Did you know that, in Australia, 60% of small businesses fail in the first twelve months? For those of us who would like to start a small business — maybe even work from home — thats a very discouraging statistic.

Does that mean that your business idea is doomed to failure? Far from it! There are steps you can take that greatly increase your chances of success. With a little time and some serious research you can hit the ground running. Lets start from the beginning

The bright idea

First, of course, you need to come up with an idea. Typically, business opportunities can be divided into four groups:

1. Offering an existing productservice in an existing market.
2. Introducing an existing productservice to a new market.
3. Offering a new productservice in an existing market
4. Introducing a new productservice to a new market.

At this stage of the game the only limit is your imagination. Inspiration can come from anywhere — maybe you have a hobby that youd like to turn into a full-time job; you may be on the receiving end of bad service one day and decide to try doing it better yourself; or you may have a talent that youd like to capitalise on.

Once youve come across something that youd like to do, its time to take a look at the market and see whats on offer.

Passing the test

So youve had a great idea and youre keen to roll with it; now its time to put it through its paces. For the purpose of the exercise, lets say that you have a passion for healthy living, and that you want to distribute a range of lifestyle accessories that promote healthy living with a do-it-yourself approach.

Ask around: Is there a market for products that promote healthy living? What sorts of products are available? Who would you be competing with and what do your competitors offer? Do you have the necessary skills to run such a business and — more to the point — what would those skills be? Where would your business be located?

Once youve answered those questions you should have a fairly clear picture of what your business will look like.

You source some products and decide to do some further research into the range of lifestyle products offered by a company called Vitality 4 Life. Your own life experience plus some work youve done as a dietician has given you the necessary skill sets, and you think that youll be able to work from home, giving you more time for family. There is an existing market, but theres room for expansion. Now its time to take a closer look.

To be or not to be?

Its time to get down to the nuts and bolts. You dont want to jump into something feet first and find out the hard way that the budget just doesnt work.

To get started, sit down and work out if you need to hire staff, which means paying wages.

If you lease a premises youll need to be able to pay the rent, and your location will have to be suitable for your business and target market (which also means that youll have to think carefully about just what that target market is). Youll also need to work out the likely demand for your productservice.

Ok youve worked out that there is enough demand for good quality juicers, sprouters, water filters and other high end accessories to take a shot at a distributorship as a home-based business opportunity. Now you need to make some marketing decisions.

Look at me! Look at me!

Advertising can be costly so youll want to be sure that your advertising budget is spent wisely. That means more market research, this time one-on-one. Profile your customer groups so you can aim your marketing at the right groups of people.

Draw up a questionnaire (a short questionnaire — people run out patience if you ramble for too long) and hang around outside a few of the local gyms (for our particular example). Come up with a mixture of open questions (What do you think of..?) and closed questions (Do you have a gym membership? YesNo.); sliding scales can be useful too.

For our health accessories business, a good question might be How did you hear about this gym? Radio, tv, newspaper, word of mouth etc Such a question would then give you an indication of the types of media that your target group responds best to.

Choose a business name, print up some business cards, buy some stock and get ready to trade!

Measure it, manage it!

A teacher of mine made the point that, in business, if you cant measure it you cant manage it.

You need to be able to plan ahead, and to do that you need to know — or to be able to accurately predict — your total sales. The equation is simple: number of customers x average sale x frequency of visits per customer per year = total sales. Remember it, revise it often, measure your business and youll be able to manage it!

Keep an eye on your bottom line and, most importantly, always be aware of your cash flow — the cold, hard cash that you have in the bank. Allow for invoice periods (14 days, 30 days etc) when youre planning your budget.

The market place has a life of its own, and no one can prepare for every contingency. Put some thought into your idea; make sure that theres a market for what youre offering; research, research, research; promote your business effectively; always know whats going on in your bank account and dont forget about cash flow!

Its not perfect but, if you follow these few simple steps, youll be miles ahead of many new small business ventures. If youve heard of a great home-based business opportunity, or have a product or service of your own to market, youre off to a great start!

Over the years countless institutes and individuals have asked the million pound question. What makes an entrepreneur an entrepreneur? What traits or characteristics are inherent to a successful entrepreneur and is one born with those traits? Theres great news! Successful entrepreneurs are born every day!

