What are the most important traits an entrepreneur needs to possess in order to be successful? Good money management, leadership skills, creativity, open-mindedness, and a customer-focused attitude are just a few of the many qualities we might think of when we consider what makes a good entrepreneur. But how can you start to practise these skills right from the beginning of your journey?
That’s where a business plan may be able to help – writing a business plan can help you to cultivate some of the qualities you need for business success. The process of writing your plan forces you to consider issues you might not otherwise have thought of, and having a clear plan can be advantageous in many ways. Read on to discover five qualities of a good entrepreneur, and find out how writing a business plan can help you to develop and utilise these skills.
1. Positivity
Why is this important?
Positivity is important for morale and for driving your business forward. And it’s contagious – show your positivity every day and it will spread to the rest of your team, and serve to keep people motivated. When you hit a roadblock, or when something doesn’t quite go the way you planned, that’s when positivity can continue to drive you.
How can a business plan help you achieve it?
When writing your business plan, you’ll be thinking about what you want to achieve and setting yourself realistic goals. By breaking down your goals into smaller action points, you can make them easier to tackle, and those small steps all add up to take you closer to success. When you have laid all this out and you can see the path you need to walk down, it can be easier to feel positive about what you are able to achieve. Your business plan can also help you to feel more positive by detailing the things you have already achieved and reminding you of your past successes.
2. Problem solving skills
Why is this important?
You’re bound to come up against obstacles – not only when you’re first starting out, but throughout your business career. It’s therefore, important to be able to think practically about how you’re going to move forward when you hit a roadblock so that you can get back on track as quickly as possible.
How can a business plan help you achieve it?
A business plan can help you to foresee some of the potential problems that might come your way, so you can consider how you might go about solving them before they happen. You’ll also be able to see problems in the context of the big picture and take your long-term goals into consideration as you implement solutions.
3. Passion
Why is this important?
Passion is the driving force behind your business – it’s the reason you started, and it’s the reason why you’ll keep going. If you have passion, you have enjoyment, purpose and motivation. Love for your product or brand can keep you going even when things aren’t quite working out as you hoped.
How can a business plan help you achieve it?
When you’re writing your business plan, you’ll be writing about why you started your business, and what you want to achieve. Not only will this help you to feel passionate and motivated while you are writing, but it will also serve as something to refer back to if things start to get tough. Remembering why you started all this and envisioning what it’s going to be like when you make a success of your business will help to keep that spark of passion alive.
4. Forward-thinking
Why is this important?
Nobody likes to be taken by surprise. And in business, being prepared for any eventuality can mean the difference between success and failure. Forward-thinking goes hand-in-hand with problem-solving, in that anticipating challenges, as well as opportunities, can help you to take prompt action to make the most of whatever situation you happen to be in. It can also help you to foresee what will happen after you take that action and the knock-on effect of your business decisions (or even of things that are not within your control).
How can a business plan help you achieve it?
The process of writing your business plan will raise questions about what you’re going to do and what the outcome of your actions might be. A SWOT analysis can help you to pinpoint the opportunities and threats to your business, while writing up your financial goals and forecasts will help you to think about profit, expenditure, and where your budget will take you. You can continue to refer to your business plan after you have written it so that you can keep thinking one step ahead.
5. Organisational skills
Why is this important?
Meeting deadlines, managing your time, and making sure you cross off everything on your to-do list without forgetting anything, all comes under having great organisational skills. Running your own business is often hectic, and if you don’t stay organised you could find that something important falls by the wayside.
How can a business plan help you achieve it?
Writing your business plan helps you to see exactly what you need to do in order to get where you want to be. It can make your plans seem clearer and more achievable, and this can extend through to when you plan your daily tasks so that you complete everything you need to do, when you need to do it. A business plan can help you to start as you mean to go on – in an organised manner, with a clear direction and precise goals.
Ready to reap the benefits of having your own business plan? Contact us to find out how we can help you to write a great business plan and start you on the path to entrepreneurial success.