With the advent of technology, people are increasingly opting for starting their own businesses as against joining firms as employees. This has led to many new entrepreneurs sharing the same business space, out of which some succeed while others do not. Most entrepreneurs have their own ways and means to create successful businesses and maintain them. However, there are certain characteristics, which are common to many of them.

Life coaches state that there are certain basic characteristics that are required in an individual, to lead to better entrepreneurial ventures. However, they are quick to add that there are certain simple rules, which if followed can lead to success in entrepreneurial ventures. Life coaches and business coaches, share their five point plan for success in entrepreneurial ventures:

1. Do what you enjoy and do it seriously

This is perhaps the first and most important rule for success in entrepreneurship. The reason behind people leaving a secure career and choosing a business option is largely because they are not happy with their current life and are looking for a change. Under these circumstances, it is advisable to choose a business that suits your lifestyle and is one that you enjoy. Moreover, once you have chosen your line of business, it is desirable that you immerse yourself in it and ensure that you have the relevant information and wherewithal required to take your venture forward.

2. Always have a plan and a backup plan ready

Success in business has a better chance if you have a concrete business plan written down. The plan is better based on sound principles and should be action oriented with all the goals, objectives and priorities written in clear and unambiguous language. Additionally, it is a good idea to have a backup plan in place, just in case your main plan fails. Having a backup plan does not mean that your main plan is doomed but is a mark of an ever prepared and successful entrepreneur.

3. Being organised is very important

The first step towards success is becoming organised in the way you work. This not only allows you to easily access information required for any deal or negotiation but also ensures complete peace of mind and happiness. If you are an disorganised person then you will need to make certain lifestyle changes in order to become organised and successful in business. Life coaching can help you make all necessary adjustments that are required for becoming organised. Advantages of being organised include the fact that you are always ready and well prepared to meet challenges and never miss a deadline, which is what you need to do, if you are starting on your own.

4. Expand your knowledge base

For any successful venture, knowledge is a useful tool that gives you the leverage as well as the confidence to go ahead. Therefore, you may build your knowledge base and know the exact details of your venture as well as the details of similar businesses. Financial standing, market details, overview of products or services is some of the areas where you may like to be knowledgeable about your business.

5. Believe in yourself

Last, but not the least, it is required that you believe in yourself and act with full confidence. This will help you promote both yourself and your business better and also enable you to make more contacts and business associates. However, care may be taken not to over promote or be self absorbed in yourself so much that you are not aware of the surroundings. Additionally, you may interact socially and professionally to help build your reputation, which in turn will lead to growth in business.

Building an entrepreneurial business venture is an uphill journey and requires decisions that need to be taken after careful thought and consideration. It is hoped that following these steps which are often suggested in business coaching will help pave the way for a successful venture.

All the best,

Natalie Dee

London Life Coach & Business Coach

by Natalie Dee

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