The Seven Critical Traits of Top Entrepreneurs

1. Have passion - Mr. Trump has never said to me, “Be passionate!” Yet it’s at the core or his thinking. Exactly what is passion? He summarizes it as, “Enthusiasm on a big scale.”

2. Be tenacious-Mr. Trump is not someone who lets me, or anyone in his organization, give up on any project until every possibility of success has been explored. Consider the fact that he bought the land for Trump Place in Manhattan way back in 1974 - and it is now nearing completion. That’s tenacity.

3. Think big - We all have to start with small steps on any project, but Mr. Trump urges people to take the biggest steps they are capable of. “Thinking big can get you to the top,” he once said, “and I can tell you, it’s not lonely up here!”

4. Be a sponge for new information and ideas - There’s really no such thing as knowing too much about what you’re doing. Despite his packed schedule, Mr. Trump reads everything he can and strives to get information he can use from everyone he meets. There’s often a book on his desk, and I find that inspiring.

5. Take action - When you know need what you need to know about a project or idea, you need to move decisively. Yet Mr. Trump also has a flexible philosophy and he’s willing to take a step back and start again - tenaciously - if the time is not right to move forward. So it is a matter of taking risks, but considered risks. Mr. Trump once said, “A lot of people are afraid to fail, so they don’t try. They talk, but they don’t do. That’s the perfect formula for failure.”

6. Learn to negotiate - “Learning to negotiate is invaluable if you hope to connect in any way with other people.”

7. Enjoy competition - Your competitors are there to help you perform better in the world and - certainly - achieve more success than they have. “Competition forces me to outdo myself,” Mr. Trump has said. “I love competition because, ultimately, it makes me bigger.”

To those of you who are in the United States, I wish you a happy Fourth of July holiday. America is great place to launch a great business. And to our foreign readers, all good wishes for every success. I believe the seven traits I outline above can offer you a blueprint for winning.

Article by Michael Sexton

The Success Formula

Every year, hundreds of thousands of businesses are started. Most will fail, some will muddle along, and a few will thrive. Which ones thrive, and why? The reason some businesses experience spectacular sales and profit growth from the start isn't because they had a lot of money at the beginning. Their fast growth can be attributed to the fact that they were put together the right way.

In every instance, the founders either had or acquired the experience and knowledge they needed to start up and run the business. They recognized what their weak points were, subsequently nurtured alliances, and acquired the skills they needed to start their company off right. They also understood how the various parts of the business fit together to form a total structure and knew that if one part was missing, the total structure would break. For example, they knew that a successful sales plan is directly dependent upon support from the marketing and promotional plans, and that the strategic business plan acts as the glue that holds all the sub plans together so that they work in concert.

DEVELOPING IDEAS
Clever product and service ideas are a dime a dozen. Everybody has one, and most of them never get implemented. The successful entrepreneur starts with a basic idea. This idea is first tested to staying power. Can it be used to grow a customer base, and will it be profitable? The pseudo-entrepreneurial itch often ends before the basic idea gets tested. Studies show that a high percentage of people who open new businesses do so because they are frustrated with their current job. They'll jump into any business venture that comes along without first checking it out. Ninety percent of this group will go out of business in their first year.

Those that make it are smart enough to recognize the symptoms of their emotional state. They are acutely aware that they may be in a vulnerable position. As a result, they may hang on to the security of their current job and start a business on the side. They'll make the move to become a full-time entrepreneur when the time is right for them and after they have thoroughly checked out their business venture ideas. There are three basic concepts to keep in mind as you develop and refine your business start-up ideas.

Be Creative
The opposite of creativity is rigidity. Entrepreneurs are not rigid in their thinking. If you cling to the old ways of doing things because "that's the way we have always done it," you'll never come up with the new solutions that are demanded by today's small businesses. To test your creative ability, practice finding ways to tie together seemingly unrelated ideas.

Resolve Problems
You must have a clear understanding of what it is you are trying to achieve and be able to identify the obstacles that stand in your way. Break each problem down so that you understand it and know what you need to do to eliminate it. For example, the problem may be that you need more space. Why do you need more space, and what are the alternatives? An alternative may pose a new set of problems, but if they reduce the magnitude of the original problem, the alternative may be a more viable option.

Brainstorming
When you come up with a solution to a problem, brainstorm the solution with as many qualified people as you can find to avoid judging your own answer. Accept modifications that make sense, and be prepared to replace the solution with a totally new and better alternative. The key to the brainstorming process is to be objective. Brainstorming is an excellent way to come up with a new set of ideas for new products, services, or improvements that could accelerate the growth of your business.

Where You Born An Entrepreneur?

I'll be the first one to say that it took some work to become an entrepreneur. There were many reasons for me to take the path of an entrepreneur. First of all I was incapable of being bossed around. I needed to face the facts, I just had to do it myself. If you would like to know if you were born an entrepreneur than check out this quiz from Forbes.com.