants of industry when I have limited budget? If you desire answers to the two questions asked above, please read on.

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

The story of David and Goliath is one of the biblical stories I love so much since the days of my childhood. For those of you who may not be familiar with the story, it is simply a story of how a little shepherd boy defeated a famous fully armed giant warrior. An inspiring story of how a boy rose from nothingness to become one of the greatest king and warrior. Though I am not a religious fanatic, I often use this story as a source of inspiration whenever I am faced with a giant obstacle.

“It’s alright to be Goliath but always act like David.” – Philip Knight

Now how does this story apply to you and the business world? As an entrepreneur, I believe you know that the business world is full of giant companies with billions of dollars to spend on advertising.  These giants have all it takes to crush any small business that crosses their path.

“In business, the competition will bite you if you keep running. If you stand still, they will swallow you.” – Victor Kim

But over time, I have seen few small cap companies with limited budget outperform and overtook these giant competitors. So how were these small cap companies with limited budget able to overcome the giant competitors? How were companies like Microsoft, AOL, Dell, Amazon, Google and Yahoo able to outperform established billion dollar companies like Barnes and Noble, IBM, J.C Penny, Wal-Mart and so on? This article is going to provide you with the answer.

After digging deep, I finally found the answer to these questions in the story of David and Goliath. I also found out that the lesson of this story is very applicable to the business world. Asking the questions above is just like asking “how did David defeat Goliath?

In this article, I am going to reveal to you how to overcome your giant competitors with your limited budget using the story of David and Goliath as a source of reference. All you need is to keep an open mind and be willing to apply the principles. Before I proceed, I will like you to assume your business as a David and your competitors as Goliath.

“Therefore I say: know the enemy and know yourself; in a hundred battles, you will never be defeated.  When you are ignorant of your enemy but you know yourself; your chances of winning or losing is equal. If you are ignorant of both your enemy and yourself, you are sure of defeat in every battle.” – Sun Tzu

David Vs Goliath: How to overcome your giant competitors with limited budget

“Inside each of us is a David and a Goliath.” – Rich Dad

1.            The Power of a Niche

In the battle against the Philistine army, David was able to spot a niche; a niche nobody wanted to venture into. All Israelite soldiers were waiting for a confrontation with the Philistine army but nobody wanted to face Goliath. David was able to spot the niche that nobody wanted to fight Goliath. So Instead of focusing on the army of the enemies, he focused on Goliath. Goliath was his niche to victory.

“Concentrate your energy, your thoughts and your capital.” – Andrew Carnegie

Also in the business world, big companies with billions of dollars to spend on advertising are often after large mass markets, thereby paying less attention to the smaller niches. Now for you with limited budget, you can match these bigger competitors by focusing your efforts on the niches overlooked by the giants. Sometimes, big companies feel too big to serve these smaller niches. All you have to do is take advantage of their ego, serve these small niches with the little budget you have and see your business sales skyrocket. I think you will understand more with these illustrations:

How was Richard Branson’s Virgin Atlantic able to break through the monopoly of British Airways? The answer is; Virgin Atlantic focused on providing first class services at cheaper rate to an ignored niche, “Business class and Students.“

How was Henry Ford able to become one of the richest men in his time? Henry Ford became a billionaire in his lifetime because he focused on providing quality automobile at an affordable rate to an overlooked niche, “the masses or low income earners.“

All these illustration brings me to my lesson one which states that: There is often an abandoned or overlooked niche in every industry. To overcome your competitors, all you have to do is find this niche and serve it. Leave mass marketing to the giants; you can achieve more result using targeted marketing as a strategy.

2.            The Power of Faith

Before confronting Goliath, David had faith that Goliath could be defeated. Now as human beings, we are bound to have doubts or fear. David may have experienced a little fear but the difference was that; his faith was stronger than his fear. Faith is simply the ability to act despite tremendous doubt.

“Fear is faith that it won’t work.” – Mary Kay Ash

As an entrepreneur, you must never see your competitors as infallible. You must see a possibility in your mission to outperform your competitors. Just as Adidas slogan says: “Impossible is nothing.” If you execute your business plan and implement your competitive strategy with this mindset, success will be yours. One thing I want you to know about faith is this; faith attracts supernatural assistance.

“Without faith, it is impossible to please God. With faith, you can move mountains.” – The Holy Bible

3.            The Power of Self Belief

“Some people intertwine self belief and faith but I stand to say they are not the same. Faith is not self belief. While faith says it can be done, self belief says ‘I can do it.’ While faith says there is possibility, Self belief says ‘I am the possibility.’ Faith without self belief is vain.” – Ajaero Tony Martins

If you analyze the biblical story of David and Goliath; you will observe that Israelites had faith that Goliath will someday be defeated but none had self belief. The soldiers said in their hearts “one day, Goliath will be defeated” but they avoided the word “I can kill Goliath.” David not only had faith that Goliath can be defeated; he also had the self belief that he was the one to do it.

“One important key to success is self confidence. An important key to self confidence is preparation.” – Arthur Ashe

Many entrepreneurs lack self belief; many entrepreneurs are very good at spotting opportunities disguised as problems and they know a solution can be found but they don’t see themselves as being the one to provide the required solution. Many entrepreneurs don’t believe in their God given abilities. Some can’t picture their business competing favorably with big companies. As an entrepreneur, you must have faith that your competitor can be defeated and you must believe your business can do it.

“The biggest challenge you have is to challenge your own self doubt and your laziness. It is your self doubt and your laziness that defines and limit who you are.” – Rich Dad

Now how can you develop self belief? The first step is to access your strengths and weaknesses. I added weakness here because a chain is only as strong as its weakest link. You must also access that of your competitor’s. Though Goliath was fully armed and heavily armored, he was defeated because his opponent (David) spotted and exploited his weakness. You can outperform your competitors if you can spot their weakness and exploit it.

