Posts Tagged ‘qualities of a business owner’

This is a Guest Post by Don, the brain behind www.cashfortrucks.com.

Running a business is no easy task, but running a company and helping it succeed is very rewarding. Half of all new businesses started fail in years three through five. These businesses don’t necessarily fail because they did not have a strong product or service to offer. They fail due to poor management. With focus, goals and organization, your business does not have to be one of the 50% that fails.

A successful business will have a successful manager. First and foremost, a business must be managed by a person who is organized. Organization means that deadlines will not be missed, employees will be paid on time and deliveries will be arrive when promised. When deadlines are not missed, there are no extra fees incurred in order to fix any problems that may arise. A person who is not organized can find help to get organized either by hiring a support staff to stay on top of things or by using technology. Today, there’s no excuse for not to stay organized. Apps, the web, business software and portable devices can help anyone stay on top of their business in an organized manner.

A successful manager is a great leader. Leaders don’t have to be perfect, but they do need to be a person that others want to follow. A person who will walk the walk and talk the talk is most likely to be respected. Leadership comes in many forms, but it all leads to the same place. Managers who lead with integrity, are able to motivate a group of people and demonstrate teamwork in any given environment are less likely to be abandoned by their team when times get tough.

Having foresight is an essential quality that someone running business should have. Foresight doesn’t necessarily mean carrying around a crystal ball but it does mean that this person is knowledgeable in their industry and will be able to sense when tough times may be coming in order to prepare for them accordingly. Being prepared for the lulls in economic cycles means that your business will not crumble will the others who did not pay attention to the signs will.

Running a business is a challenge, but it does not have to become a burden. Being organized, a great leader and having foresight will help that person running a particular business climb over the inevitable mountains that come and go with business cycles.
Bio: Don speaks from experience as he runs an automotive company, that has become a nationwide recognized company. He specializes in helping you to sell your car.

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My foray in to blogging (serious blogging) was purely accidental.  I was looking for some information online when I came across the Noobpreneur blog and read about the opportunity to write guest posts.  I filled up the contact form and Ivan Widjaya got in touch with me and I started blogging for Noobpreneur.

Two weeks in to blogging for Noobpreneur, Ivan told me that I had a good style of writing and that I should consider getting my own blog.  Being a full time teacher and a research student I was wondering whether taking up blogging seriously would work for me.  But my passion for writing and reaching out to the world got the better of me and I brainstormed with Ivan to come up with my own business blog.

Well my passion for being different, standing out in a crowd and stamping my work with my own signature style all prompted me to write about the custom made business.  My blog is 100 days old today and as I look back…

I can’t believe I’ve come this far and had thousands of visitors take a look at my blog!

Here’s what my blogging journey has comprised of so far…

• 60 posts on a gamut of subjects spanning business planning, strategy, branding, customer profiling, mobile brands and what not!
• 25 free business reviews that have brought some of the best and biggest names in custom made product and service providers to anyone who wants their very own piece crafted just for them and no one else.
• 5 interviews with India’s best customized business owners to inspire anyone who wants to strike out on their own.
• 5 case studies to help readers understand the nitty-gritty of setting up a business and branding among other aspects of enterprise building.
• 2 guest posts one each by:

Ruchira Agrawal who is the CEO of InnerVeda Communications, a personal development and coaching company.

Bridget Sandorford who apart from working part-time as an Assistant Chef, is the resident Culinary Schools blogger where recently she’s been researching culinary degree programs as well writing a piece on the different types of chefs aimed at aspiring students.

A big thank you to everyone who is and has been a part of TheOneOfAKindPreneur…

Starting with my family and friends who have always believed in me and supported me.

Ivan Widjaya of Noobpreneur.com who has been a mentor and friend.

All the entrepreneurs behind the unique businesses that I’ve featured.

Above all…to all of you who have read, commented and voted for my writings on Bizsugar.com and Indiblogger.com. 

Thank you everyone!

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As a business blogger for nearly four months now I’ve read a lot of articles and blog posts that have listed the essential qualities of entrepreneurs of every type.  I’ve read must have qualities, qualities shared by successful entrepreneurs and what not.  As a blogger whose blog is devoted to the custom made business here’s my take on what it takes to become a custom made business owner.

A custom made business owner is different from any other business owner because he or she goes about creating one of a kind products and services, bespoke stuff that no one else can.  That’s why qualities of a custom made business owner are a little different from people who produce standardized goods and services. 

Here’s Part 1 my list of 23 qualities that make a custom made business owner…

1. 1.       Passion for What You Do

As a custom made business owner creating one of a kind products and services is possible only when you are deeply passionate about what you do.  A commitment to your craft is the only way you will be able to do something different each time and yet deliver customer delight.

Almost every designer, artist or person who runs a custom made business is driven by his or her passion for design, art, food (basically whatever it is that they do).

1. 2.       The Ability to Spot a Profitable Niche

Creating standardized goods and services is not such a big challenge simply because you know that “x” product has certain dimensions and qualities that you have to replicate.  Custom made businesses go one step further…they create one product for “YOU” and no one else will have another one unless you agree.

The essence of success in custom made businesses is the ability to spot a profitable niche before anyone else does.  So whether it is setting up shop for Japanese food products, creating cakes topped with Indian sweetmeats or retailing clothes that cater to people who fit in to plus size garments, it is all about finding your niche. 

Not only finding your niche but spotting it early so foresight is your biggest blessing really!

1. 3.       The Willingness to go the Extra Mile

Setting up a custom made business is not easy; don’t let this put you off!  If you are game for challenges then this is the business for you.

Custom made businesses flourish simply because they are able to meet or rather more than meet customer expectations.  Salvatore Ferragamo shoes, Sabyasachi bridal wear Ritu Kumar’s block prints all brands that exhibit the willingness to go the extra mile. 

Remember a custom made business is one that is built on your customer’s vanity and indulging in your customer’s desires, aspirations, perceptions and meeting his or her standards is definitely not easy. 

Visualization of what the customer wants, sourcing required materials and craftsmanship while working around a budget are some challenges that custom made business owners grapple with everyday and manage to come out on top!

1. 4.       People Skills

Custom made businesses make products and services on a made to order basis.  This is where the people factor starts becoming important and make no mistake…it is “the” most important factor till the end.

Understanding your customer’s needs, wants, dreams and limitations while you juggle your talent, ability, human resources and a budget is not easy. 

Talking to people to understand their needs, giving them time to be honest and open about what they want and how you can help them is the factor that will set you apart from a standardized goods manufacturer or provider. 

Patience, tact, diplomacy and humility should see you through some really hard to please customers!

1. 5.       Master Strategist

Having interacted with several custom made business owners I recognize one sterling quality that really sets them apart and that is they are very good business strategists.

They know where they want their business to go and have a clear plan of action that will take them there.  Some instances that I’ve seen bring out the following strategies

• Shunning advertising altogether
• Relying on word of mouth
• Letting their work speak for themselves
• Charging a price without fearing they may come across as over priced
• Breaking convention
• Banking on quality
• Battling the competition with value rather than a war of words
• Developing a secret formula that works time and again
• Knowing their customer profile and working accordingly

A good business strategy need not be all about noise and huge budgets.  It can be simple, non-descript and just as effective (if not more) provided you have the guts and gumption to stick to your plan. 

Having said that part 2 of the 23 qualities that make a custom made business owner coming up next…

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