Some people believe an entrepreneur is born while others believe an entrepreneur can be taught. Some believe an entrepreneur is like an artist – either you have it or do you dont. Some see entrepreneurs as leaders that are focused, disciplined, competitive, and charismatic, while others see them as huge risk takers. And all of these analogies are right to some degree.

Its true all successful entrepreneurs share a few qualities and skills that allow them to be successful. These inherent qualities can be taught; but they often seem to be an inherent driving force that sends individuals down the path of being in business or formally training to for a career in business.

Entrepreneurs see the world differently. They have the ability to see the world as a system. They have the ability to see something in its entirety and as an integrated unit, and they seem to possess the ability to see opportunity within the global picture. They are what is called a system thinker.

There are other characteristics they possess. Entrepreneurs possess an overpowering need to achieve and tend to be very competitive against themselves. They are continuously trying to outthink themselves and others and they are constantly looking for the edge. This is a process that occurs as naturally as breathing and is a driving force behind most entrepreneurs.

They have the determination and dedication to follow through with commitments and they always appear confident and in control. Youll notice they also possess a positive atmosphere. They are of the mindset I can, and I will. They are not afraid of failure because failure is not in their vocabulary nor is it an option.

They are objective but have the ability to weigh risks realistically within the big picture. They have an uncanny ability to anticipate developments which gives them the edge on many competitive situations. Entrepreneurs seem to feel right from their gut, call it instinct. They are a resourceful group that possess excellent problem solving skills and are able to diligently work through obstacles as they occur.

Entrepreneurs are excellent communicators and recognize how important clear and concise communication is to their success. They also possess a sound working knowledge of the business they are involved in.

When it comes to successful entrepreneurs its a question of what came first, the chicken or the egg. Is it inherent qualities that we are born with that lead us to be entrepreneurs or is it when we choose to become an entrepreneur that we develop the skills and qualities of success? Thats a question we shall leave to the great debaters to resolve.

What is for certain is that successful entrepreneurs are born every day and that you too can be a successful entrepreneur by developing the skills of success.

With Singapores desire to become a regional business hub, it plans to attract a good number of entrepreneur minds into the country from overseas. The EntrePass is a type of Singapore Employment Pass that is designed to facilitate the entry and stay of foreign entrepreneurs who are ready to incorporate and launch a business in Singapore. EntrePass was introduced in 2004 and is aimed at attracting foreign entrepreneurs into the country.

Two categories of foreign nationals are eligible for the Singapore Entrepass:
A foreign national who is an entrepreneur ready to start a companybusiness and be actively involved in the operation of the companybusiness in Singapore.
A foreign national who is an existing shareholderpartner in a Singapore registered companybusiness and who wishes to become actively involved in the operation of the companybusiness.

The EntrePass allows global value-creating entrepreneurs and innovators to establish and run their business ventures in Singapore.

You don’t need to have a Ph.D. from top-notch school or have millions in the bank to get started. All you need is a good business plan and some investment to cover your startup expenses and support yourself in the early stages.

Important Facts about EntrePass

Application for EntrePass should be made prior to incorporating your business in Singapore.
Along with EntrePass application, you will need to submit a 10 page long business plan. The details of preparing a good business plan are described in the subsequent sections of this document.
Businesses not of entrepreneurial nature for example, coffee shops food courts, foot reflexology, massage parlours, karaoke lounges, money changing remitting, newspaper vending, and tuition services etc will not be considered for an EntrePass.
The application processing time is usually 2-3 weeks.
If your application is successful, you will normally be issued an EntrePass that is valid for two years. You do not need to incorporate your business in Singapore until the successful outcome of your EntrePass application.
Your EntrePass allows you to bring your immediate family members to Singapore to live with you.
The EntrePass is renewable for as long as the business remains viable. You are also eligible to apply for a permanent residence in Singapore in due course.

Importance of Business Plan for EntrePass Application

Preparing a good business plan for your new Singapore business is one of the most crucial aspects of applying for EntrePass. The Good news is that the business plan is expected to be relatively concise i.e. no more than 10 pages long.

