Starting up a company is a challenging venture for anyone, even for those with a
business degree, but those willing to try must have certain traits to ensure success in their industry. Volunteering some advice for aspiring entrepreneurs, Jack Ross, the founder of a member's only e-commerce website site, Jackthreads.com, recently wrote a column for Forbes.
Ross said passion is a trait that entrepreneurs need. If they expect to succeed in their business, they must feel strongly about their product or service. Entrepreneurs should make sure their small business is centered around a pursuit they really like. This will make going to work more fun, giving them an opportunity to do what they love every day.
Entrepreneurs should also be assured that their business will attract an audience, which can be established through research. Ross noticed that there was a niche for his business while shopping online, and found that his company would appeal to many males aged 18-35, who are looking for off-price retail options.
Another thing entrepreneurs definitely need is capital. Those starting a company with a
degree in business know how crucial cashflow is to any type of business. Ross was able to attract an angel investor to get access to funds, which he was only allowed to use on activities that supported the growth of the business.
A role model is also something that every entrepreneur should have. According to Ross, advice may be embarrassing to ask for, but mentors will prove to be a sound resource for any prospective small business owner.
A blog post on Noobpreneur.com also provided some necessary traits that a successful entrepreneur should possess.
The website said entrepreneurs need to be sound communicators, because many will need to talk to customers in order to grow their business. Patience is a virtue needed by entrepreneurs. Especially in tough economic times, entrepreneurs must know the right times to make moves for their business.
Entrepreneurs also must be able to ask the tough questions when assessing their business. They must look at the business from the eyes of a customer and see the adjustments that need to be made and what can be done to make those changes.
