4 Reasons Why Your Startup May Never Be Successful

http://m.entrepreneur.com/article/235477

4 Reasons Why Your Startup May Never Be Successful
By Thomas Oppong|Jul 30, 2014

Starting a company is one of the hardest things you can ever do – and often the outcome isn't a billion-dollar exit or even a company deemed successful. The high failure rate that occurs in the startup world can be attributed to many different factors, but often, it comes down to these four recurring problems.

1. You are still building the wrong product. The biggest mistake you can ever make as an entrepreneur is to build something people don't need. Once you create a perception about what you think people will need, you are already shooting yourself in the foot. One of the best ways to build something people could actually pay for or use is to involve the end users or prospective customers in the process – from the get go.

Do your homework, get out there and talk to people about what you intend to build. Ask your prospective users if they will use it. Once you gather enough evidence about the need for the product, you will spend less resources trying to convince people to use it when it's done.

Most of the great startups started as something the founders were passionate about. Start with what you want, validate and focus on making it awesome.

Related: 9 Reasons Why Most Startups Fail

2. You can't adapt or change direction when necessary. If the founders can't give up the original idea when required and make a necessary pivot, the business could be heading for a dead end.

Most startups that fail have specific unchangeable goals they want to achieve. The fast-changing business landscape demands plans that can be re-visited and altered if necessary. Roles, leadership, goals and teams should be open for discussion when things are not going as planned (most of the time they never go as planned). If you have no idea when to pivot while there is still time and capital, you are in trouble.

How flexible is your business goal? Successful startups are the ones that can change direction and the initial idea in the interest of a better version people really want. Startups are meant to evolve and grow into a remarkable company, and there is nothing wrong with making tweaks and sticking to what sells.

3. Your market isn't big enough. You need an existing market that is big enough to be successful. How big is your current market?  How do you sustain growth in a market that is virtually not growing? You could be building an exciting or innovative product, but if your market is not growing, you will eventually struggle to sustain your business.

Some entrepreneurs believe certain markets are underrepresented but primed for growth, so they jump into that industry. The truth is, there are usually good reasons why those markets are often neglected. Do your research and stick to markets with opportunity for significant growth.

Related: 13 Startup Red Flags to Avoid

4. You are spending too much money too soon. Raising funds is a tough process and most startups don't get to raise money at all. Your funding process should start well in advance before you run out of money. If your startup is spending too much money, and you still don't know how you are going to raise your next round of capital, you should be worried. Your business should not run into a scenario where you do not know how much runway you have left.

If you know your runway and know you are running out of cash, you should be executing a plan to fix the situation. You should be focusing on keeping expenses under control. The funny thing about most startups is that before they raise capital, they stay lean, spend less and keep expenses under control, but as soon as they raise money, everything changes. Suddenly the frugality disappears.

Related: Why Too Many Startups Run Out of Money Too Fast

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Alkhalife
Alkhalife 7 hours ago
Good point, before I started my start up. I went to 33 churches and asked the people what they thought about my services. At the end, I had over 62 pages of inputs. As a result, started alkhalife.info and the growth as been incremental organic growth....

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Adam Barney
Adam Barney 1 day ago
I have been a part of a few start-ups and agree with what you are saying. I have started a successful website Brevada.com that helps businesses but especially entrepreneurs collect feedback. Lean start-ups are most often the best and the most important part of any business is their customers.

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© 2014 Entrepreneur Media, Inc.

How Millionaires Made Failures to Success

http://m.entrepreneur.com/article/227011

How Failure Made These Entrepreneurs Millions
By Jane Porter|Jun 14, 2013

When Steve Blank appeared on the cover of Wired magazine 19 years ago, his company then, Rocket Science Games, was expected to revolutionize the videogame industry. At the time, Blank didn't let the skepticism of critics faze him.

"I thought I was a genius," he says. Three months later, when he called his mother to let her know he was about to lose $35 million in investor funding, he wasn't feeling quite so genius anymore.

"I had lots of choices, including that I could have quit," he says. "Learning from that failure for me was one of the best experiences of my life." And learn he did. In 1996, Blank founded the startup E.piphany, which went on to earn $1 billion for each of its investors.

In the past 10 years, says Blank, the culture around entrepreneurship has become increasingly failure-friendly. Serial entrepreneurs in Silicon Valley hop from one failed business to the next and billionaire entrepreneurs like Richard Branson wax on publicly about their failures almost as much as their successes. Still, "no one likes to fail," says Blank. "We are hardwired for success."

But what if you could actually use failure to help you succeed? Here are five keys to start failing your way to success:

1. Call failure something else.
1. Call failure something else.

When was the last time anyone got hired for a senior-level position without any experience? For serial entrepreneurs, "experience" is simply another word for "failure," says Blank. By labeling a failed effort an opportunity to expand your knowledge base, you're framing it in a more positive light, allowing yourself to add to your credibility as a more seasoned entrepreneur.