In addition to its importance in applying for EntrePass, another important value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically.

A well thought out business plan will not only improve your chances of getting a Singapore EntrePass, but it will also help you clarify your mind and better prepare for your entrepreneurship journey. The well-known fleas-in-the-box analogy applies to your plan as well; if you put a lid on the box, the fleas will learn to jump to that height only, but if there is no lid, they jump as high as they are capable of doing. Your plan should set that lid higher. At the same time you must be confident that figures in business plan are achievable. You must strike a good balance between optimism and realism.

Make sure business plan EntrePass is impressive in presentation. Your plan must get across to readers what is interesting about your business. Stress your marketing and sales strategy and include a break-even analysis. Be sure to include tax payments, payments to local accountants and other service providers and the fact that your business funds will be kept in a Singapore bank!

How to prepare a good business plan for EntrePass?

So are you ready to prepare your business plan and apply for Singapore EntrePass? The guide below will help you to get a better understanding of the various sections and contents that are expected in the business plan.

1.Executive Summary (Approx. half-page)
Write this section last and keep it to half-page. Provide a brief summary of product(s)service(s), target customers, owners, and the future for your business and industry in Singapore.

2.Business Concept (Approx. half-page to one page)
In this section you should include brief description of the proposed business and industry, a mission statement, company goals and objectives, business philosophy, strengths and core competencies of the proposed venture, critical success factors, and legal form of ownership. (To find out more about possible legal forms, see Singapore Business Structure Options for Entrepreneurs).

3.Product(s)Service(s) (Approx. 1 page)
This is the place where you need to describe your product(s) or service(s) in detail. How will you differentiate your product(s)services(s) from the competition? What will be your competitive edge?

4.Marketing Plan (Approx. 2-3 pages)
No matter how good your product andor service, your business venture will not succeed without effective marketing. And it begins with careful research and planning upfront. Talk about the size of your market, current demand, and future growth prospects, and opportunities for a business of your size. What barriers will you face with your new venture and how will you overcome them? Write about your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics. Write about your direct and indirect competition: who, their size, position in the market. How will your offerings compare with your competition? Use a competitive analysis table to compare your new Singapore Company with the two most important competitors. Include factors such as price, quality, selection, service, reliability, technical and management expertise, sales and marketing strength, etc. Make an honest assessment of your companys strong and weak points against the competition. Outline your marketing strategy. How will you identify potential customers? How will you create awareness of your offerings? How will you advertise? What is your marketing budget (startup and ongoing)? What image do you want to project? What is your plan for creating marketing collateral (logo, website, business cards, brochures, etc.)? How will you retain customers? Write about distribution channels. How do plan to distribute your productsservices? What will be your pricing strategy?

5.Operational Plan (Approx. 1-2 pages)
Explain the operations and resource needs of your new Singapore business venture. How and where your product(s)services(s) will be produced? What equipment do you need? What is your procurement plan? Explain production, delivery, and quality control processes for your product(s)services(s). Describe your location and space requirements? Who will be your suppliers? What will be the proposed credit, delivery, and quality control policies? What are the legal requirements for your business? Business licenses? Other regulations that apply to your industry? Insurance coverage needs? What are personnel requirements? What type of workforce (skills and experience) do you need? Pay structure? Job descriptions? Duties & Responsibilities? Organizational chart? HR policies? Recruitment plan? What services do you plan to outsource and to whom? What are your inventory needs and how do you plan to manage it? How do you plan to manage your accounts receivables and accounts payables?

6.Financial projections (Approx. 2 pages)
Provide projected sales and net profit before tax for three years, startup expenses, cash flow projections, and breakeven point, key assumptions. The intended startup capital for your new Singapore business must be able to cover your startup expenses and keep you afloat for the first 6-months. Many startup businesses fail because they run into cash flow problems soon after they start. The person who will be evaluating your Singapore EntrePass application will definitely be paying close attention to this.

7.Management Team (Approx. 1 page)
Talk about your past employment and business experience, achievements, key competencies, and roles & responsibilities. Identify weak areas and how you plan to address them.