Another way to strengthen your self belief is by drawing courage and inspiration from your past achievements and track record. David drew courage from his past achievement of killing a bear and a lion. He believed Goliath will also end up like the lion and bear. You can also boost your self belief by discovering your competitive advantage in business.

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

4.            The Power of Persuasion

Though David had the faith, self belief and a good track record, he would never have confronted Goliath if he had not been able to convince and sell himself to King Saul.

“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad

This same scene is also applicable to the business world. I have seen entrepreneurs with strong business plans but they seem not to be making headway because they lack the ability to convince investors to invest in their idea. I have seen businesses with great products and services remain stagnant because they cannot sell. You may have a strong competitive advantage, a great product or service and a proven track record but if you cannot sell yourself, you will remain where you are.

“Anything that won’t sell, I don’t want to invent. Its sale is proof of utility and utility is success.” – Thomas Edison

Sometimes I wonder where Bill Gates would have been, if he hadn’t been able to sell his proposal to IBM. I wonder if there would have been a General Electric, if Thomas Edison hadn’t been able to sell himself to investors and I wonder if Aliko Dangote; the richest black man in the world would have been able to raise a billion dollars for his Obajana Cement factory, if he lacked the ability to sell.

David Vs Goliath: How to overcome your giant competitors with limited budget

5.            The Power of Leverage

“Give me a lever and a place to stand and I will move the earth.” – Archimedes

Leverage is one of the most powerful words in the world of business and investing. Leverage is simply the ability to do more with less. Leverage is simply asking; how can I position my business to compete favorably with less resources?

“Leverage is the reason some people become rich and others do not become rich.” – Rich Dad

David acknowledged that Goliath was taller and heavily built than he was, so he asked the question; “how can I defeat Goliath without engaging him in a hand to hand combat? That answer came in the form of leverage. That leverage was a “sling.“

“The most important word in the world of money is cash flow. The second most important word is leverage.” – Rich Dad

A simple truth is this; leverage is everywhere. Leverage can be in the form of financial leverage, brand leverage, personality leverage and intellectual leverage. In fact, there are many ways to surpass your competitors using leverage as a tool. I will not go into the details of leverage here because I previously wrote an article titled “The Power of Leverage,” so if you are interested, you can read it later. A last note I want to drop about leverage is this; leverage is a double edged sword, it can make or break your business.

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

6.            The Power of Speed

“Your greatest and most powerful business survival strategy is going to be the speed at which you handle the speed of change. That speed of change is trend.” – Ajaero Tony Martins

When it comes to building a business, I have seen what the power of speed can do. But before I proceed, let me take you back to the story of David and Goliath. Goliath was armed with a shield, spear and a sword but David had only a sling and a stone. Now what was the difference?

“The speed of the leader determines the speed of the gang.” – Mary Kay Ash

The weapons of both David and Goliath had the potential to kill but the difference emerged in their speed. Though David’s weapon was cheaper, lighter and smaller, it had the ability to reach its target faster than that of Goliath. The sling and stone had the power of speed.

“A company’s ability to respond to an unplanned event, good or bad is a prime indicator of its ability to compete.” – Bill Gates

Is the power of speed still applicable in our time? My answer is a resounding yes. When the dot com era began, I saw the speed at which new small cap companies like Dell, Google, Yahoo, Microsoft, Amazon and Google embraced the dot com trend. While older companies were contemplating joining the web trend, smaller companies jumped in. These smaller companies later surpassed their heavily capitalized older counterparts. That’s the power of speed.

“How fast a company can respond in an emergency is a measure of its corporate reflexes.” – Bill Gates

“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

I hope you know that the speed at which you make life changing decisions determines how far and how fast you will go in life. My question to you now is; how fast is your marketing weapon? How fast is your business idea? How fast is your plan and how fast is your strategy?

“There are fast ideas and slow ideas, just as there are fast trains and slow trains. When it comes to money, most people are on the slow train looking out the window watching the fast train pass them by. If you want to become rich quickly, your plan must include fast ideas.” – Rich Dad

The internet came with a new kind of speed and small cap companies speedily took advantage of this new speed. By taking advantage of this new speed, these new small cap companies were able to reach the customers faster and at lesser costs than their giant counterparts. Companies like Dell, EBay and Amazon sold more and delivered faster via web stores. They speedily handled customer’s complaints and orders via emails. This new speed gave small cap companies like Amazon, Dell and EBay a new kind of leverage and power; the power to do more with less. This new power made the small cap companies surpass and eventually become more valuable than their giant competitors.

“Business is going to change in the next ten years than it has in the last fifty years.” – Bill Gates

The business world is changing so rapidly. If you are not swift to take advantage of the latest innovation or trend, your business will become obsolete or out of date. Once again I ask; how fast is your plan and strategy? How fast can you handle the speed of change called trend? The answer to these questions may be your competitive advantage.

“In three years, every product my company makes will be obsolete. The only question is whether we will make them obsolete or somebody else will.” – Bill Gates

7.            The Power of Flexibility

The problem most entrepreneurs have is the problem of “mental rigidity.” Entrepreneurs with mental rigidity may have good plans but the problem is; they think their plan is the best plan. When presented with a new and better plan, these entrepreneurs will close their mind saying; my plan is the best.

“Willingness to change is a strength, even if it means plunging part of the company into total confusion for a while.” – Jack Welch

Lack of flexibility made Henry Ford lose the leadership position of Ford Motor Company to Alfred Sloan’s led General Motors. Henry Ford insisted on mass producing cars with a single color; black while General Motors experimented with different colors on their cars.

