Association of Female Executives of Trinidad and Tobago

Running a business is hard, but satisfying work. Many of us want to be in business, but not everyone has the personality that guarantees success. Here is a list of the most common personality traits of successful entrepreneurs.

1. Do what they love! Starting and running your own business is difficult and challenging. Do you love what you do? The sacrifices are worth it only for what you love and believe in.

2. Focus on their strengths and hire out the rest! Be honest about what you're not good at, and find someone else to do it. You'll free up your time for the things you excel at and love doing.

3. Build a strong team! Build a strong team of smart professionals who know more than you do about their area of expertise. Hire the best people you can afford, give them a goal and get out of their way.

4. Learn from mistakes! Successful companies continuously improve their processes so they can eliminate errors, handle business more accurately and deliver value to customers.

5. Hire an accountant! Don’t expect to do the books yourself. Get an accountant and make sure you're getting the timely and consistent financial information you need to manage your business.

6. Measure and monitor every aspect of the business. Measure and regularly monitor your business, from best customers to who's hasn’t paid your invoices. Make sure you know what's going on.

7. Cater to customers. What benefit do your customers get from your business? Successful business owners make every effort to understand why customers do or don't come back.

8. Have charisma! Charisma and ‘people skills’ are important to attract and maintain business. Your potential customers want to do business with someone they like and who inspires confidence.

9. Understand the value of work and know how to price it. You are in business to make money. The successful company has confidence in their ability to deliver value and is not bashful about charging accordingly.

10. Attract, build and maintain capital Businesses that have cash can, weather a storm, invest in growth, fund long-term projects, say no to the less profitable clients, and survive the ups and downs of the business cycle.

11.Commit! Your business isn't a hobby. It's a lifestyle Are you committed to success? Are you a ‘sprinter’ who succeeds quickly then needs to rest to avoid burnout, or ‘long-distance runner’, who succeeds at a slower pace and keeps going eventually overcoming obstacles?

12. Know they will succeed! Why just hope your business will succeed? Believe that it will. Many people want to go into business, few actually do, and the even fewer who succeed normally believe from the start that they will. And here is a ‘lagniappe’ tip:

13. Know when to call it quits! Successful businesses choose wisely – customers, location, product lines, employees, investors, vendors and jobs. Be willing to walk away from the ones that harm your business or take you in a direction different to where you want to go.

This list was edited from an article entitled “12 Traits of Successful Entrepreneurs” on www.qbenews. Lesley-Ann Noel is a designer, entrepreneur and business development consultant. She is the owner of Chic Shak Lifestyle. Comments can be emailed to manzanare@wow.net