8.Supporting Documents
Here you can provide any supporting documents that you have to backup the information you provided in your business plan. This might include customer leads, written articles, awards, certifications, etc.

Although it requires some effort and research, preparing a good business plan is not as difficult as you might think. Writing a business plan is just capturing your longer-term goals, objectives, estimates, and forecasts on paper. It typically takes couple of weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. So make time to do the job properly. Those who do, never regret the effort.

Small Business Building – 7 Tips To Reconcile Dreams With Reality

One of the themes that run through my teleclass, Believe! How to Work With Your Beliefs to Grow a Prosperous and Meaningful Business, is the tension between the creative power of thought and resource-depleting habits of wishful thinking. I offer the following 7 Reality Checks to help you reconcile your dreams with reality so that you can build your dream into a thriving business.

1. In spite of your best intentions you will make mistakes. To the best of your ability, which may sometimes be slim, welcome these occasions as an opportunity to let go of perfectionism. Pause to review your offer to your clients. Are you positioning yourself as a know-it-all or as a responsive partner and learner? Are you putting yourself on a pedestal? Reflect on the distinctions among honesty, reliability, and perfection. Meditate on the difference between apology and accountability. Muse on the difference between significance and integrity.

2. Things go “wrong.” I put “wrong” in quotes because stumbling blocks teach me things I need to know in order to serve and thrive. Hey, I’d rather learn without failing too, but however the lesson happens, there you are. Every time you look with humility and trust for your personal lesson, you are helping to create the possible dream. (Note: Sometimes the lesson is simply to let go of your idea of what should have happened. Lessons are not code for “There’s something wrong with you.”)

3. Not everyone wants or needs what you have. That’s good news because odds are that you can’t respond to every one anyway. Cultivate the courage, integrity, and clarity to listen deeply to prospective clients and decline to work with those whom you are not ideally suited to serve. Ask questions, especially scary ones (Can you afford this? Do you have any reservations? What will it take for this to be a good investment for you?). Ask first; sell later. Actually, when you do this, the selling takes care of itself. That’s the premise behind coach Kendall SummerHawk’s tape series, What to Say When You Hate to Sell.

4. Humbly welcome opportunities to profit. I did not have Kendall’s tapes in mind when I wrote the item above, but they are a perfect fit, so I was happy to include the link to her work (in the article version placed on my site.). Will I profit if you buy them? Yes, I’ll earn a 20% commission on every sale from that link.

5. Customers have bad days, too. Some times they’re going to take it out on you. That doesn’t mean you have to slink home licking your wounds, nor does it you get to strike back. It certainly doesn’t mean you have to accept abuse. When you feel unfairly used, take a few deep breaths, notice what you wish were different, and remember that we’re all human. Maybe it’s time to do some boundary maintenance. Are you pretending that you need to please everyone or that everyone needs to like you in order for you to thrive? Look to yourself, not because you are to blame, but because you are the only one whose behavior you can manage. (Customers are always right where they are.)

6. Sometimes whole systems go wrong or you find out too late that a new project was not quite ready for prime time. (Just ask me.) At times like this you get to practice being available and responsive to customer needs while also taking care of yourself. Sometimes you won’t (yet) know how to solve or resolve the problem and you may resent the time you’re using to reassure clients instead of getting things on track. BREATHE. Learn to say, “I don’t know and I do care and I will get back to you as soon as I can.” Practice saying it with dignity, conviction, and patience. Take some time to wonder what you would need to believe in order for all of this to feel right and true.

7. Owning a business can be isolating. Many entrepreneurs are natural soloists. That doesn’t mean we don’t need or want support, though we may be the last to realize it. Spend some time wondering why other people might want you to thrive. Let your imagination run free as you speculate on what kinds of collaboration could work for you. Turn your complaints about networking into dreams of your ideal support system. What would your business look and feel like if you knew you did not have to have it all together because there was lots of help at hand?

The secrets to creating the possible dream are all related to accepting what is, which includes accepting the support that is everywhere around you and accepting your own desire to build a business that adds real value in the world and allows you to thrive. Some days it will be easier than others to believe that reality and your dream can co-exist. But if you persist with humility, passion, and trust, your dream will teach you how it wants to be made real. I know because my own dream teaches me every day.

Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.

So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive — you want to know if it’s good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:

1. The idea. A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you’ve got a good idea?

You’ve probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?

The most successful businesses either fix problems (either real or perceived), or they increase your customer’s pleasure. They create a repeat need for a product or service among the target market.

2. The market. Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It’s much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can’t afford it, it doesn’t matter how great it is, you won’t sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don’t think it’s worth what you’re selling it for, you won’t make any sales.)

3. Your ability. Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?

Your first step always is to create a solid business plan. Your business plan is more than an essay on “Why I deserve to get funding for my idea” however. Don’t spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you’re on course and reaching the goals that you set for your business.

The second step to business survival is getting enough financing. Although the term “bootstrap entrepreneur” describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.

When you’re creating your financial analysis of your business, make sure you’re being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.

If finding financing is a problem, either because you don’t have enough credit or equity, or there are other problems, take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.

Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Women’s Organizations
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area

Use other successful business models as a guide. When you’re getting started, look around. What businesses are successful? Why? What is it they’re doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you’re modeling someone who is already successful.

Find a mentor. Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.

If you take the time to plan to succeed, you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.

The Fine Art of Juggling Business and Motherhood for Mom Entrepreneurs

Like every entrepreneurial mom, two of the top priorities in my life are my family and my business.

My Story. I have always been a driven person. I knew what I needed to do to earn my next promotion. I took every class and seminar that I could find to help me get ahead. When I was in my early 20s, all my colleagues were men in their 40s. If I had kept going, I would certainly have reached upper level management.

My desire and drive for status in the corporate world came to a screeching halt on a day in late 1993–the day I became Jackies Mom. That day, as all Moms understand, my priorities dramatically shifted. Life was no longer all about me. I wanted to spend as much time with her as I could. Suddenly work and school were unimportant. I began looking for opportunities to work from home or for good part-time jobs.

It is not easy to juggle business and motherhood. I do not claim to be an expert. After Jackie was born, I spent several years in the corporate world not realizing there were other opportunities for me. While I worked full-time, my constant concern was that I was missing everything while my child was in daycare for 11 hours a day. Because I know children are only little for a short time, a cloud of overwhelming sadness was constantly hanging over me. In my efforts to overcome this concern, I was fortunate along the way to find several excellent part-time jobs, and I even job-shared for a year. I have actually only worked full-time for half of my daughters 12 years. Yet it still never occurred to me that I could leave the security of a corporate job to have my own business.

Thankfully, the entrepreneurial bug bit me in late 2002. I now have my own business, and I love every minute of it. I am much happier and I am able to set my schedule around my childrens important activities and, on occasion work with them beside me. I recently sat at breakfast with Jackie and asked her when she has been happiest with my work schedule. She too was happiest when I was able to take her to school and pick her up myself and attend all her important activities.

My husband, Terry is about to begin working in my business full-time, too. While we are looking forward to being together more and working together to help build our business, this will be a major life change for us. Our son Cole (age three) is currently in daycare for three part-time days each week. Last week we discussed some of the adjustments we will need to make with Terry being home more. We made the commitment to juggle taking care of Cole and working in the business the remaining two days a week for the next two years until he starts kindergarten. We know it is best for Cole, that this time is a special time to be with him, and he is worth it.

I have learned many things as a Mom Entrepreneur, and I would like to share two of them. The Importance of Being Present. Several months ago, I had a breakfast meeting with my business partner and one of our networking organization members. The member was sharing some of the things he had learned in a workshop. I will never forget when he said, You are not listening, youve never listened, and you are not listening now Then he explained how he realized he hadnt been listening to his own daughter. I immediately understood what he was saying and my heart sank. I thought of my children. Although I had always wanted to have as much time with them as possible, I had become involved in growing my business. While juggling both work and family, I had stopped listening. I had been fooling myself and I had been very wrong. I apologized to my daughter that day. I changed immediately, including even little things. For example, while ironing on stars Jackie had earned in P.E., I took the time to talk about how she had earned the stars. I understood how much I was going to miss unless I was present all the time. Working moms often struggle with the lack of time spent with their children, but when we are present, every moment we spend with our children can be special quality time.