“To defeat the enemy, you must be as flexible as water. Water has the ability to quickly take the shape of any container it finds itself.” – Chinese proverb

In most of my articles, you will observe I always recommend you keep an open mind. Instead of just reading my article title and drawing a conclusion, I always recommend you keep an open mind, read the article carefully and reflect on the lessons. Your criticism can come after this.

“Cynics and fools are twins on the opposite sides of reality and possibility. Fools will believe any far fetched scheme and a cynic will criticize anything outside their reality. A cynic’s reality does not allow anything new in and a fool’s reality does not have the ability to keep foolish ideas out.” – Rich Dad

My reason for recommending you keep an open mind is because there are two sides to a coin. In every situation, opinion, fact, problem or opportunity; there are always two sides. The problem is that most people only see one side of the coin. Seeing two sides requires you keep an open mind.

Let’s go back to our story. David has never used a sword or armor before; all he could use was the sling. Though David was not used to wearing armor, he was willing to try it when King Saul suggested it to him. David ended up not using Saul’s sword and armor but the point remains, he understood the power of flexibility.

Flexibility as a competitive strategy can be a key to overcoming your giant competitors. As an entrepreneur, you must constantly be on edge. You must always be open to new ideas and willing to expand your perspective.

8.            The Power of Strategy

In any game, strategy is a very important word; and entrepreneurship is a game. In business, it’s often said that the company with a smarter strategy will always emerge the winner. Sometimes, we intertwine the word “strategy” with “tactics” but they are not the same.

According to Oxford dictionary; a strategy is a plan developed to achieve a particular purpose. It is also said to be the process of planning something or putting a plan into operation in a skillful way. Tactics on the other hand is a particular method used to achieve something.

“My most important word in business is ‘Strategy’ and the reason is this: The speed at which your business grows is directly proportional to the overall strategy deployed on that business and the team behind the creation of that strategy.“  - Ajaero Tony Martins

Now in the game of trying to overcome your competitors, you must develop a smart strategy that will help you achieve your aim. The aim of a business strategy is to concentrate your business interest to the overall resource exploitation with the ultimate goal of increasing sales, overcoming competition and dominating the niche.

Taking a cue from our biblical story, you will note that David was strategic in his approach towards Goliath. His strategy was to subdue Goliath with minimal effort; and to ensure the successful implementation of this strategy, David employed the following tactics:

  • He picked five stones instead of one just in case the first stone didn’t make the hit.
  • He avoided engaging Goliath in a hand to hand combat
  • He exploited Goliath’s ego and over confidence
  • He aimed at achieving his goal with the first shot
  • He took Goliath by surprise and caught him off guard

“To win one hundred battles in one hundred victories is not the ACME of skills. To subdue the enemy without fighting is the ACME of skill.” – Sun Tzu

These were the five tactics David employed in his fight against Goliath and it worked. Before going up against your competitors, consider putting together a strategy which should also include contingency plans just in case things don’t go your way.

“The best thing to invest in your business is your time. To schedule, plan and use time effectively, know your turf and know your objectives. Assess the obstacles and opportunities, then devise your strategies.” – The Mafia Manager

In conclusion, I want you to know that success in business does not come merely by reading but by implementing what you’ve read. Just as a popular saying goes; “the taste of a pudding is in its eating.” Overcoming your giant competitors will not come by planning alone but by strategically executing the plan. As a final note, I leave you with this quote.

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

Characteristics of Successful Entrepreneurs

What are the characteristics of successful entrepreneurs? What is the driving force behind most famous, successful entrepreneurs that propel them in their quest to acquire massive wealth? This seems to be the most bugging question on the mind of young entrepreneurs.

Today, I am going to answer that question by sharing with you the exact qualities or characteristics most successful entrepreneurs possess and how you can develop yours. Join me as I reveal the secret of successful entrepreneurs such as Thomas Edison, Bill Gates, Oprah Winfrey, J. Paul Getty, Larry Ellison, Mukesh Ambani, Lakshmi Mittal and Aliko Dangote; the richest black man in the world.

                15 Characteristics of Successful Entrepreneurs and How to Develop Yours

1.            Passion and Energy

 When you think of the likes of Bill Gates, you tend to feel he is living a life filled with long vacations and excessive free time. But that’s not true; most successful entrepreneurs are known to have a great amount of passion and energy.

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

In fact, they possess the capacity to work long hours with minimal sleep. What most people don’t realize is that entrepreneurs work longer hours than most employees; shuffling between their family, business duties and meetings. This just reminds me of a quote from Warren Buffet, the world’s richest investor and founder of Berkshire Hathaway.

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

2.            Ability to take Responsibility

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

Successful entrepreneurs are known to take responsibility of their actions and decisions even in the face of failure. They don’t blame their employees; instead they take charge, correct their business mistakes and move on.

“My philosophy is that not only are you responsible for your life but doing the best at this moment puts you in the best place for the next moment.” – Oprah Winfrey

3.            Long Standing 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

This is a very vital character possessed by any successful entrepreneur you come across. Entrepreneurs are known to be committed not just for the moment but for years. You can imagine Warren Buffet, who is in his 80′s, yet he is still committed to the growth of Berkshire Hathaway, which he founded many years ago.

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

“If I make a commitment to something, I will stick to it no matter what.” – Jenny Craig

4.            Self Belief

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

Successful entrepreneurs are known to 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. This is a major character venture capitalist watch out for before financing any business venture.

“Some people intertwine self belief and faith but I stand to say they are not the same. Faith is not self belief. While faith says it can be done, self belief says ‘I can do it.’ While faith says there is possibility, Self belief says ‘I am the possibility.’ Faith without self belief is vain.” – Ajaero Tony Martins

5.            Persistence

“When the going gets tough, the tough gets going.”

This is what persistence stands for; the ability to press on in the face of hardship. Without persistence, nothing can be achieved. When you think of persistence; think of Henry Ford, founder of Ford motor Company and Ray Kroc, founder of McDonalds.’

