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Three “Musts” for Every Entrepreneur

July 4, 2009

Essential Qualities for the Self-Employed as seen from Trump Tower

If you have the desire, you can be an entrepreneur. But just having the desire won’t necessarily make you successful. There are three fundamental attributes you will need. Whether they come to you naturally, or you have to work on developing them, these three qualities are vital for building a successful foundation for self-employment.

1. Know Your Business

The first essential element for success as an entrepreneur is to know your business. Whatever it is–know it like the back of your hand. Whatever entrepreneurial endeavors you are involved in–be it real estate, network marketing, Internet commerce, you name it–you need to strive to have an exhaustive knowledge of it.

Most people think the way to get involved in self-employment is to go out and start or buy a business. The part they leave out is training for the business. There’s something to be said for just “taking the plunge,” but you should at least know how deep it is before you jump in.

Once you dive in, you must continue to educate yourself about your business. After all, continued education is what will drive your earnings through the roof. So whatever business you decide to pursue, commit to learning as much as you possibly can. Every single time you meet another professional, attend another seminar, or read another book in your field, you are building your own professional competency.

2. Focus

Most of today’s millionaires–and even billionaires–didn’t start off owning 10 or 20 different businesses. They started making money by focusing on one. You simply cannot make big money by putting energy into a dozen things at once.

Some entrepreneurs love to try and put ALL their ideas into motion at once. But that’s how you lose focus. And losing focus will kill your momentum in any entrepreneurial endeavor. Don’t be one of those people who gets sidetracked as soon as you start to get some traction in your life. If you want to build momentum–and keep the focus–quit driving in the city. Get on a highway, put your foot on the gas, and forget about the exit ramps.

Approach your business with a single-mindedness of purpose–and don’t let anything draw your focus away until you have made it successful. From there, you can continue to build that business, start a new one, or–as many entrepreneurs like to do–both!

3. Persistence

You knew this one was coming. Persistence. A necessary attribute for ANY entrepreneur. So many aspiring entrepreneurs would be much more successful if they only gave themselves a chance. But every time they are about to break free, they encounter some resistance and decide it’s too difficult. Don’t be one of those people.

Call it what you want–perseverance, relentlessness, determination, resolve–just make sure you practice it. When you hit a wall–as you most assuredly will–it’s okay to withdraw, regroup, and try another strategy. That’s not quitting. That’s smart business. Practice persistence in all your entrepreneurial endeavors–and stick with them.

“Nothing in the world can take the place of persistence. Talent will not; nothing in the world is more common than unsuccessful men with talent. Genius will not; unrewarded genius is a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” –Calvin Coolidge

This post is  from the Blog at the Trump University:

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