2. Use failure as a stepping stone.
2. Use failure as a stepping stone.

With every failure, identify what you know you did wrong and be conscious not to repeat your mistakes. This will bring you one step closer to success, says Steve Siebold, a Palm Beach, Fla.-based consultant who works with corporations and entrepreneurs on mental toughness and critical thinking.

"I've never heard [a millionaire entrepreneur] say they hit it right the first time out," says Siebold, whose book How Rich People Think (London House Press, 2010) is a culmination of nearly three decades of interviews. "The bigger they are, the more they've typically failed."

3. Never fail alone.
3. Never fail alone.

Entrepreneurs like to be trailblazers. But make a mistake on your own and you might have a hard time determining what went wrong. Having a partner you trust and respect can turn every failure into an opportunity for collaboration. "A good partner can help you determine what not to do again," says Karl Baehr, director of business and entrepreneurial studies at Emerson College, a private four-year college in Boston focused on communication and the arts.

4. Don't hide your failures.
4. Don't hide your failures.

Be proud that you were brave enough to take a risk in the first place. By being forthright about your mistakes, you open yourself up to learning from others.

Baehr's mentor, Walter Hailey, whose insurance company Lone Star Life Insurance went on to become a Kmart insurance company, used to take an hour-long walk at 5 a.m. every morning with a group of close friends to talk about ideas, successes and failures. "By the time they got back to the house, they had solutions," says Baehr. "They had a plan for the day."

5. Redefine what you want.
Redefine what you want.

Revisit and refocus why you got into business in the first place. "Look for your emotional motivators. We are emotional creatures. Logic doesn’t motivate us," says Siebold, who launched five consecutive unsuccessful businesses before he started his current consulting company. For Siebold, that motivator was one day becoming a millionaire, a goal he achieved at age 31. "Most people only half-heartedly decide they want a lot of things. You have to get really clear on what you want," he says. "The question is: How badly do [you] want it?"

Here are our favorites:
Jun 29, 2013, Denis Maira Failure is like a rubber ball, the harder you fall the higher you raise. you just got to have the heart for it.

Jun 29, 2013, Cindy Romeo Tonnesen Don't focus on the failure. Stay positive and focus on the *goal*. Failure is a bump in the road to success. Look over the horizon and visualize the goal. Use your failure to learn, re-evaluate, and modify the course, if necessary, but the key is to not lose sight of the goal! Many will quit when failure comes, but successful entrepreneurs will learn through the failure and persevere.

Jun 18, 2013, Andrew Shumway It's the points in our lives that we are at or near our lowest that make the highest points so incredible. Failures are lows that allow us to learn and adapt and grow in ways we never would have been capable of without them and the successes we see in the future will only be greater because of them.

Jun 28, 2013, Jeremy Bartley Failure is what makes the adventure of being an entrepreneur fun and success truly rewarding. Adventure without adversity, struggle and failure would be just another walk in the park. It boils down to a mindset of how you think about failure and what you think the purpose of failure really is.

Jun 27, 2013, Tammy Hawk-Bridges As an entrepreneur failure is imminent and necessary. It's just a part of the human condition that we learn best when we fail - pain and disappointment causes us to re-evaluate and search for the better way.

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CopenhagenComforts
CopenhagenComforts May 24, 2014
1) I look for the lesson to be learned

2) I know and understand that the reason it didn't work is because something better is about to surface....

That's how I handle' failure.

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JayGNesh
JayGNesh May 10, 2014
Failure is the key and the stepping stone towards success. One's realization on this matter tends to contribute much of effort without giving up easily

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JayGNesh
JayGNesh May 10, 2014
Where there's a will, there's always a way. Opportunities knock the door every time. It's within our positive mind to sense and grab it, without further delay

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Frank Masanta
Frank Masanta Jan 21, 2014
Failure is the tool used to measure success.

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Enzo Nipales
Enzo Nipales Jan 15, 2014
The problem with recognizing failure is actually failing to recognize the problem.

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YumnamRajib
YumnamRajib Dec 22, 2013
Failure-what could be this? In my believe and experience, I was or may be failed on how to get done the job, but I am not failed to do that one. So still ways to get done that. B(+ve)

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LittleTreeCafe.com
LittleTreeCafe.com Nov 27, 2013
Most people don't learn from their mistakes. What a mistake!

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Scott Meitus
Scott Meitus Nov 4, 2013
When a market is booming, it's easy to seem like a genius.  However, the true test of one's mettle is revealed when the market is not as cooperative.

I learned this first hand in 2008.  I started my first company in 1998, and from the beginning it was "easy".    Over this timeframe, my returns to equity investors averaged just a touch over 40% annually.