“Nothing in the world can take the place of persistence. Nothing is more common than unsuccessful men with talent. The world is full with educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

6.            Goal Setting

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

All successful entrepreneurs share the characteristic of being goal oriented. They have the ability to set clear goals for themselves. These goals are high and challenging but realistic and attainable. To them, life without goals set and achieved is life wasted.

“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

7.            Ability to take Risk

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

As we all know, business is a risk and to undertake it, you have to be daring. Successful entrepreneurs are risk takers; they put down their time, energy and resources to make sure their business stand the test of time.

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

8.            Intelligent Use of Feedback

Feedback is one element that successful entrepreneurs don’t joke with. In fact; it is so important that they surround themselves with smart teams so as to get feedbacks about decisions they took. Most importantly, they make intelligent use of the feedback they receive. Please note that feedback can be in the form of criticism, opinion or advice.

“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              Strong Self Imposed Standards

“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett

Successful entrepreneurs have laid down principles which they don’t compromise for any reason. If you want to be a successful entrepreneur, you must be firm, strict and be a man or woman of principle.

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

“Real integrity is doing the right thing, knowing that nobody’s going to know if you did it or not.” – Oprah Winfrey

10.          Ability to Work under Pressure and Uncertainty

To be an entrepreneur, you must have the ability to work under pressure and uncertainty. Whenever you are facing tough times in your business; remember Donald Trump, who was in personal debt of a billion dollars and his corporation was in debt of 9 billion dollars yet he kept cool and worked his way out of the debts.

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

11.          Strong Internal Control

Control is essential to the business survival of every successful entrepreneur. To build a successful business, you need firm control of your cash flow and all other business systems. Control is a watch word of entrepreneurs and investors.

“In order to be a player on the fast track, you will need to have a plan on how to gain more and more control. On the fast track, it is control more than money that counts.” – Rich Dad

12.          Intelligent Use of Resources

Sometimes, entrepreneurs are faced with the challenge of building a business with limited capital. When building a small business startup from scratch, there is need for efficient utilization of the limited resources. It’s called building a business on a “Shoe string budget“

“IKEA people do not drive flashy cars or stay at luxury hotels.” – Ingvar Kamprad

13.          Ability to Quickly Learn From Failures

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

Successful entrepreneurs make lot of mistakes that sometimes lead to business failures but 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.          Money as a Means of Keeping 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

This characteristic might sound a little bit funny but it is a common attribute found in most successful entrepreneurs. Entrepreneurs use the money acquired from their business as a landmark, a target and a sign to move on to other business challenges. An entrepreneur who makes his/her first million dollars will be happy with the achievement and will set a goal to make his/her first 100million dollars.

“Build wealth as a by product of your business success; If wealth is your only objective in business, you will probably fail.” – J. Paul Getty

15.          Delayed Gratification

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

I should have listed this first but I decided to save it for the last. Most individuals like the concept of getting rich quickly, invest today and gain a 1000% ROI in a week and stuffs like that. Entrepreneurs know that profit or reward may not be instant and may even take as much as five years before receiving any dividend. Sometimes, they work without pay, hoping for a greater reward in years to come.

“I never attempt to make money on the stock market. I buy on assumption they could close the market the next day and not re-open it for five years.” – Warren Buffett

Having revealed the characteristics of successful entrepreneurs, I will advice you try to develop these characters because without these characters, your success will be limited.

How to Write a Business Plan for Small Business

Do you want to learn how to write a business plan for small business? Are you in the process of starting a business or raising capital but don’t know how to write a business plan that can attract investors? Then this article is for you.

I was motivated to write this article because I realized that telling you how to develop a small business plan is just not the same as showing you exactly what needs to be included in one. I hope you know that building a business without a business plan is like flying a plane without your radar.

“A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart team is no longer an idea. It’s now a solid business opportunity worth pursuing.” – Ajaero Tony Martins

In this article, I will be providing you with a quick nine step small business plan outline that can serve as a guide to writing a simple business plan that attracts investors. If you are ready to learn, let’s get started.

               How to Write a Business Plan for Small Business that Attract Investors

1.            The executive summary

The executive summary is what introduces your business to the reader and probably is the most important section for lending institutions. If you can’t convince an investor in the first two or three pages that you have got a good business proposal for them to listen; then just forget about trying to raise capital because your business plan is never going to produce any tangible result. The executive summary is also important as a communication tool to employees as well as any potential customers who need to understand your goals and ideas.

2.            A small section on company start up

This section of your business plan is where you have to clearly explain the thought behind the company’s creation and how you or your business associate came up with the idea to start your business. In this section of your business plan, you are expected to explain in detail the business idea, research result, location analysis, organizational structure, corporate structure and so on. You are also expected to explain the business type, industry and Business phase.

3.            Your company goal

You will have to use this section to explain in a few paragraphs, what your short and long-term goals for the company are. How fast do you think it will grow? Who will be your primary customers? Also to be included in this section is your company’s vision and business Mission statement. This is very vital and must not be ignored.

 4.            Biographies of management

This section will be used introduce your business team and what their purposes are to the business. This section should include information such as the names and backgrounds of lead members of the management team and their responsibilities. Also to be included are their area of expertise, prior achievements, their strengths and weaknesses.

        How to Write a Business Plan for Small Business that Attract Investors

5.            The product/service you will offer

This is where you will include a key piece of information about the product or service your company is offering and how it differs from the competitor’s product in the market.

6.            Your market potential

This is the section of a business plan where you need to convince the investors that you are actually targeting either a large market or a growing niche market. You will need to do some research for this section. For instance; If you are planning to open a locally based business, you need to check out the demand for your offering within a certain radius, this should be based on what you determine is a reasonable distance from your business. If you are planning to open an online or Web based business that relies on both the Internet and local traffic for revenues, you’ll need to evaluate demand on a local or a national basis. You can also seek to obtain this type of information online as many different sites will perform this analysis for you.

