Friday, January 16, 2009

Personality for Enterprise?

Have the personality for enterprise?

Starting your own business, whether it is online or offline, is not for everyone. There are certain characteristics that are going to be more suitable for "success" than others. Without going in depth with a personality model such as Myers Briggs or even something as simple as Littauer's Personality Plus, there are some characteristics that will lend themselves to "success".

1. Be discerning

This may seem like an obvious fact. But here are some common examples displaying lack of discernment:

  • Paying money (whether big or small) upfront for an "opportunity to make $$$ fast"
    Thinking that revenue is simple to obtain without "bringing something of value" to the marketplace
  • Conducting little or no market research
  • Discernment is vital when considering the commencement of a new enterprise. Spending time to develop a thorough market analysis will be crucial in identifying if:

a) there is a market to begin with;

b) whether the market is saturated or not; and,

c) how to redesign an approach to entering the market. This may be as simple as a google search of key words to identify likely competitors (for content, products or services) or may involve a more time-consuming or thorough search.

2. Be Persistent

Having read dozens and dozens of blogs and articles about on and offline business "success", it is extremely rare to find an individual or company who strikes gold at their first attempt. More than likley you will experiment with numerous methods and products or promotional channels before you find a format or business model that you like, and is effective for you.

3. Be More Persistent

You have probably heard statistics like 9 out of 10 businesses fail within the first year. This is as true for online enterprise as it is for other small business.

Granted, opening a cafe or retail outlet of some variety is going to cost exceptionally more than starting a monetised blog, but both are unlikely to reached any measure of success unless you are above average in the market.

This means being more persistent and resilient than the average. If you find one approach difficult, try again. If you persistently fail, change your approach. Repeat. This is crucial.

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