My perspective changed in 2008.  I was in the middle of a condominium conversion project and overnight, our sales simply stopped.  So, what to do?  I made a decision with my JV partner to simply "fire sale" the remaining units, which constituted about 25% of the total unit count.  I spoke with every one of my investors and they agreed that this was the proper course of action.

If you are now asking, what is the point of this, here it is.  I am prouder of that deal than any other deal I have been involved in.  Why?  Because I minimized the losses to my investors, and I learned a great deal about humility in the process.  When the going is good, and profits are easier to come by, inevitably complacency kicks in.  In this instance, I had to work harder to minimize a LOSS, than I had ever had to, to maximize a gain.

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DB
DB Oct 20, 2013
The Bible tells us - In weakness we are made strong . . . His grace is sufficient.

1LikeReply
coachADREAN
coachADREAN Oct 3, 2013
Failure is an opportunity for growth. It makes you a better decision maker, thinker and believer!

LikeReply
Rob Delgado
Rob Delgado Aug 6, 2013
A wise man once said:

"Success is the destination...failure is how you get there."

                                           "Go for No" -Richard Fenton

1LikeReply
marty merryman
marty merryman Jul 31, 2013
I just decided along time ago that I would rather try and fail than fail to try,I think you have to experience failure before you will ever be able to truly appreciate sucess.

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Surya
SuryaJul 21, 2013
Failure encourages the winner and discourage the quitter....

1LikeReply
Mohammad Reza Taghdis
Mohammad Reza Taghdis from FacebookJul 19, 2013
A mistake made twice or more is quite possible keeping account of human error or the limitation of being able to use no more than 20% of the brain generally. A vision so shredded yet complete is a want not a need. Rehash the steps to every goal not once, not twice but as many times as possible and coping with the realisation that a crucial detail has been misses is only human.

LikeReply
Logotypers Company
Logotypers Company from FacebookJul 19, 2013
Fail early to succeed faster!

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Edward Botchwey
Edward Botchwey from FacebookJul 19, 2013
anytime i fall, i pick up sometime up. .. Failure makes you more wiser

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Prem Shetty
Prem Shetty from FacebookJul 19, 2013
Business failure teaches you such that even best of the Management school cannot teach. Business failure is a million dollar experience which is realized only if u come out of the failure.

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David Itopa Otu
David Itopa Otu from FacebookJul 19, 2013
Ironically, Failure is the best Key to Success.

1LikeReply
Falstaff Coffee Company
Falstaff Coffee Company from FacebookJul 19, 2013
Fall down 7 times, stand up 8

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RB DE
RB DE from FacebookJul 18, 2013
some fail can make a big success for own and nation.. .

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Dave's Killer Bread
Dave's Killer Bread from FacebookJul 18, 2013
Going to prison four times, getting out one last time and creating a $60 million dollar bread company. Embracing #Failure is exactly drove this business to success.

1LikeReply
Danielle Toney
Danielle Toney from FacebookJul 18, 2013
Success cannot happen without failure. If you succeed, it is because you learned from your mistakes and found a way to make your dreams prevail, instead of your goals. Goals can change, but dreams always stay the same.

1LikeReply
RB DE
RB DE from FacebookJul 18, 2013
thank you for your note,

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Zeal for Life - Health, Wellness and Weightloss
Zeal for Life - Health, Wellness and Weightloss from FacebookJul 18, 2013
Such good advice.

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RB DE
RB DE from FacebookJul 18, 2013
we acceded with you. Regard, RBDE

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Clint's Essentials
Clint's Essentials from FacebookJul 18, 2013
So cool!

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Royal Rakth
Royal Rakth from FacebookJul 18, 2013
the biggest teacher in my lyf was my last mistake

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Sujit Sa
Sujit Sa from FacebookJul 18, 2013
Success is the trail of failure in it ... O:-)

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Stefani Ernst
Stefani Ernst from FacebookJul 18, 2013
I failed at my own business because i didnt push so i gave up went back to work in a job (for one whole day!!) and hated every second of it and felt more of a failure than I ever had before. Needless to say with some drive, determination and no fear of failing I'm now running my own successful company. Failure is in the eye of the beholder I thought it was all down to figures and success it's not, my failure is not pursuing my own dreams and pushing my own limits.

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LaRee Antoinette
LaRee Antoinette from FacebookJul 18, 2013
I don't fail, I learn! It's about learning from your mistakes and using your new found knowledge to your advantage. People who say failure is not an option are the ones aren't learning.

1LikeReply
Trevor Anthony Chan
Trevor Anthony Chan from FacebookJul 18, 2013
Failure provides an opportunity to learn and understand what not to do and to be aware of what will happen if something similar arises in the future.

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Sudhir Suvarna
Sudhir Suvarna from FacebookJul 18, 2013
There is no such thing as failure....If there is I am happy to be a failure in my venture, than to do some monotonous job that does not challenge my intellect.