 7.            Your marketing plan

This is the section where you will have to ask yourself how you plan to tell the world you have something they need. For example, questions like; will I advertise in print, television, on the Web or all of these? Will I use online marketing tools like search optimization, to get your company listed on search engines and advertised on other Web sites? You will also need to include how much you plan to spend on marketing. It is important to note that your marketing plan should contain marketing strategies and tactics to outwit your competitors.

8.            A 3 – 5 year financial projection

This section of a business plan should have a summary of your expected financial forecasts, including spreadsheets showing the method that you used to reach these projections. You will also have to show your balance sheets, income statements and cash-flow projections for the entire period of that year. This section is also where you tell your investors how much money you intend raising as start up capital. The assumptions that you make in this section will make or break your company’s success. If you are unsure about using this kind of financial modeling, get a professional accountant.

9.            An exit strategy

All good business plans include a section that lays out the benchmarks you will use in deciding when to call it quit. The strategy could be based on a specific figure, revenue growth, the market’s reception to your idea, or a consensus among top officers.

Five Essential Skills you need to Be a Billionaire

It’s been quite a while since I set a personal goal to become a billionaire. If you are a regular reader of this business blog, then you should be aware of this goal of mine and how I intend to achieve it. If not, then let me give you a brief insight into my goal. In 2010, I set a personal goal to become a billionaire in my life time and I went on to explain in detail how to become a billionaire, why I want to become a billionaire and how I intend to achieve the goal.

“Most people think small because most people are afraid of success, afraid of making decisions, afraid of winning. And that gives people like me a great advantage.” – Donald Trump

Why you must think big and set big goals

Now for those of you who are big thinkers and are motivated to set big financial goals, I think it’s worthwhile I share with you some necessary skills you need to achieve your goal. Even if your goal is to retire with a million or billion dollars, you are definitely going to need these skills. Before I proceed into today’s subject, I want you to know the journey to achieving my goal has been a great learning experience. To be sincere with you, the journey hasn’t been easy and why I struggle to stay focused on my business and personal objectives; I try harder not to become obsessed with the goal.

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

“Build wealth as a by-product of your business success. If wealth is your only objective in business, you will probably fail.” – J. Paul Getty

Now in the process of attaining great financial heights, you will definitely need a certain kind of mindset and skills. To develop the billionaire’s mindset, I will suggest you read the articles “how to develop your mindset and think like a billionaire” and “17 uncommon traits of billionaires.” After developing the right mindset, skill development comes next.

“Skills make you rich, not theories.” – Robert Kiyosaki

As I pursue my goals and build a business, I have also taken some proactive measures to enhance my skills. I have attended seminars, read books, listened to tapes and held one on one consultation with experts. I also receive mentorship advice from other entrepreneurs and investors who are ahead of me in the game. Now what exactly are the skills I am striving to develop? You will find your answers below.

“One of the most stupid things to do is to pretend you are smart. When you pretend to be smart, you are at the height of stupidity.” – Rich Dad

“Seek advice on risk from the wealthy who still take risks, not friends who dare nothing more than a football bet.” – J. Paul Getty

Five Essential Skills you need to Be a Billionaire

What is the most important business skill for an entrepreneur?

1.            Money Management Skills

“The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.” – Rich Dad

The first and fundamental skill you need to achieve your financial goals is money management skills. Without money management skills, forget about becoming a millionaire or billionaire. Business and investing is a game and money is how we keep score of the game. To become successful financially, you must know how to manage your money; you must also know how to control your income and expenses.

“Your money should be a good bird dog. It helps you find a bird, catch the bird and then goes out to get another bird. Most people’s money acts like the bird that just flies away.” – Rich Dad

Another important element you must effective control over is your debt to equity ratio. To achieve big financial goals, you must know how to competently take on debt and use debt to your advantage. Debt, in the world of money is a form of leverage but you must possess money management skills to control and use debt to your advantage.

“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

“The most important word in the world of money is cash flow. The second most important word is leverage.” – Rich Dad

2.            Sales Skills

“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad

One of the most important jobs of an entrepreneur is to sell; but unfortunately, selling is a task most people hate. Why? The reason people hate selling is because they are afraid of rejection. If you want to become a successful entrepreneur, then you must hone your sales skill. Do you want to know why sales skill is the most important of all skills? Then read the article “Why you must develop your sales skills and learn how to sell.”

“I’ve never felt like I was in the cookie business. I’ve always been in a good feeling business. My job is to sell joy, my job is to sell happiness and my job is to sell an experience.” – Debbi Fields

3.            Leadership Skills

“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

One challenge of being a big thinker and having big financial goals is that you have to be in charge; you must be at the forefront. People are naturally afraid to go beyond their comfort zone, so they are going to stand aside for you. Nobody is going to do the dirty work for you; since you set the goal, you must do the work. This puts you at the forefront of the quest.

“I have run engineering since day one at Oracle, and I still run engineering. I hold meetings every week with the database team, the middle ware team, the applications team. I run engineering and I will do that until the board throws me out of there.” – Larry Ellison

Secondly, if you are aiming to become a billionaire alone; then you can as well give up the goal now. Why? The reason is because business and investing are team sports; you can play alone to win but you can’t play alone to win big. Just as money management entails effective directing of cash; leadership entails effective directing of human resources. To be a billionaire, you must possess the ability to attract smart people and build great business teams.

4.            Accounting Skills

“Accounting is the language of business.” – Warren Buffett

Lack of accounting skill is the reason most successful people become poor again. To succeed in life and business, you must at least know the basics of accounting.  You must know the difference between asset and liability, gross profit and net profit. Most importantly, you must know when to spend more and as well know when to cut back on your spending.

