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Top Ten Entrepreneurship Qualities That Will Make Your Business Successful

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StrategyDriven Entrepreneurship Article |Entrepreneurship Qualities|Top Ten Entrepreneurship Qualities That Will Make Your Business SuccessfulHard work and due diligence take you to the path of success. That saying is very true! You can achieve practically anything with effort and determination. The key here is to be persistent in achieving your goals. Similarly, if you are willing to become a successful entrepreneur, in that case, you must show resilience and willingness to outwork yourself and make your start-up a growing enterprise.

According to statistics, about more than fifty percent of small businesses fail in their initial four years. Even those who manage to survive may not always be successful in making their businesses profitable.

There are many reasons for most start-up businesses to fail, but the main reasons are these:

  • Lack of practical management skills.
  • Failure to work hard with consistency.
  • Negligent to make changes to adapt to the competitive business environment.
  • Lack of experience.

Entrepreneurship Skills

Have thought about how to successful entrepreneurs have in common? No, it’s not their luck. They all have one thing in common: excellent entrepreneurship and leadership qualities that make them unique and reach success’s pinnacles.
Let’s look at the following entrepreneurship qualities that can make your business successful:

1.Delegation Of Authority

It can assemble a team of professionals who are ready to work for business development and growing profits. When a business grows, an entrepreneur cannot manage it alone. The matter will rise even in the event of an entrepreneur’s illness. Therefore, any manager needs a competent team that share the same ideology and have common company goals

2. Hard Work

Don’t think that you’ll be making passive income and profits by delegating all the work to your team of professionals. Yes, the team is there to help you, but an owner knows best, and he should look at all aspects of the business and check that all operations are working efficiently. When a person wants to become a successful businessman, he must be ready to work hard, most often without holidays or days off. For example, Kuba Jewgieniew, CEO & Founder of Realty ONE Group, entered the business world with humble beginnings, and today, Forbes named him among the Top 1% Fastest Growing Franchise in America.

Simultaneously, many rich people in their interviews emphasize that hard work alone is not enough. For example, a miner’s work is hard, but it will not bring a lot of money. It would help if you had other qualities that make it possible to become a successful entrepreneur. For example, Warren Buffet admits that he could not get away from his work for more than a couple of weeks. He prefers to work 100% of the time in his life.

3. Self-discipline

It would seem that an entrepreneur works for himself, and therefore he is entirely free in his actions. But if you do not know how to organize your time correctly, you can get lost in business and everyday problems. There is no successful entrepreneur without self-discipline. It would help if you learned how to independently develop a schedule of essential things for yourself and follow it. It will help you achieve your goals on time. You can use a regular diary to organize your affairs. Before you think about facing future challenges, learn to deal with today’s challenges in less time and with greater efficiency.

4. Foresight

You can develop this quality in yourself if you regularly analyze the picture of your business development. A prosperous businessman often senses whether things are going well and whether a specific task is worth taking on an intuitive level. Forecasting the demand for the company’s products and services and predicting future business trends is vital for a budding entrepreneur.

5. Resilience

A successful entrepreneur is not afraid of change. He is ready to learn and develop at any age. Business trends are always changing; hence the ability to adapt to these changes takes courage.

6. Risk Takers

Passion and excitement must be there in the business you are doing. Your business should interest you. The main thing is not to overdo it and weigh all the pros and cons before deciding. You must have the heart to risk all your savings into the project you think will work.

For example, to become a co-founder of the Microsoft network, Bill Gates dropped out of his Harvard studies. He received his diploma only 34 years after admission!

7. Determination and Perseverance

If an entrepreneur does not have this quality, his business can go bankrupt. No wonder Bill Gates advises to act immediately if a good idea comes to mind. You may have time before someone else implements it. Ideas themselves are valuable, but the challenge is to put it into practice.

Perseverance helps overcome the setbacks that even the most successful entrepreneurs face. Even if mistakes follow one after another, your business’s other path depends only on whether you give up or not.

8. Self-control

An entrepreneurial business is always about a stressful situation, making responsible decisions, communicating with clients and partners. It is still essential for a good entrepreneur to have self-control, to be polite and discreet with their employees and customers.

It is common in some stores to find ill-mannered sales personnel who force customers to buy their marketed products. That is why they remain salespeople, because they do not possess such an essential quality as self-control.

9. Sociability

It is essential to find a common language with your partners and clients. You must have the ability to communicate easily with people. The ability to listen and hear your interlocutor, to argue your point of view, helps in business development. It helps to establish contact with potential clients and inspires their confidence.