2LikeReply
Roger Osorio
Roger Osorio from FacebookJul 18, 2013
#FailureisSexy

1LikeReply
Laurentino IV Nieves
Laurentino IV Nieves from FacebookJul 18, 2013
#Failure is #abstract

GauravGupta1 Jul 14, 2013
If one think that he failed then he must revisit his past then count the number of times he failed in different things that s/he wanted to aspire even after  a lot of hard working. Then whats new with Business failure we must try harder to get it. It doesn't matter that you failed.... what matters is How much one tried and what you learned.

Alberto Pérez from FacebookJul 13, 2013
Accept your own mistakes and make failure a motivation to make it higher, stronger, better.

S.L.Enterprises from FacebookJul 13, 2013
We would like beleive in this saying " Start taking risks. IF you win you will lead and if you loose then you will guide"

Shailaun Manning from FacebookJul 13, 2013
Thank you for this. i suppose this advice can be used not only for successful entrepreneurship but also for relationships. I'm sure going to give it a try.

Emm Lee from FacebookJul 13, 2013
Don't confuse a failed goal for a failed person!

Max Mitesh Patel from FacebookJul 12, 2013
First step to convert your failure into success is to change your attitude toward the failure.

S.L.Enterprises from FacebookJul 12, 2013
What we believe is there is nothing called as failure. The way we want to look it as one more way of not doing things !!!!

Tu'wise Isaac from FacebookJul 12, 2013
To every entreprenuer failure is the starting point for success and fame.

© 2014 Entrepreneur Media, Inc.

5 Signs You Are in the Wrong Job

WORK-LIFE BALANCE

5 Signs You're in the Wrong Profession

BY DREW HENDRICKS  @DREWAHENDRICKS

Just because you have a degree in something, it doesn't mean it's what you're meant to do.
779 SHARES

Having a certain degree or job title or being in a specific industry for several years (or even decades) doesn't mean you're stuck there. More and more people are having multiple careers these days, and it's ridiculous to assume that 18-year-olds know what they want to do for the rest of their lives when they choose a major. If you're not in the right profession, change it.

However, maybe you're just burned out and not really in the wrong career. Unfortunately, there's no actual test to tell you if you're in the perfect career or not--but there are signs. Maybe what was the right career 10 years ago just no longer aligns with your passions, interests, or where you want to be. Consider these signs that you're in the wrong profession, and take a close look at your professional life.

1. The work is nothing like what you studied

Sometimes, studying a field and actually practicing it are two different things. Maybe it was the program at your university that you really loved, not the glimpse into the career. Perhaps the world of academia is more suited to you, and you should look into teaching rather than practicing. There are many ways studies don't translate to careers, so know when to recognize when this has happened.

2. You struggle just to stay mediocre

Usually, people enjoy what they're good at. If you're not good at your profession, even though you work diligently and try to keep pace, maybe the real problem is that it's just not for you. This is particularly common in prestigious positions, such as physician or attorney. Sometimes, people get into a field for the wrong reason (such as the glory), when they neither enjoy it nor are they naturally skilled at it.

3. You don't love it

Nobody loves what they do 100 percent of the time, but you should enjoy it at least 51 percent of the time. If you're not loving your field, and it's not just an issue with a particular job, that's a huge red flag. If you can't tell the difference between the two, try getting a new job in a similar vein but at a different company. You'll be able to tell which is which immediately.

4. You take a lot of sick days and can't wait for paid holidays

Everyone looks forward to vacations, and who says no to a three-day weekend? However, if you're counting down the minutes to when you can go home and are desperately looking forward to President's Day because it's a day off for you, your priorities are out of whack. Maybe you're not lazy or a poor worker, but perhaps it's that you're in the wrong field.

5. You dread getting asked what you do

It's the most common first-date and icebreaker conversation starter, but if you're internally rolling your eyes and trying to get past the subject right away, that's a sign you're unhappy.

Simply put, life's too short to be in the wrong job. Whether it's going back to school, interning, or job searching, make the decision to change things starting today

http://www.inc.com/drew-hendricks/5-signs-you-re-in-the-wrong-profession.html?cid=sf01002

Smartest IQ People's Habits in Business

http://m.entrepreneur.com/article/235549

Smartest IQ People's Habits:

1. Be persistent. Don't let failure define you. After all, Thomas Edison had to get through more than 1,000 prototypes for the light bulb before he made one that worked.

2. Be goal-oriented. Setting a high bar for yourself and sharing your goals with others -- whether they are friends or colleagues -- can make you more likely to accomplish them.

3. Read more. People who read for 15 minutes a day can be exposed to more than 1 millon words a year.

4. Be curious. Smart people are always asking questions, making inferences and thinking critically about the world around them.