The Value of Teamwork. One of the most important things we can do for our families is to have open communication. I am not afraid to ask for help from my family. I try my best to communicate my upcoming schedule ahead of time. When I have a particularly hectic week, we talk about what is happening, if its temporary, acknowledge the stress it puts on all of us and handle it together. As a team, we worked out a plan for the days when I leave early to attend a breakfast meeting. When I say, I have a breakfast meeting tomorrow, everyone knows what to do. For example, my husband takes care of our son and drops him off at preschool. My family understands my commitment to them is, if at all possible, I will only attend one breakfast meeting a week. I communicate with them what is happening in the business and try to involve them in it, too. We are all in this together. As the business succeeds, we all succeed.

You can help, too. I love to help others, and as I continue my personal journey towards a more balanced life, I want to collect the experiences of other entrepreneurial moms. I am also writing a book for Mom Entrepreneurs. The comments submitted for these articles could also be featured in the book. It is my goal to share your stories so that we can all help each other to master the fine art of juggling business and motherhood.

I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for entrepreneurial success. This is by no means a definitive list, but I’d be willing to bet that if you don’t have at least a majority of these traits, your chances of business success will be greatly diminished.

You must be self motivated.

If you don’t have the wherewithal to bounce out of bed each day without your spouse drenching you with cold water, chances are you don’t have the self motivation or discipline required to be an entrepreneur. Business demands that you take action based solely on your own volition. You have to do a hundred things every day that will not get done unless you make yourself do them.

You can’t be afraid of hard work.

If you think working for someone else is hard work, try starting your own business. You will be required to give every ounce of blood, sweat, and tears you can muster and then some. You will have to work long hours and be on call 247, at least in the beginning. If the mere thought of hard work makes you tired, maybe you should just keep your cushy day job.

You should have experience in the type of business you plan to start.

If you can’t locate your car’s engine you have no business buying an oil change franchise. The most successful business owners have prior experience in the industry in which they have set up shop. Consider working in an industry at least part time for a year before jumping in with both feet.

You must be able to climb back on the horse.

I always say: “If business was easy, everybody would do it.” Starting a business is hard work and the odds for failure are against you in the first few years. If you want to ride herd on your own business, you must be willing to fall off your horse and get back on a few times without giving up.

You need the support of your family.

When you start a business you may have to spend more time away from the family than you like. The business may also put a strain on you financially. You will have enough obstacles in your way without having to worry if you have the support of your family and those closest to you

You must have a thick skin.

If your feelings are easily hurt, keep your non-threatening day job because business is not for you. Many days in business, rejection waits around every corner and you must be able to handle rejection without taking it personally.

You must interact well with others.

Being an entrepreneur requires interacting with a variety of people, from your own employees to vendors to customers to investors. You must have the ability to effectively manage people without offending them; the ability to accept good advice from mentors and politely discount the bad; the ability to overlook mistakes or quietly rectify them; and the one I have trouble with: the ability to tolerate incompetence without losing your cool (at least not on the outside).

The deeper your pockets the better.

The number one cause of business failure is a lack of money. Before you start your business you should have access to enough capital to see you through until the business can sustain itself.

You must be able to delegate.

Running a business requires the performance of dozens of simultaneous tasks and it’s foolish to try to handle them all yourself. You must learn to put your trust in others. If you can’t dish out responsibility without worrying over the result, your business growth will be limited.

Previous business ownership is a plus.

Prior business ownership is not a prerequisite, but it can’t hurt. Many successful entrepreneurs have the skeletons of past businesses rattling around in their closet.

Another of my sayings:

Business is a lot like marriage: you learn a lot from the first one that may come in handy the second or third time around.

With that kind of advice you can see why I didn’t go into marriage counseling.

Here’s to your success!

Having 101 ideas in your head is something that many people would be envious of. In fact, if you mention to others that you are running your own business, they might remark with wonder and encouragement at your actions.

However, one thing that isn’t discussed as often as it should be is how business owners keep their heads screwed on. How do they cope with the ideas that are in their heads, and not become overwhelmed by the enormity of it all? There are a few common traits amongst those businesses that have achieved a certain level of success.