“If your cash is about to run out, you have to cut your cash flow. CEOs have to make those decisions and live with them however painful they may be. You have to act and act now; and act in the best interest of the company as a whole, even if it means that some people in the company who are your best friends have to work somewhere else.” – Larry Ellison

“Managers thinking about accounting issues should never forget Abraham Lincoln’s favorite riddles: ‘How many legs does a dog have if you call its tail a leg. The answer is four because calling a tail a leg doesn’t make it a leg.” – Warren Buffett

5.            Investing Skills

“The rich invest in time, the poor invest in money.” – Warren Buffett

Regardless of how smart you are and regardless of how smart your team is; you can never take advantage of every opportunity that comes your way. So you just have to sometimes give your money to other entrepreneurs and investors; and hope they do a good job with your money. Now the challenge lies in identifying good investment opportunities?

“Never invest in a business you can’t understand.” – Warren Buffett

How can you tell a good investment opportunity from a bad one? How can you identify a competent management team from an incompetent one? How can you evaluate the risk to reward of an investment? Which investment vehicle is the best? When is the right time to buy and when is the right time to sell? How can you spot trends? This is where your need for investing skills come into play.

“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

As a final note, these are not the only skills you need to become a billionaire. There are many other skills that will aid you in the pursuit of your goal but the five skills listed above are the most important. Without them, you won’t even come close to achieving your goal.

The Entrepreneurial Process to Starting a Business from Scratch

Today, I will be sharing with you the step by step process every entrepreneur must undergo when starting a business from scratch. This process is called the “Entrepreneurial process.” This is the same process that brings into being; both great and small businesses.

                “In the game of entrepreneurship, the process is more important than the goal. When you start building a business, you begin a journey, a process. This process has a beginning and an ending and between the beginning and end lays a lot of challenges. You will win only if you remain faithful to the process.” – Rich Dad

Entrepreneurship is a process; a journey, not a destination. You can never build a successful business without undergoing the entrepreneurial process and there’s no exemption to this rule. Bill Gates, Warren Buffett, Larry Ellison, Steve Jobs, Mike Adenuga, Oprah Winfrey and Aliko Dangote; the richest black man in the world all went through this process.

                “The most important thing is to enjoy yourself and continue to work. Life is a journey, not a destination. That’s also true in business; your objectives keep moving.” – Thomas J. Burrell

Before I proceed to highlight the phases of the entrepreneurial process, I think it’s worthwhile I let you know that not all who start this process will end it. There’s no big deal about it; it’s the norm. Such is life. Many will quit along the way so it’s up to you to decide if you will be one of the losers or winners.

        The Entrepreneurial Process to Building a Business from scratch

1.            Experience the entrepreneurial seizure

The entrepreneurial process usually begins with the entrepreneurial seizure. I think I first heard the term “entrepreneurial seizure” from the book “E-Myth Revisited.” Every entrepreneur experiences this seizure and you can know you’ve been affected by it when you begin to ask yourself any of these questions:

Why can’t I be my own boss?

I am tired of this 9-5 job?

I work so hard but my boss doesn’t recognize me.

Why am I working for my boss when I can go out on my own?

I am gifted, why can’t I make money with my gift?

                “It’s within everybody’s grasp to be a CEO.” – Martha Stewart

Once you begin to nurture these perceptions, the entrepreneurial process has begun. It’s in this phase that you will begin to question conventional wisdom. During this stage, the primary keywords on your lips would be: Why, how, what, when, who and where.

2.            Plan the business

Any entrepreneur who makes it through the first stage usually begins to draw up a plan of a proposed business venture. In your spare time, you will fantasize, scheme and plot. You will imagine yourself being at the helm of affairs. You will begin to analyze the possibilities of going ahead with your business idea; once you have drawn a business plan, know that you’ve just completed the phase two of the entrepreneurial process.

                “A plan is a bridge to your dreams. Your job is to make the plan or bridge real, so that your dreams will become real. If all you do is stand on the side of the bank and dream of the other side, your dreams will forever be just dreams. First make your plans real and then your dreams will come true.” – Rich Dad

3.            Make mistakes and learn

In the process of planning your business, you are bound to make some mistakes. Your mind will begin to show you reasons why building a business is not for you. You will begin to see reasons why you need your job more than ever. You will also experience some disappointments that will make you almost quit.

                “The size of your success is measured by the strength of your desire, the size of your dream and how you handle disappointment along the way.” – Rich Dad

The sad truth is that many entrepreneurs don’t go beyond this phase of the process; their dreams die in the planning phase. I have seen entrepreneurs with solid business plan; back out of the process simply because no one wants to invest in their idea. I have seen entrepreneurs rewrite their business plan, year in year out; because they are held back by the fear of failure.

                “The biggest challenge you have is to challenge your own self doubt and your laziness. It is your self doubt and your laziness that defines and limit who you are.” – Rich Dad

That’s why this third phase is all about making mistakes and learning. Even if no one wants to invest in your idea, keep learning and improving on your plan. You might make a couple of mistakes but don’t quit. If you can boldly forge ahead despite disappointments, you will move on to the next phase of the process.

                “Underneath every mistake in business is a valuable lesson. Unfortunately, many entrepreneurs miss these lessons because they lament and blame others over the mistakes.” – Ajaero Tony Martins

                “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

4.            Start a Business

                “Start small and dream big.” – Rich Dad

Many come up with bright ideas and write powerful business plans but only few ever dare to start a business. If you have gotten to this phase of the entrepreneurial process, I say congratulations.

                “Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it’s either you quit or you swim back to shore, build a new ship and sail again.” – Ajaero Tony Martins

5.            Sustain the business

Starting a business just the beginning of the game; sustaining that business is where the real challenge lies. This is where you fight to keep the business you have started afloat. You will have to handle competition, find customers, deal with critical business challenges, pay bills upon bills, deal with employees and so on. This is where the stress of running a business gets worst.

