Entrepreneurial spirit—it’s a term one might use to describe the mindset of the world’s billionaires. Perhaps, it’s a trait you wish to hone in yourself, as well. Granted, your track record might not be as impressive as Bill Gates’, Mark Zuckerberg’s or Jeff Bezos’, but that doesn’t mean you can’t emulate them when managing your own business.
According to Entrepreneur, success isn’t necessarily defined by how many degrees you have or how well you did in school. It’s also not always based on who your parents are and where you come from. Often, it comes down to your mindset, personality and outlook in life.
Successful entrepreneurs typically possess these common traits and abilities.
Expertise in marketing and business development
Most successful entrepreneurs are masters of marketing and business development. A CEO or any company leader without sufficient sales and marketing experience usually struggle to stay ahead of the competition and keep up with the unpredictability of the marketplace.
With excellent acumen on the art of sales and marketing, a new CEO can overcome the weaknesses of start-ups such as lack of secure funding or the unavailability of an SME loan. For instance, in Singapore, SMEs often find it difficult to set up a business loan because of the highly competitive economy that strongly favours the growth of large companies. A founder with good business sense will continuously come up with customer segmentation, product positioning and marketing strategies to drive top line revenue.
This refers to the establishment of authorisation and control systems, people management and the implementation of corporate standards within the company.
Management ability isn’t directly related to business operations. It’s the constant refinement of an organisational structure, company values and corporate culture development. All of these should compel the company to courses of action in the event of mistakes and internal crises. The management capacity of a competent CEO also lies in effectively managing the value chain, optimising business resources and institutionalising the government standards. A basic example of this would be ensuring that the responsibilities of each employee in the company are clearly defined. Employees who know the entire scope of their roles are more productive and can easily solve issues regarding their tasks.
Some entrepreneurs possess excellent business acumen and management capability, yet they still fail because they lack strategic vision. Being strategic in business planning doesn’t only mean putting goals and milestones on paper. That’s a wish list. A strategic entrepreneur constantly ponders on the concrete steps that he or she can take to accomplish their goals.
For instance, most small and medium-sized businesses face hurdles with securing business loans from banks. A resourceful CEO will take a proactive approach to sourcing funds and will explore new ways to optimising the use of limited resources. This can include searching for licensed lenders who offer funding for new or small companies, even for those with unstable customer bases.
Quick and Easy Approval for SME Loans at Capital Funds Investments
At Capital Funds Investments, we provide clients with easy, reliable and flexible solutions for their urgent cash flow situations. We’re a licensed moneylender with an excellent track record, connecting many SMEs with swift cash resources.
We’ve done it for other businesses; we can do it for you. Let us support your growing business by calling 62817736.