5. Be self-discipline.

15 Signs You Need to Have As Entrepreneur

15 Signs You're an Entrepreneur or 15 Things You Need To Have to be A Successful Entrepreneur

Pressed to describe the stereotypical entrepreneur, which words would you use? Passionate? Dedicated? Optimistic? Sure, those apply. But insecure and troublemaker are more accurate, according to 'treps who know a success when they see one. Do the following traits, characteristics and quirks describe you? Well then, you might be an entrepreneur (at heart, if not yet in practice).

1. You take action.
Barbara Corcoran, founder of The Corcoran Group, co-star of TV's Shark Tank and author of Shark Tales: How I Turned $1,000 into a Billion Dollar Business, says people who have a concept but not necessarily a detailed strategy are more likely to have that entrepreneurial je ne sais quoi. "I hate entrepreneurs with beautiful business plans," she says.

Corcoran's recommendation? "Invent as [you] go," rather than spending time writing a plan at your desk. In fact, she believes that people with life experience have an active problem-solving ability and think-on-your-feet resourcefulness that can be more valuable than book smarts alone. Those who study business may be prone to overanalyzing situations rather than taking action.

2. Be insecure.
"Many entrepreneurs judged as ambitious are really insecure underneath," Corcoran says. When evaluating potential investments, she adds, "I want someone who is scared to death." Those who are nervous about failing can become hyperfocused and willing to do whatever it takes to succeed. If you feel insecure, use that emotion to drive you to achieve your business goals.

3. You're crafty.
"One of my favorite TV shows growing up was MacGyver," confides Tony Hsieh, CEO of Las Vegas-based Zappos, "because he never had exactly the resources he needed but would somehow figure out how to make everything work out."

Always resourceful:
A lifelong entrepreneur, Hsieh has done everything from starting a worm farm to making buttons and selling pizzas, so he admires MacGyver's "combination of creativity, optimism and street smarts. Ultimately, I think that's what being an entrepreneur is all about--playing MacGyver, but for business." It's not about having enough resources, he explains, but being resourceful with what you do have.

4. You're obsessed With cash flow.
Before founding Brainshark, a Waltham, Mass.-based developer of technology for business presentations, Joe Gustafson bootstrapped a venture called Relational Courseware. "All I ever thought about was cash flow and liquidity," he says, admitting, "there were seven times in [the company's] eight-year history when I was days or hours away from payroll and didn't have enough cash to make it."

How did he respond? "In the early days, you could step up and put expenses on your personal credit card, but that can only go so far," he says. "You need cash--even if you have the best company and the best receivables in the world--to fight the battle one more day." Other strategies he recommends include working with a partner who can provide cash advances on projects and maintaining close communication with suppliers.

5. You are looking for trouble
Stephane Bourque, founder and CEO of Vancouver, British Columbia-based Incognito Software, says true entrepreneurial types are more likely to ask for forgiveness than permission, forging ahead to address the opportunities or issues they recognize, even without approval from higher-ups.

"Entrepreneurs are never satisfied with the status quo," says Bourque, who discovered he was not destined for the corporate world when he kept coming up with new and better ways of doing things--ideas that were not necessarily appreciated by his bosses and often were interpreted as unwanted criticism. Now, he says, "I wish my employees would get into more trouble," because it shows they are on the lookout for opportunities to improve themselves or company operations.

6. You're fearless.
Where most avoid risk, entrepreneurs see potential, says Robert Irvine, chef and host of Food Network's Restaurant: Impossible. True 'treps are not afraid to leverage their houses and run up their credit card balances in order to amass the funds they need to create a new venture. In some ways, he says, they are the ultimate optimists, because they operate under the belief that their investments of time and money will eventually pay off.

7. You can't sit still.
Entrepreneurs have unbridled energy that fuels them long past the time when their employees have gone home. They are eager, excited and energized about business in a way that makes them stand out. Irvine would know: He owns a restaurant in South Carolina, is opening another in the Pentagon and has a line of food and clothing products, on top of hosting his TV show.

8. You're constantly Evolving
"If you have only one acceptable outcome in mind, your chances of making it are slim," cautions Rosemary Camposano, president and CEO of Silicon Valley chain Halo Blow Dry Bars. If you are willing to listen, your clients will show you which of your products or services provide the most value.

Her original vision for Halo was part blow-dry bar, part gift shop, "to help busy women multitask," she explains. But she quickly learned that the gift shop was causing confusion about the nature of her business, so she took it out, replaced it with an extra blow-dry chair, and things took off. Smart entrepreneurs constantly evolve, tweaking their business concepts in response to market feedback.