                “Business, more than any other occupation, is a continual calculation, an instinctive exercise in foresight.” – Henry R. Luce

6.            Make mistakes and learn

This is the phase where many new businesses go down. This phase is the reason why 99% of all small business startup fail in their first five years. At this point, silly business mistakes will be made that will result to loss of cash, customers or crucial employees. This is the point where you begin to regret why you ever started a business. If you are not strong hearted, you will let go the dream of building a business.

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

                “A mistake is a signal that it is time to learn something new, something you don’t know before.” – Rich Dad

What smart entrepreneurs do at this phase is to seek new answers. They assess themselves to see the necessary entrepreneurial skills that is lacking. They attend seminars, read books on business and entrepreneurship, find a business mentor or form strategic alliances.

                “One of the great things about being willing to try new things and make mistakes is that making mistakes keeps you humble. People who are humble learn more than people who are arrogant.” – Rich Dad

                “There are no mistakes in life, just learning opportunities.” – Rich Dad

7.            Stick to the process

                “You can always quit, so why quit now.” – Rich Dad

After seeking new answers, this is the phase where you implement the answers found on your business. It’s the phase where you take the bull by the horn and refuse to call it quit. Only few entrepreneurs ever get to this phase because it takes a lot of time, resources and commitment to stay on this phase. Getting to this phase might take about three to ten years from the point of starting the business.

                “I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote

8.            Build a successful business

If you stick to the process without quitting, you will finally have the business of your dreams right in your hands. This is the phase where your business needs you no more because your presence or absence will have little impact on its growth. This is the phase where you celebrate your achievement. At this point, you can choose to either exit the business or stick with it. But regardless of the choice made, the money will keep flowing.

9.            Count your wins or losses

Every successful entrepreneur usually comes to this phase. This is the phase where you reflect over the process of building a business; the business challenges you overcame, the games you won or lost and the business failures you have experienced. This is where you share your story of success or failure with others; it’s the phase where you decide if the entrepreneurial process was really worth undergoing.

10.          Retire or repeat the process

This is the final phase of the entrepreneurial process. Less than 20% of all entrepreneurs that started the process get to this phase. At this phase, you are self made and you can choose to either retire or repeat the process. I said retire or repeat the process because I have seen entrepreneurs who start the process all over again even after building a successful business. Others will retire but come back to repeat the process because of the challenges and excitement it offers. So whatsoever choice you make is left for you to decide.

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

These are the ten phases that make up the entrepreneurial process. Remember, not all who started this process makes it to the end. Will you make it to the end of the process? Only you can decide your fate.

How to Influence Customer’s Psychology and Sell Your Products Fast

What has influencing customer’s psychology got to do building a business? Well, you will find out further down this article.

                “Stop talking about your products and services. People don’t care about products and services; they care about themselves.” – David Meerman Scott

The whole concept of marketing and sales is to positively toy with the psychology of your customers with the aim of selling more products. Influencing your customer’s psychology and selling your products fast begins with knowing your customer’s soft spot and your product’s selling edge. When developing a marketing campaign around a product, attempts should be made to make it highly influential, so that the decision making of the customer will totally be in favor of your company.

Everyone loves to receive something for free especially when there’s no condition attached to it. When it comes to marketing, the word “free” is a very powerful term. So in this article, I will be sharing with you tips and tricks you can utilize to influence the mind of your customers. I will be telling you how to practically make your customers fall in love and stick with your company even in the face of stiff competition. Ultimately, I will be teaching you how to use the word “free” to increase brand awareness and customer’s loyalty. These strategies are not only applied by the super successful salespeople but also by larger companies.

One of the aims of an organization is to outperform the competition not just by increasing sales but by selling more products than the competition in less time. Without wasting much of your time, below are strategic steps to influencing your customer’s psychology and selling your products fast.

                “We want to be able to sell you anything, anywhere, anytime you want it.” – Barry Diller

Please before attempting to apply any of these strategies, ensure that you have a quality product that satisfies a need or solves a problem. If your product doesn’t fulfill the three criteria’s above, don’t bother promoting it because it will be a waste of resources.

                How to Influence Your Customer’s Psychology and Sell Your Products Fast

1.            Offer Your Customers Something Valuable for free

Call it the mutual exchange principle or anything you deem fit and you won’t be wrong. Your company can start off on a good note by giving away something valuable for free to the customer. Whether it’s a free gift or anything valuable, your aim here is to allow the customer have a taste of your company’s product or services risk free. Your customer is bound to take your offer the first time, but when next you repeat the offer but this time with a price tag; he/she will feel obliged and try to return the favor. If the customer finds satisfaction with your product, he/she will definitely buy it next time.

Sales professionals sometimes get confused with this principle.  For instance, they claim it is ineffective and wrong to promote a product according to this principle. So they use the “Spend over $25 and get a free T-shirt” approach. But in retrospect, the offer is not totally free. The customer has to spend to get the free product.

The principle of mutual exchange states that products to be used as incentives must be given totally free without any condition to be fulfilled. For example, “Get the latest lipstick shade absolutely free” will do the trick. If the shade is really good, they will buy it when next they need it and might even end up buying other shades of lipstick.

Software companies use this tactic a lot. They produce quality software and give them away for free with the hope of building brand trust. Afterwards, they sell upgrades to the same customers that downloaded their free software. Giving customers your products initially for free helps to build trust; It gives customers the opportunity to feel your company’s standard and most importantly, it gives them the confidence to patronize your company and refer others.

Another trick is to come up with something of high value, while making sure that your company incurs only small or no cost in producing it. A good example of such is information products. I personally use this tactic a lot. For instance, my company provides you advice on how to start a business through this blog for free without obliging you to buy anything from us.

