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The Calculated Advantage Blog.


07.12.2015

The Six Characteristics of Successful Entrepreneurs

Steps to Success.jpgEntrepreneurs love to try new things, show the world they are ready to take it on and are proud to say that they don’t follow the crowd. While being unique is definitely a characteristic of many successful entrepreneurs, Xero has found out that they have done many things the same too.  According to a research report published by Xero, there are five things which every successful entrepreneur has done to help move them to where they are today.
 
Successful entrepreneurs spend money
Ever heard the old cliché, ‘to make money you have to spend money?’ Well it turns out that successful business owners have. While money may be tight and the last thing you want to do is let it leave your bank account, the truth is that spending your money can actually increase your income. Xero found that 49% of successful entrepreneurs had spent money on advertising or social media, compared with only 20% of businesses who had failed. Another 58% had used financial software such as Xero to manage their finances, compared with only 14% of failed businesses.
 
Successful entrepreneurs work reasonable hours
You’ve seen it before, it might even be you; that cartoon of a stressed out and extremely busy business owner drinking coffee to stay awake and work on their business. Well now it is time to stop, switch off and start making time for relaxing with family and friends. Xero found that 58% of successful entrepreneurs say that evenings spent with the family instead of working are vital to the success of their business. 55% also said that they feel weekends should be spent with loved ones and not working.
 
Successful entrepreneurs keep their finances straight
Being a successful entrepreneur means that you have a stream of income coming in. Keeping track of your cashflow and being able to get money when you need it is vital for every business. Xero identified that 65% of business owners who claimed that they failed because of a business issue, said it was because of financial issues. If you don’t know where your money comes from and where it goes, chances are that the future of your business is not that bright.
 
Successful entrepreneurs don’t claim they have all the answers
Being a know-it-all is not part of being a successful entrepreneur according to Xero. One third of successful entrepreneurs, compared to only 14% of failed businesses, have sought out the advice of a mentor or a networking community to help improve their business. With many small businesses being operated by one person, it can be really isolating and lonely. Having a supportive network or expert listening ear can really help to make or break a business.
 
Successful entrepreneurs embrace failure
Never give up! Never give up! The mantra of successful business owners is one of perseverance and acceptance that they are going to experience failure at some point. Going into a new business having worked out all the potential risks but understanding that you are going to be thrown some curve balls is very important. When things don’t work out, it is the way you handle the experience and take on board the lessons it has taught you, which can make or break a successful entrepreneur and their business.
 
I do have one more gem of information to give you and you are onto a winner here with me! Xero says that successful entrepreneurs also have super awesome relationships with their accountants and bookkeepers! My team and I pride ourselves on building genuine relationships with our clients, helping them become successful entrepreneurs. So come join us and let’s build the foundation of our successful relationship today! 

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