9. You enjoy navel gazing.
Without direct supervisors, entrepreneurs need to be comfortable with the process of evaluating their own performance, says Laura Novak Meyer, owner of Pennsylvania's Little Nest Portraits. That requires "a willingness to solicit feedback from those around you to self-improve," she says, as well as paying close attention to feedback you may not have asked for, such as customer complaints or being outpaced by competitors. Little Nest surveys every client to ask for opportunities for improvement, and Meyer has worked closely with a business coach for the past five years to identify personal areas where she needs to improve.

10. You're motivated by challenges.
When confronted by problems, many employees try to pass the buck or otherwise wash their hands of the situation. Entrepreneurs, on the other hand, rise to the occasion. "Challenges motivate them to work harder," says Jeff Platt, CEO of the Sky Zone Indoor Trampoline Park franchise. "An entrepreneur doesn't think anything is insurmountable … He looks adversity in the eye and keeps going."

Candace Nelson, founder of Sprinkles Cupcakes, agrees. Despite naysayers who questioned her idea for a bakery in the midst of the carb-fearing early-2000s, she persevered and now has locations in eight states. In fact, she was one of the first entrepreneurs in a business that became an ongoing craze, sparking numerous copycats.

11. You consider yourself an outsider.
Entrepreneurs aren't always accepted, says Vincent Petryk, founder of J.P. Licks, a Boston chain of ice-cream shops. They may be seen as opinionated, quirky and demanding--but that is not necessarily a bad thing. "They are often rejected for being different in some way, and that just makes them work harder," Petryk says. When his former boss didn't approve of his off-duty research into ice-cream quality, he went out on his own to develop a made-from-scratch dessert in bold flavors. Rather than copying what most other ice-cream shops were doing, including buying from the same well-known suppliers, Petryk forged his own path. His early competitors? All but one are no longer in business.

12 . You recover quickly.
It's a popular notion that successful entrepreneurs fail fast and fail often. For Corcoran, the trick is in the speed of recovery: If you fail, resist the urge to mope or feel sorry for yourself. Don't wallow; move on to the next big thing immediately.

13. You fulfill needs.
Many people recognize marketplace holes, but it is the true entrepreneur who takes them from cocktail napkin to reality, says Jennifer Dawn, partner in New York City-based Savor the Success, a business network for women. "Entrepreneurs think of a way to fix it and take steps to fix it. They are innovators." So when Savor's network of women began asking for advice and input from co-founder Angela Jia Kim, she and Dawn created a new product: Savor Circles. These mastermind groups connect four members who give each other tailored input and expertise; even better, they provide Savor the Success with a new revenue stream.

14. You surround yourself with advisors.
Actress Jessica Alba, co-founder and president of Santa Monica, Calif.-based The Honest Company, which sells baby, home and personal-care products, notes that "it's important to surround yourself with people smarter than you and to listen to ideas that aren't yours. I'm open to ideas that aren't mine and people that know what I don't, because I think success takes communication, collaboration and, sometimes, failure."

"Success takes communication, collaboration and, sometimes, failure."
--Jessica Alba, The Honest Company

In other words: True 'treps don't hire yes men; they talk to those with experience and conduct thorough research, gathering as much information as they can to make informed decisions rather than taking a shot in the dark.

15. You work and play hard.
"Entrepreneurs fall down and pick themselves up until they get it right," says Micha Kaufman, who snowboards and sails in addition to running Fiverr, the fast-growth online freelance marketplace he co-founded.

© 2014 Entrepreneur Media, Inc.

25 Common Things What Successful Entrepreneurs Do

Regardless of your definition of success, there are, oddly enough, a great number of common characteristics that are shared by successful businesspeople. You can place a check beside each characteristic that you feel that you possess. This way, you can see how you stack up. Even if you don't have all of these characteristics, don't fret. Most can be learned with practice and by developing a winning attitude, especially if you set goals and apply yourself, through strategic planning, to reach those goals in incremental and measurable stages.

The Home Business Musts
Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. To legally operate a vehicle on public roadways, one must have a driver's license; to excel in sports, one must train and practice; to retire comfortably, one must become an informed investor and actively invest for retirement. If your goal is success in business, then the formula is no different. There are certain musts that have to be fully developed, implemented and managed for your business to succeed. There are many business musts, but this article contains I believe to be some of the more important musts that are required to start, operate and grow a profitable home business.

1. Do what you enjoy.
What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that will be reflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed.

2. Take what you do seriously.
You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don't take them seriously because they don't work from an office building, office park, storefront, or factory. Little do these skeptics, who rain on the home business owner's parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.

3. Plan everything.
Planning every aspect of your home business is not only a must, but also builds habits that every home business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. Business planning also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.

4. Manage money wisely.
The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.

The money you receive from clients in exchange for your goods and services you provide (income)
The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)

5. Ask for the sale.
A home business entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished--ask for the sale. This is not to say that being a great salesperson, advertising copywriting whiz or a public relations specialist isn't a tremendous asset to your business. However, all of these skills will be for naught if you do not actively ask people to buy what you are selling.