** They know they can’t do it all **

Having lots of ideas is one thing – trying to do them all yourself is another. Although having others complete work for you is a real challenge – especially when you are starting out and have limited money – it is often one of the key elements why the business owner still has their sanity.

** They roll with the punches **

As kids when we were growing up, parents or adults might have told us to roll with the punches. This most likely made no sense to you as a child, but as we grow up, the wisdom of this saying was quickly realized. Life, in all its glory and unexpectedness, delivers curve balls to us every day. As such, we have two choices – be flexible and respond, or strike out.

Successful businesses have learnt that the economy, people, and business in general, is dynamic and organic – it changes all the time. In fact, the most together business owners have developed an attitude that helps them cope with these circumstances. When things don’t go the way they planned, they quickly assess the situation, focus on doing those things they can control, and for those areas of the business that they cannot control, choose to accept the fact and move on.

** They know what they want to achieve **

Every successful business has made it because they knew what they wanted to achieve. They had a compelling reason to keep on going through hard times. This doesn’t mean that they had it easy, nor does it mean that they had a truly defined focus for the business. Once reality kicks in, sometimes even the best laid plans go out the window. But it was the compelling reason that helped these successful business owners push through and find a way to achieve their dreams.

This compelling reason can be anything that drives you – something you are passionate about. For example, it could be providing a better life for your family. It could be the desire to build a business that you can leave as a legacy after you die, for the benefit of your family and community. Whatever the reason, it must be strong enough to help provide you with the fuel you will need when powering through the rough times that every business owner has.

Being a business owner – an entrepreneur – is a hard task. When starting off, it isn’t uncommon to see yourself doing 50-80 hours of work each week in the business, and you are still barely breaking even. Sometimes, despite the efforts you have made, you lose money. But, after a while, things will change. The sales will start to increase. Customers will start coming back to you again and again.

Others might call this Luck. It isn’t. It is the outward representation and reward for all the hard work and internal ‘fine-tuning’ that you have been going through up until that point. All the trials, tribulations, set-backs, disappointments and foiled ideas are all necessary for you to be ready for the Success when it comes.

So, if you have a clear vision and reason for your business; have a flexible plan and attitude; and an iron-will and dogged determination to achieve despite frustration and disappointments, success will be yours. After all, if it was easy, everyone would be doing it. There is a very valid reason why it isn’t ‘crowded at the top’. The question is – Are you prepared to go through your trials to get there?

Getting a bank loan is easier said than done all kinds of paper work, formalities, guarantors, and high interest rates.its enough to make a small business owner lose sleep.

Business cash advance or small business funding- a new concept in the economic block is proving to be a savior for small business owners and entrepreneurs, even those with bad credit history. Cash advance is a small business loan that is sanctioned against your future credit card and debit card sales.

The reputed and reliable small business funding companies pre-approves loan after understanding the nature of your business. They do not ask you to bring along a guarantor or pay hefty hidden costs.

All you need to do is to have a merchant account with a minimum monthly amount of transaction through credit card sales. Every day an agreed upon percentage of your credit card sales will go towards the repayment of your business loan till the time the complete loan amount is paid back.

Use this capital sourced from small business funding company to run, strengthen or expand your business or for any other purpose of your choice. Till recently, business owners plagued by bad credit history found it extremely difficult to get small business loans when banks were the only source to secure business loans.

But now with many private players entering in the lending market, securing loan for your business has become much easier. No matter what FICO score you have managed to secure in your credit report, bad credit small business loans are easily available in market.

Caution: If you are looking for a small business funding company then be careful of certain facts: Check out if the company is charging anything as closing cost. There is no closing cost involved in cash advance or small business funding. Plus, your bad credit history should not affect the approval or interest rate. So do not pay any extra amount to get approval.

Studies have shown that successful business entrepreneurs possess these characteristics:

1. Self-confidence

This is that magical power of having confidence in oneself and in one’s powers and abilities.

2. Achievement Oriented

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Business entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking

Well, it all starts with a positive attitude, doesn’t it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful business entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don’t give up. If you can do that, you’re already half way there!