Do you have what it takes to run a successful internet based business? If your new year’s resolution was to finally take the plunge and start your company, then chances are you’ve thought about this.
When I left my job as a marketing manager I had no idea all the hats I would need to wear when I started Wealth Authority. At my corporate job my only tasks were marketing the business and making money.
When I became CEO and founder of Wealth Authority suddenly I had to be the marketing director, customer service representative, accountant, receptionist, product manager, writer, and graphic designer. Thankfully I figured it all out, but if I had known what I know now, the road to success would have been a lot smoother.
Whether you’re thinking of starting your own company or buying an existing one, you need to be ready for the challenge. Here are seven characteristics that led me from working for the man to being the man.
Responsible
I’ve worked with some irresponsible people in this business. Because this job can be a real cake walk (work your own hours, from home, no boss making sure you hit sales goals each month) it can lead some business owners to become lazy and careless.
I’ve worked with owners who don’t pay invoices on time, don’t return your phone calls till many days later, don’t pay out joint venture partners when deals are done and forget to send out your emails to their list.
They might be able to get away with this kind of behavior for a while, but it will come back to bite them in the ass eventually. Soon they will have developed a bad reputation that other owners won’t put up with. All of a sudden they’ll find themselves without anybody who will promote their products and no incoming cash.
To be a success you’ve got to be responsible. Do the work and the money will come rolling in. It’s not rocket science, but it is a business where relationships are an important feature.
Adaptive
This may be the most important quality a successful business owner must possess. This is what separates the guys who make a little money in this business from those that make a lot of money. If you want to make your business work you’ve got to adapt to the circumstances around you.
About a year ago I noticed that a lot of other internet companies like mine were using video sales letters instead of written ones. I didn’t know the first thing about how to create a video sales letter, but I knew that if I wanted to stay on top in this market I had to adjust and adapt to this new way of doing things.
Think about how you will adapt when a client stops calling you unexpectedly, how you’ll learn new software, how your business will stay current and so on.
Financially Savvy
I’m not saying you have to be Suze Orman or Warren Buffet to be a success in this business, but you do need to know how to manage cash flow. Cash flow is the lifeblood of any business. If you don’t have it, your business won’t make it.
As soon as you get a check or a promotion does well, don’t move that money over to your personal accounts. You’ve got to buy inventory, pay for services, market your business, in addition to paying out joint ventures and providing a salary for yourself.
Make sure you know how much money you’ve got coming in and going out each month. A good accountant will be a great asset to your company. They can keep an eye on your finances while you focus on marketing your products and business.
Confident
This is another one people can get confused about. You don’t have to be cocky and arrogant, but you do have to have confidence in your skills, ideas and business.
In this business people question my ideas every day. It’s not that they are being rude or jerks it’s that they want to know the reasoning behind things. Don’t get mad every time someone asks you why you want to do something a particular way. Have the confidence that your way will make you and others a ton of money.
If people see that you are confident about your business, then they’ll want to work with you. People like self-assurance and conviction.
Just remember you were confident enough to quit your day job, so be confident you can run your own business.
Positive Attitude
People don’t always remember what you say, but they do remember how you treat them. If a customer has a bad experience with you, how likely do you think they will be to buy from you again? Not very.
It’s the same with the people you work with. I see so many graphic designers, webmasters and other techies that treat people like they are idiots or like their questions are stupid. Their bad attitude will lose them clients and drive their business into the ground. So many people end up having to go back to the cubicle because they couldn’t run their business with that kind of attitude.
Disciplined
The only thing we will never get back is time, so make the best use of it. Get good at time management and be willing to sacrifice from time to time.
I’ve had to tell my friends I can’t join them for happy hour because I was working on a project. I’ve also had to work on a vacation and leave an event early to get work done.
When I married my wife I committed my life to her. It hasn’t always be easy, but it has been worth it. Founding your own company requires the same level of commitment. You’ve got to work at it and sacrifice occasionally. If you want your business to work, it will. Just like marriage.
Passionate
I left this trait for last on purpose. If you are passionate enough, you can virtually assure your success.
Although you do need all the other characteristics I listed above, passion will take you a long way. Why? Because if you are passionate about your business, chances are you’ll be responsible, disciplined, and watch your pennies. Your positive attitude will naturally come out in everything you do, your confidence will shine and you’ll adapt to any situation that comes your way.
Business owners who are passionate about their business just seem to go farther, make more money and are happier in their life. I’m not saying running a business is a cake walk, but if you want it bad enough, you can do it.
Good luck! I hope to be doing deals with you soon.
Ethan Warrick