6. Remember it's all about the customer.
Your home business is not about the products or services that you sell. Your home business is not about the prices that you charge for your goods and services. Your home business is not about your competition and how to beat them. Your business is all about your customers, or clients, period. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.

Related: Keeping Your Customers Satisfied -- It's All in the Details

7. Become a shameless self-promoter (without becoming obnoxious).
One of the greatest myths about personal or business success is that eventually your business, personal abilities, products or services will get discovered and be embraced by the masses that will beat a path to your door to buy what you are selling. But how can this happen if no one knows who you are, what you sell and why they should be buying?

Self-promotion is one of the most beneficial, yet most underutilized, marketing tools that the majority of home business owners have at their immediate disposal.

8. Project a positive business image.
You have but a passing moment to make a positive and memorable impression on people with whom you intend to do business. Home business owners must go out of their way and make a conscious effort to always project the most professional business image possible. The majority of home business owners do not have the advantage of elaborate offices or elegant storefronts and showrooms to wow prospects and impress customers. Instead, they must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for their home business.

9. Get to know your customers.
One of the biggest features and often the most significant competitive edge the home based entrepreneur has over the larger competitors is the he can offer personalized attention. Call it high-tech backlash if you will, but customers are sick and tired of hearing that their information is somewhere in the computer and must be retrieved, or told to push a dozen digits to finally get to the right department only to end up with voice mail--from which they never receive a return phone call.

The home business owner can actually answer phone calls, get to know customers, provide personal attention and win over repeat business by doing so. It's a researched fact that most business (80 percent) will come from repeat customers rather than new customers. Therefore, along with trying to draw newcomers, the more you can do to woo your regular customers, the better off you will be in the long run and personalized attention is very much appreciated and remembered in the modern high tech world.

Related: Why You Should Never Prejudge a Sales Prospect

10. Level the playing field with technology.
You should avoid getting overly caught up in the high-tech world, but you should also know how to take advantage of using it. One of the most amazing aspects of the internet is that a one or two person business operating from a basement can have a superior website to a $50 million company, and nobody knows the difference. Make sure you're keeping up with the high-tech world as it suits your needs.. The best technology is that which helps you, not that which impresses your neighbors.

11. Build a top-notch business team.
No one person can build a successful business alone. It's a task that requires a team that is as committed as you to the business and its success. Your business team may include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and the community. Of course the most important team members will be your customers or clients. Any or all may have a say in how your business will function and a stake in your business future.

Related: Why Teamwork Should Be Your No. 1 Sales Tool

12. Become known as an expert.
When you have a problem that needs to be solved, do you seek just anyone's advice or do you seek an expert in the field to help solve your particular problem? Obviously, you want the most accurate information and assistance that you can get. You naturally seek an expert to help solve your problem. You call a plumber when the hot water tank leaks, a real estate agent when it's time to sell your home or a dentist when you have a toothache. Therefore, it only stands to reason that the more you become known for your expertise in your business, the more people will seek you out to tap into your expertise, creating more selling and referral opportunities. In effect, becoming known as an expert is another style of prospecting for new business, just in reverse. Instead of finding new and qualified people to sell to, these people seek you out for your expertise.

13. Create a competitive advantage.
A home business must have a clearly defined unique selling proposition. This is nothing more than a fancy way of asking the vital question, "Why will people choose to do business with you or purchase your product or service instead of doing business with a competitor and buying his product or service?" In other words, what one aspect or combination of aspects is going to separate your business from your competition? Will it be better service, a longer warranty, better selection, longer business hours, more flexible payment options, lowest price, personalized service, better customer service, better return and exchange policies or a combination of several of these?

14. Invest in yourself.
Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications, knowing that these resources will improve their understanding of business and marketing functions and skills. They join business associations and clubs, and they network with other skilled business people to learn their secrets of success and help define their own goals and objectives. Top entrepreneurs attend business and marketing seminars, workshops and training courses, even if they have already mastered the subject matter of the event. They do this because they know that education is an ongoing process. There are usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal--themselves.

15. Be accessible.
We're living in a time when we all expect our fast food lunch at the drive-thru window to be ready in mere minutes, our dry cleaning to be ready for pick-up on the same day, our money to be available at the cash machine and our pizza delivered in 30 minutes or it's free. You see the pattern developing--you must make it as easy as you can for people to do business with you, regardless of the home business you operate.

You must remain cognizant of the fact that few people will work hard, go out of their way, or be inconvenienced just for the privilege of giving you their hard-earned money. The shoe is always on the other foot. Making it easy for people to do business with you means that you must be accessible and knowledgeable about your products and services. You must be able to provide customers with what they want, when they want it.

