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Do You Have What it Takes to be a Successful in Small Business?

Tuesday, April 29, 2008

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I. Do You Have What It Takes?
Many successful entrepreneurs have similar traits and characteristics. Learn what these are and what you can do to improve on your own.

II. What are the similarities of successful entrepreneurs?
• Persistence
• Desire for immediate feedback
• Inquisitiveness
• Strong drive to achieve
• High enerygy level
• Goal-oriented behavior
• Independent
• Demanding
• Self-confident
• Calculated risk taker
• Creative
• Innovative
• Vision
• Commitment
• Problem solving skills
• Tolerance for ambiguity
• Strong integrity
• Highly reliable
• Personal initiative
• Ability to consolidate resources
• Strong management and organizational skills
• Competitive
• Change agent
• Tolerance for failure
• Desire to work hard
• Luck

Many entrepreneurs also had a role model to influence them early on and parents who were entrepreneurs. Two traits necessary for successful entrepreneurs are creativity and innovation.

III. What is Creativity?
Creativity is being able to create new ideas and ways to solve problems that provide cool opportunities.

IV. Characteristics of Creative People

• Bright
• Adaptable
• High self esteem
• Challenge-oriented
• Idea-oriented
• Inquisitive
• Curious

V. How can you improve your creativity?
Gather as much information as you can (read, talk with experts, etc.); brainstorm over time. Just think about the problem or issue until an idea comes to you.

Is the solution reasonable? If so, try it. If not, keep thinking. Did it work? If so, great. If not, begin the process over again. Don't put barriers on your mind. Put these steps to use.

Left Brain
• Analytical
• Rational

Right Brain
• Intuitive
• Artistic

You need both sides of your brain when being creative, as they compliment each other.

VI.What is an Innovation?
Something that is invented (ex. CDs), or Something that is created from an existing idea or product (ex. Super Wal-Mart).
VII. Where do innovative ideas come from?• Unsatisfied customers
• Demographic changes in society
• Luck
• Imagination
• Vision
• Problem-solving
VIII. Remember:
• Look for new ideas
• Keep it simple
• Start small
• Try, try, try again

______________________________________________________________________**The above content is provided by the U.S. Small Business Administration. For more information go to www.sba.gov.