What Does it Take to Successfully Launch a Business?

We all know a few 'born entrepreneurs' - those special individuals who are always bubbling with energy and ideas. People who have a knack for getting others to jump on board and support them. What makes a truly great leader? What personality traits and habits are critical to successful entrepreneurs? What does it take to successfully launch a new business venture?

1. First and foremost, truly great leaders know their destiny. If you plan to be a successful entrepreneur, you must discover the deeper values that justify why you do what you do, and explore the contribution your new business can bring to the world.

2. All great entrepreneurs are confident, influential people. Don’t misunderstand – by influential I don’t mean extroverted or wealthy! You must be innovative, passionate and dedicated to your goals in order to succeed in promoting your business.

3. Successful leaders must have a sense of humor and a high tolerance for frustration. As Winston Churchill said, “Success consists of going from failure to failure without a loss of enthusiasm.” Never be as high as your latest accomplishment or as low as your last disappointment.

4. Effective business owners and managers develop an intimate understanding of their customers and the value that they expect. The depth of your customer insight will ultimately determine the level of success you experience in the marketplace.

5. Brilliant entrepreneurs understand the importance of excellence! Countless studies have shown that the quality of your products or services will have the single greatest impact on your bottom line and your competitive advantage.

6. Great leaders surround themselves with great people and let them do their job. Many entrepreneurs view their businesses as their babies, and they try to micro-manage everyone around them. The right people will naturally move your company in the right direction, so find those people and get out of their way!

7. Successful business owners excel at the fundamentals. Most small businesses will ultimately fail because the owners are not excellent managers and administrators. Dedicate yourself to running your business well, and never lose your focus on achieving tangible results.

8. Leaders who reach the top of their game are always ‘money savvy’. In order to profit from your hard work, you must constantly monitor the financial health of your company and ensure that you are spending money wisely. Without adequate capital and the ability to manage it well, you can never be successful.

9. Great entrepreneurs trust their own instincts. You must be willing to accept calculated risks and take action based on your gut feelings.

10. Entrepreneurs who are poised to succeed are able to look beyond themselves and appreciate a sense of community. The most successful business owners strive to become local heroes and philanthropists, and create a culture of giving within their companies. By looking beyond the process of building your own business, you will reap rewards far greater than simple monetary gain.

If you are beginning the process of launching a new venture, take the time to look inside yourself and acknowledge your strengths and weaknesses. Work on building the behavior patterns, thought processes and habits that have been proven to achieve results and drive new companies to success. Most of all, believe in yourself and the strength of your ideas and you will be able to translate that strength to those around you and make your dreams a reality.