Another tactic to employ while giving your customers free gift is to influence your customer into making a commitment; this can prove profitable for your business in the long run. The trick is to make the customer take small steps toward the goal, without them realizing it. For instance, when a customer requests for some information, provide them with relevant information for free and make them fill a form or give you their contact information. This is like getting them to make a commitment to get offers and information about your products in future.

You can also tempt the customer by saying that the information made available to them is a big time secret and is not known to anyone at all but please, make sure your information is truly valuable. Some marketers mess this strategy up, by claiming they are providing very valuable information. But in the end, it turns out to be another piece of advertisement.

2.            Give out Free Samples to Targeted Customers

                “I use nothing but the best ingredient. My cookies are always baked fresh. I price cookies so that you cannot make them at home for any less and I still give cookies away.” – Debbi Fields

Giving away free samples of your products to your targeted customers is an effective targeted marketing strategy. Most companies find it difficult to give something away and those who dare to give away something make the mistake of distributing samples of poor quality or rejected products. This certainly will hurt your credibility and reduce the customer’s trust towards your company and your product. They will assume that the product you are selling is actually of poor value and won’t go ahead to buy it.

Mrs. Fields Cookies, a company that does millions of dollars in sales annually started out using free samples as a marketing strategy. When Debbi Fields launched Mrs. Fields Cookies, she had no marketing budget, no sales experience and no business skills. All she had was her baking skill. So how did she breakthrough? She simply loaded her tray with some cookies and resorted to giving away the cookies to pedestrians. Today, her company still gives away cookies whenever they penetrate a new territory because the founder has discovered a strategy that works; the strategy of giving away free samples. At this stage, let’s look at another strategy that can help you influence your customer’s psychology and sell your product fast.

3.            Create Artificial Scarcity

Direct mail marketers are excellent at using this strategy; they have mastered the art of causing a buying frenzy by creating artificial scarcity. When developing or sending out a marketing campaign, be sure to use words which stimulate immediate action. Words such as “Limited time offer” or “Offer ending soon” or “Offer open while stock lasts” are really motivating.

The trick here is to create artificial scarcity in the mindset of your customers; that’s why I titled this article influencing your customer’s psychology. The customer is left with the impression that the offer will end soon, so they will buy it at the very first chance. This trick works well especially with customers who have an interest in antiques, collectibles, information products and anything which is not easily available.

As a final note, I challenge you to implement these strategies on your business today and I will see you at the top.

What is the Most Important Business Skill for an Entrepreneur

One of the criteria for climbing the corporate ladder or earning a high income as an employee is to specialize. That’s why PhD holders, surgeons, attorneys, CPAs or accountants, etc receive high paychecks monthly. Unfortunately, this doesn’t apply to the business world. To become a successful entrepreneur, you must be a generalist; that means you must know a little of everything with respect to building a business.

“Skills make you rich, not theories.” – Rich Dad

Now what does it take to build a successful business? I have been building businesses and from my experience, I can tell you that building a business require a synergy of skills. Successful entrepreneurs became successful because they invested time and resources to develop their entrepreneurial skills. That’s why I advice my protégés wanting to start a business to first get in the right mindset; then work on improving their business skills. Now what are the necessary business skills you need to build a successful business?

                Five Important Business Skills you need to become a Successful Entrepreneur

1.            Accounting skill

“Accounting is the language of business.” – Warren Buffett

2.            Leadership skill

“The speed of the leader determines the speed of the gang.” – Mary Kay Ash

3.            Sales skill

“If you cannot sell, you will be sold.” – Ajaero Tony Martins

4.            People skill

“People are your company’s greatest asset.” – Mary Kay Ash

5.            Time management skills

“Time is your most important resource. You can do so much in ten minutes. Ten minutes; once gone is gone for good.” – Ingvar Kamprad

If you observe the quotes of the entrepreneurs above, you will come to understand that each of the business skill listed is very important to the successful piloting of a business. But of the five skills list above, one is the most important. Without it, nothing can be done with respect to building a business.

                Now what is the most important business skill?

The most important business you need and you must constantly work on improving upon is sales skills. Yes; sales skill is the most business skill because without it, your business is dead on arrival.

“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Robert Kiyosaki

Bill Gates became the richest man in the world not because he was a great programmer. The reason he became successful was that he possessed the ability to sell. Creativity did not make Steve Jobs rich; selling did. Successful entrepreneurs don’t thrive on great products or ideas only; they thrive on their ability to woo customers, suppliers, employees and investors.

Selling is the most important duty and number one job of an entrepreneur. An entrepreneur must first sell his business ideas and plan to investors to raise capital for his business. After that, he must sell his company’s culture so as get the best employees and business team. Then he must sell his business prospects to suppliers to gain their trust and strike a deal. Selling the company’s product comes next and after that, an entrepreneur must sell and forge strategic alliance with other businesses.

So now you understand why sales skill is the most important skill in business. A business cannot survive without generating sales; sales keep the cash flowing into your business and cash flow is life blood of a business. Another reason why sales skill is important is because it is a synergy of skills. When you improve your sales skill; you are also developing your persuasion skill, negotiation skill and public speaking skill.

The reason I am stressing the important of selling is because I often hear potential entrepreneurs make the following statements:

I hate selling

I hate rejection

I have a degree, why should I take a course on sales

I can hire sales professionals to generate the sales

When I became an entrepreneur, I also had such mindset and it affected me negatively. My inability to sell was the major reason why I failed to succeed in the network marketing industry. But instead of hiding in my shell and blaming the network marketing company, I worked on improving my sales skills and today; I am strong in sales. So if you want to become a successful entrepreneur, if you want to build a business empire; then learn how to sell. Selling is a necessity for success in business.