Positive Personality Traits Self confidentSelf confident EnthusiasticEnthusiastic Likes to work independentlyLikes to work independently Willing to work hardWilling to work hard Willing to take risksWilling to take risks

Entrepreneurial Personality The Down Side

1. Mistaking a business for a hobby: Just because you love something doesn’t mean it’s viable.1. Mistaking a business for a hobby: Just because you love something doesn’t mean it’s viable. 2. Poor planning: Yes, you must have a business plan.2. Poor planning: Yes, you must have a business plan. 3. Entrepreneurial excitement: Entrepreneurs often get excited about new ideas, but are unable to determine if they’re “true opportunities”.3. Entrepreneurial excitement: Entrepreneurs often get excited about new ideas, but are unable to determine if they’re “true opportunities”. 4. Putting all your eggs in one basket: Too often, small business owners will have just one product, one service or one big client.4. Putting all your eggs in one basket: Too often, small business owners will have just one product, one service or one big client. 5. Poor record keeping and financial controls: Yes, you have to keep financial and business records and you have to file taxes and other business-related filings.5. Poor record keeping and financial controls: Yes, you have to keep financial and business records and you have to file taxes and other business-related filings. 6. Lack of experience in running a business: You have to understand your industry, the skills required to offer your products and services, and the trends in the industry.6. Lack of experience in running a business: You have to understand your industry, the skills required to offer your products and services, and the trends in the industry. 7. Poor personal money management: You need to be able to live for one to two years without income when getting started; often businesses are very slow to get off the ground. Also, you have to create and use a realistic business budget, and not constantly drain the business income on personal spending.7. Poor personal money management: You need to be able to live for one to two years without income when getting started; often businesses are very slow to get off the ground. Also, you have to create and use a realistic business budget, and not constantly drain the business income on personal spending.

8. Wrong location: You need to make sure that you are convenient to your customers, and near to your suppliers and your employees.8. Wrong location: You need to make sure that you are convenient to your customers, and near to your suppliers and your employees. 9. Competition: Customers will go where they can find the best products and services. It’s important for you to know who your competition is, what they have to offer, and what makes your own products or services better.9. Competition: Customers will go where they can find the best products and services. It’s important for you to know who your competition is, what they have to offer, and what makes your own products or services better. 10. Procrastination and poor time management: Putting off tasks that you don’t enjoy will sink your business faster than anything else. You can’t afford to waste time on unimportant tasks while critical tasks pile up.10. Procrastination and poor time management: Putting off tasks that you don’t enjoy will sink your business faster than anything else. You can’t afford to waste time on unimportant tasks while critical tasks pile up. 11. Ineffective sales & marketing: Once you have a potential client, you have to understand the basics of selling. If a selling technique doesn’t work, try another one.11. Ineffective sales & marketing: Once you have a potential client, you have to understand the basics of selling. If a selling technique doesn’t work, try another one. 12. Poor customer service: Once you have a customer, you have to keep them. Make sure you provide quick return of phone calls and s, proper billing, win-win problem solving and an overall pleasant demeanor.12. Poor customer service: Once you have a customer, you have to keep them. Make sure you provide quick return of phone calls and s, proper billing, win-win problem solving and an overall pleasant demeanor. 13. Entrepreneurial burnout: owning your own business requires a huge investment of time, money, energy and emotion. It’s easy to work long days and forget to take time off. But in the end, this only causes burnout where your motivation and creativity will suffer, and a pessimistic attitude prevails.13. Entrepreneurial burnout: owning your own business requires a huge investment of time, money, energy and emotion. It’s easy to work long days and forget to take time off. But in the end, this only causes burnout where your motivation and creativity will suffer, and a pessimistic attitude prevails. More reasons.More reasons.More reasons.More reasons.

Personality Problem #1 Hubris: Overbearing pride. I know I’m right!

Personality Problem #2 myopia: Near sightedness. Can’t see the forest for the trees.

Personality Problem #3 Will not take advice

Personality Problem #4 Cannot, or will not, delegate

Personality Problem #5 Wants to be the queen rather than a worker bee

Personality Conclusions Keep your head in the clouds, but your feet on the ground.

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Understanding the Business Environment Homework – For Monday, bring in an article that talks about the national and/or world economies.Homework – For Monday, bring in an article that talks about the national and/or world economies. Anything on taxes.Anything on taxes.