5 Characteristics An Entrepreneur Must Have

5 Characteristics of an Entrepreneur

What is an entrepreneur? According to Wikipedia, an entrepreneur is a person who has possession of an enterprise, or venture, and assumes significant accountability for the inherent risks and the outcome. To translate it into simple terms, an entrepreneur owns a business of which the entrepreneur is responsible for the risks and outcomes. To be an entrepreneur, one has to possess defined characteristics of an entrepreneur.

What are the characteristics of an entrepreneur? Are these characteristics vital? It's a no-brainer actually, of course it's important! Your chances of business success is significantly lower if you do not possess these characteristics. The characteristics of an entrepreneur consists of:

1. Good leadership

Leadership is a rare characteristic. It is very hard to find individuals with good leadership qualities. This is because not many people dare to take responsibility, or take the lead. Alan Keith of Genetech once said, "Leadership is ultimately about creating a way for people to contribute to making something extraordinary happen." Precise and right to the point. 

To be a good entrepreneur, you must be a leader. You must be able to guide, direct, influence and affect people. This way, all your business problems can be overcomed with ease.

2. Risk taker

All businesses involve risks. There is not a single business in the known world right now that is 100% risk-free. You can't make money if you are not willing to take risks. If you are not willing to take risks, then you are bound to fail in the business world.

But, a successful entrepreneur does not take all the risks he faces. All risks must be evaluated first, before taking the dive. You wouldn't want to dive into some unknown waters, would you?

3. Honest and Trustworthy

This is an undeniable characteristic that all entrepreneurs MUST have. Let's face it, would you give your money to some stranger that guarantees you to make 1000% profit on the street? No you would not. Maybe if that stranger asked for $10 dollars or he convinced you with hard facts, you would, but that's out of the case. As the saying goes,"Honesty is the best policy." Every one likes honest and trustworthy people.

Being honest and trustworthy is considered one of your most important characteristics. It would take years to build your credibility and honesty, but it would take just a few seconds to totally destroy your image should you do something dishonest.

4. Your Passion

Your passion fuels your actions. And your actions make money. Any entrepreneur should be passionate about their business to be able to perform well. You must maintain your enthusiasm and interest in your field. For example, when making money online is your passion, you wouldn't feel working even if you stick yourself to the monitor 24 hours a day.

Your passion makes it easy for you to act. Working no longer means working when you work with your passion. It just means doing something you like. If you like to play games and playing games is your 12-hour job, it certainly wouldn't feel like working 12 hours a day.

5. Intelligence

No, I don't mean you need to have exceptionally high IQ to success. But what I mean is that an entrepreneur should be clever and witty in all your business dealings. You have to show that you are concentrated and 100% focused on your job to be able to gain your clients' respect and trust.

The world is a mean one. Scammers are out there somewhere, preying for a weak target everyday. To resist being scammed or being duped, an entrepreneur should be smart and be alert of who you are dealing with. If not, you would eventually suffer some uncalculated losses.

These are one of the few characteristics of a successful business entrepreneur. These characteristics will, no doubt, help you overcome obstacles you may have to face when you are operating a business. And without these characteristics, your business may eventually fail and you will have to bear the losses.

What if you have the main characteristics of an entrepreneur already? Then study the market, find a solution or make a product, get some capital and you're ready to make a killing in the ever-changing world of business.

Methods Of Saving Money

Methods Of Saving Money

Saving is basically putting aside money or a way to utilize your present income for future use. 

One saves for several reasons such as for a college education, buying a new car, for a new TV set you wish to acquire in three to four months time, for down payment on a home, or to provide for yourself when retirement comes. 

As much as there are several reasons for saving, there are likewise many methods in which one can save. In most instances, the best method can be determined by whatever plans you have for the future.

1. Savings accounts. When saving for just a short period or for emergency purposes, consider opening a savings account passbook, as it is in this method that you can easily gain access to your funds. 

Great for both long and short term savings, you can deposit and withdraw money to your account and earn interest, based on your average daily balance. A minimum balance is required to be maintained though, and you are charged with a penalty should you fail to maintain it.

2. Checking account with interest.  Here one can benefit from checking account conveniences, while your deposits gain interests. Generally these types of accounts grants privileges such as limitless withdrawal and check writing, access to ATM and bill payments that can be done online. 

This method typically requires a daily maintaining balance of at least $2,000.

3. Money market insured accounts. For long-termed goals, this method is ideal, as it generally offers a much higher rate of interest compared to a regular or standard savings account.

The interest rate usually is dependent on the amount of money in your bank account; larger balance means higher interest. 

4. “CD” or Certificates of Deposit.  This is a savings method requiring you to “loan” your money to your financial agency for a certain time frame, usually ranging from thirty days up to five years. Here, the longer the time span again, means higher interest. 

Keep in mind that usually insurance companies offer better deals on interests compared to banks, so before you invest, compare rates first!

At certain times, when your goal is many years away, it can be a wiser decision to save money in a certain way that you are not drawn on using it other than the main reason for saving it. Deciding on the right financial agency such as a bank, credit union or insurance firm can bring about a lot of benefit in your finances. 

TQ

How to Find High-Quality Debt Consolidation Information

If you are experiencing evils with credit, then you may want to search the marketplace for information that can help you discover the best solution for removing debt. There are a number of eligible resources online that offer valuable information for getting out of debt. Be careful that you do not take the first cat that comes along, since some debt consolidation agencies, debt negotiators, and debt settlement agencies will take you for a ride. The sources that claim to get you out of debt in three minutes or less are the sources you want to ignore.

Be advised that no one can eliminate your debts entirely. Most debt consolidation resources only reduce the rates of interest your cards or loans. And while some claim to "eliminate your interest rates completely," this is not always entirely true. When they consolidate all of your bills, they will roll them into a single monthly installment. If you aren't dealing with an honest company or a company with good rates, there's a good chance they'll also roll those interest rates into your debt unbeknownst to you.

Therefore, make the company prove what he or she can do for you, and make them walk through each step with you carefully. Since most times you will be paying money for the services, you might as well make them work.

Lastly, you will need to obtain copies of your credit reports, argue any debts that are not yours, minimize your debts owed, and then contact a trustworthy debt consolidation agency. If you are not equipped to handle your own debt problems, then make sure you check with the Better Business Bureau or any online reports about a company before you venture off into debt consolidation. Do not take the world of the company; rather do some research and start an investigation on your own.