How to Be a Good Entrepreneur

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If you think that becoming an entrepreneur is a fun and exciting experience, you are only partially correct. There are also many adversities that an entrepreneur faces when starting and maintaining a business--some that are manageable and some that are catastrophic. A good entrepreneur knows how to "choose her battles" and work through tough situations with a level head and help from outside sources. A good entrepreneur can identify a problem before it even occurs because she does intensive planning and research for the business.

Develop ideas for products and services that are practical, appeal to a large segment of the population, improve the quality of life of your customers, and are consistent with ethical business principles.

Draw up clear and detailed business plans for each business idea to be presented to potential lenders and investors. You want them to see you as a serious business owner---a well-written business plan separates the serious entrepreneurs from the fly-by-nights and scammers.

Maintain a positive outlook towards your business and treat both your employees, suppliers and customers with the utmost respect at all times, even when things aren't going so well.

Network and build business contacts. When you are trying to build up your business you need to have people around you who can help you achieve your goals. For example, real estate investors like to work closely with a mortgage broker and Realtor in order to help home transactions go smoothly. Connect with other people in your industry who can help propel your business to the next level.

Keep good records on your earnings. Some entrepreneurs discount the importance of keeping track of income and expenses but this is crucial. Keep all of your business related receipts and invoices in one location so that when tax time comes around you will be prepared.

Only take on debts that you are sure you can pay back. As a responsible entrepreneur you must pay back your obligations or at least keep your creditors informed about your intentions to make payments.

Pay your suppliers on time and in full. Your suppliers keep your business going. If you don't pay your invoices to them in a reasonable time frame according to your contract terms, they have every right to start withholding goods from your business.

Do market research on your target customers and invest in advertising that gives you the most "bang for your buck." When developing your marketing plan, don’t' forget the four Ps of marketing--price, promotion, product, and place (how will you distribute the product or service).

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