16. Build a rock-solid reputation.
A good reputation is unquestionably one of the home business owner's most tangible and marketable assets. You can't simply buy a good reputation; it's something that you earn by honoring your promises. If you promise to have the merchandise in the customer's hands by Wednesday, you have no excuse not to have it there. If you offer to repair something, you need to make good on your offer. Consistency in what you offer is the other key factor. If you cannot come through with the same level of service (and products) for clients on a regular basis, they have no reason to trust you . . . and without trust, you won't have a good reputation.

17. Sell benefits.
Pushing product features is for inexperienced or wannabe entrepreneurs. Selling the benefits associated with owning and using the products and services you carry is what sales professionals worldwide focus on to create buying excitement and to sell, sell more, and sell more frequently to their customers. Your advertising, sales presentations, printed marketing materials, product packaging, website, newsletters, trade show exhibit and signage are vital. Every time and every medium used to communicate with your target audience must always be selling the benefits associated with owning your product or using your service.

18. Get involved.
Always go out of your way to get involved in the community that supports your business. You can do this in many ways, such as pitching in to help local charities or the food bank, becoming involved in organizing community events, and getting involved in local politics. You can join associations and clubs that concentrate on programs and policies designed to improve the local community. It's a fact that people like to do business with people they know, like and respect, and with people who do things to help them as members of the community.

19. Always do ROI Promotion
Small-business owners cannot waste time, money and energy on promotional activities aimed at building awareness solely through long-term, repeated exposure. If you do, chances are you will go broke long before this goal is accomplished. Instead, every promotional activity you engage in, must put money back in your pocket so that you can continue to grab more attention and grow your business.

20. Master the art of negotiations.
The ability to negotiate effectively is unquestionably a skill that every home business owner must make every effort to master. It's perhaps second in importance only to asking for the sale in terms of home business musts. In business, negotiation skills are used daily. Always remember that mastering the art of negotiation means that your skills are so finely tuned that you can always orchestrate a win-win situation. These win-win arrangements mean that everyone involved feels they have won, which is really the basis for building long-term and profitable business relationships.

21. Design Your workspace for success.
Carefully plan and design your home office workspace to ensure maximum personal performance and productivity and, if necessary, to project professionalism for visiting clients. If at all possible, resist the temptation to turn a corner of the living room or your bedroom into your office. Ideally, you'll want a separate room with a door that closes to keep business activities in and family members out, at least during prime business and revenue generating hours of the day. A den, spare bedroom, basement or converted garage are all ideal candidates for your new home office. If this is not possible, you'll have to find a means of converting a room with a partition or simply find hours to do the bulk of your work when nobody else is home.

22. Get and stay organized.
The key to staying organized is not about which type of file you have or whether you keep a stack or two of papers on your desk, but it's about managing your business. It's about having systems in place to do things. Therefore, you wan to establish a routine by which you can accomplish as much as possible in a given workday, whether that's three hours for a part-time business or seven or nine hours as a full-timer. In fact, you should develop systems and routines for just about every single business activity. Small things such as creating a to-do list at the end of each business day, or for the week, will help keep you on top of important tasks to tackle. Creating a single calendar to work from, not multiple sets for individual tasks or jobs, will also ensure that jobs are completed on schedule and appointments kept. Incorporating family and personal activities into your work calendar is also critical so that you work and plan from a single calendar.

23. Take time off.
The temptation to work around the clock is very real for some home business owners. After all, you don't have a manager telling you it's time to go home because they can't afford the overtime pay. Every person working from home must take time to establish a regular work schedule that includes time to stretch your legs and take lunch breaks, plus some days off and scheduled vacations. Create the schedule as soon as you have made the commitment to start a home business. Of course, your schedule will have to be flexible. You should, therefore, not fill every possible hour in the day. Give yourself a backup hour or two. All work and no play makes you burn out very fast and grumpy customer service is not what people want.

24. Limit the number of hats you wear.
It's difficult for most business owners not to take a hands-on approach. They try to do as much as possible and tackle as many tasks as possible in their business. The ability to multitask, in fact, is a common trait shared by successful entrepreneurs. However, once in a while you have to stand back and look beyond today to determine what's in the best interest of your business and yourself over the long run. Most highly successful entrepreneurs will tell you that from the time they started out, they knew what they were good at and what tasks to delegate to others.

25. Follow-up constantly.
Constant contact, follow-up, and follow-through with customers, prospects, and business alliances should be the mantra of every home business owner, new or established. Constant and consistent follow-up enables you to turn prospects into customers, increase the value of each sale and buying frequency from existing customers, and build stronger business relationships with suppliers and your core business team. Follow-up is especially important with your existing customer base, as the real work begins after the sale. It's easy to sell one product or service, but it takes work to retain customers and keep them coming back.

James Stephenson is an experienced home based consultant with more than 15 years of business and marketing experience.