By Nowshade Kabir

A recent poll conducted by Forbes magazine shows that majority of its readers would prefer to become a billionaire rather than a Nobel peace prize winner, a great scientist or a famous athlete. There is no secret that most average people dream about getting rich, but very few make any real effort to become one.

According to statistics, more than 100,000 people become millionaires each year in the United States alone! An overwhelming majority are self-made and owners of business. This means, if you would like to pursue your goal of becoming rich, you have to start your own venture.

Becoming an entrepreneur is not an easy task! There are certain qualities that are absolutely necessary if you would like to become a successful businessperson. Some of these qualities are inherent in your personality, and some of them get developed over time. Knowing these characteristics and identifying your weak ones — those that need strengthening — will eventually help you become a successful entrepreneur.

1. Common Sense

Studies show that most successful businesspeople consider common sense as the foundation of their success. Common sense is defined as an ability to make sound judgments on the issues encountered in everyday situations.

Good judgment depends on acquired knowledge and past experience. The combination of these two creates necessary prerequisites in developing common sense. Common sense allows you to understand complex issues in simpler terms and get to the core of a problem.

2. Specialized Knowledge of Your Field

It is easier to start a successful business if you have deep knowledge of the field. About half of all home-based start-ups are launched by people who decide to use knowledge they gained from previous work experience.

Philip Green, a billionaire who made his fortune in garment retailing, claims that the cornerstone of his success is his knowledge of the rag trade. He, presumably, can price a fabric simply by rubbing it between his fingers. Just by looking at a rack of coats, he can predict which ones won’t sell next season. That’s the kind of knowledge required to become successful in entrepreneurship.

Around 45 percent of all start-ups fail to survive more than two years. One of the main reasons is many entrepreneurs do not accumulate needed industry knowledge before jumping into the business world.

3. Self-Confidence

Self confidence is a key entrepreneurial skill for success. It is easy to become demoralized, frustrated and resentful if you lack self-confidence.

Self-confidence concerns how a person feels about her abilities. A successful entrepreneur believes in herself and is not scared to explore uncharted territories, take risk and make difficult decisions.

Self-confidence, however, is not a personal trait you either have or you don’t. A person can have high self-confidence in one situation and totally lack it in another. This is one of those skills that can be developed through training.

Nowshade Kabir is the founder, primary developer and CEO of Rusbiz.com, a global B2B emarketplace with solutions to start and run online business. With a Ph.D. in Information Technology, he has wide experience in business consulting, international trade and Web marketing.

SOURCE: TeachMarket.com – The Extra-Bucks-For-Teachers Resource

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