Whatever your business may be, the New Year surely brings a new lease on life that everybody would surely appreciate. It is the perfect time to review the lessons of the past year and learn from those who have become successful in 2013.
If you have a business and you want to learn from the best, here are several characteristics successful leaders have that set them apart from just the regular entrepreneur. You might just get emboldened and get your business to a new level.
They think strategically.
Strategy is key. In any business, you need to have a plan that will be your guideline when the unexpected happens, be it an opportunity or a threat to your business. Thinking strategically enables successful entrepreneurs to make quick decisions whenever the situation demands it. Lastly, having an effective strategy for your business means the presence of contingencies in case something adverse happens. That means that even if all else is suffering, your business might stay afloat.
They address a need of the market.
One of the things that makes a business successful is that the product or service that it carries addresses a need. Thus, you should know your market well. For example, if you are into selling wholesale shoes, you should know establish a relationship with shoe retailers so that you will be able to anticipate their current and even future needs. Selling ice to an Eskimo is a noble idea, but that is an exceptional case. It is still best practice to see what the market responds to and supply whatever it is. Having to create a need is okay, but it takes double or triple the effort.
They do not have material wealth as their ultimate goal.
If you ask successful entrepreneurs their reasons for starting their business, it is rare to hear one saying that they wanted to become very wealthy as their ultimate goal. For most of them, they went into business because they wanted to provide people with a particular product or service which they believe can make a difference in people’s lives. Becoming wealthy just became part of the process. Having something other than profits and material wealth as their reasons for being in business also helps entrepreneurs in looking at the bigger picture. This way, making decisions that could lead to quick cash infusions in the short term but are really detrimental to the business in the long run are avoided.
They have the best team with and working for them.
Nobody has built a successful wholesale shoes business, steered it through several challenges, and made it thrive entirely by himself. Part of being a successful entrepreneur is identifying people who have the talents that can help make the business grow. Recruiting top talent, making them share your vision and help your business grow is essential.