10. Empathy

Not all entrepreneurs have the ability to put themselves in the shoes of another. It is an idiom, “Treat people the way you want them to treat you.” Hence, be polite, generous, and understanding of your employees. Consider them humans and not slaves of your company. Empathy goes a long way, and it can transform an uninterested and unmotivated worker into efficient and productive at his work.

Conclusion

A successful business always has a dedicated and confident entrepreneur. Without good leadership qualities and traits, your business will not grow, and you will lose due to high competition in the market. Hence, with the tips mentioned above, you can transform yourself into an excellent entrepreneur and attain your goals.

How to Tune Construction Job Costing Software for Improving Project Tracking

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StrategyDriven Project Management Article |Construction Job Costing Software|How to Tune Construction Job Costing Software for Improving Project TrackingManaging a construction job can be challenging with its various aspects. Having a clear view and set guidelines are important for a project. Hence, it’s a given to include job costing software for all construction jobs and having regular flow between projects.

Building a construction business is not child’s play and requires extensive planning and restructuring of projects. In order to get linear and high-class projects, it’s best to have a high standard infrastructure. But the software must also perform at its best and provide custom solutions for your unique needs in the company. All this can be done by a few of the closely explained points down below:

Assess Reports

As a construction manager, it’s important to have regular insights into a project’s different aspects and know how the costs are being distributed. It’s often after a project that managers get to know if the project saved some in profits or gobbled everything up the client offered. For this reason, making good use of the construction job costing software is important to get regular updates and reports on the budget spent to change allocations or assign some more expenses to another part of the project that needs it. Obviously, you will need to perform daily inputs and acquire calculated amounts to know how to allocate costs more constructively.

Breakdown into Groups

Just one construction project can engulf several tasks and provisions. These can make managing the job and providing resourceful allocations a challenging job for the manager. But if you use the job costing software the right way, you can create several small groups of huge tasks and conquer them by dividing. When the functions like labor hiring, costs allocation, materials procurement, overhead handling, and much more can be divided into categories using the software to monitor each with ease. This dividing can also help you get constructive reports of every little task completion to stay ahead.

Track Cashflow

Under an ongoing construction project, cash can go in and out so wildly; it becomes hard to evaluate where the budget went. Rather than crying over spilled milk, you must recognize where every penny is spent and whether it was put to a good cause or not. You can’t do this by calculating the outgoing cash by hand; it will take forever. But you can always input the exact amount spend and get an analysis from the software to review how the cash flow is being allocated, whether if it’s constructive for the project or not.

Input Data Regularly

For a construction job, you need to be able to administer regular inputs to get productive analysis. However, this isn’t possible with an office computer that is used to run the job costing software. You must invest in a system that lets you travel with the data wherever you go to make sure you don’t miss a beat on reports. Having the data to show up on a mobile phone screen can ease things up and make the data accurate and reusable on the automated platform.

Organize Tasks

Constructions tasks assigned to every level of professional in the field can often get messed up as printed schedules are formed with unruly hierarchy structures. These aspects can really slow down the job assignment and completion to create several lags in the job overall. For this reason, it’s important to have a dedicated system of job assignment and task division so that every professional knows what they have to do. By storing the job hierarchy in the software, you can create more flexible schedules for each day so that the tasks remain organized and structural.

How to Become a Better Manager by Exhibiting These 3 Leadership Traits

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StrategyDriven Management and Leadership Article |Leadership Traits|How to Become a Better Manager by Exhibiting These 3 Leadership TraitsAs a manager, taking the time to learn and understand how you can become a great leader can aid in improving your team’s success and engagement rate.

To effectively do this as a manager, you need to take a step back and comprehend your strengths, weaknesses, and motivations as far as being a leader is concerned.

Managers often micro-manage their team and monitor their every decision-making process, which can make the workplace less effective and desirable. Employees may even lack adequate motivation to come to work fearing that they will be bashed for their wrongdoings.

If not well monitored, this may result in high turnovers, as employees seek out more fun and enjoyable work environments.
There’s more to it than just being a manager. If you are currently a manager or you are aspiring to become one in your career. You should strive to go beyond just managing a team of employees.

What does this mean? In a nutshell, both managers and aspiring managers should strive to be good leaders at their places of work as it will aid in improving communication, and it will also motivate team growth and development.

It’s worth noting that a team that works under great leadership tends to be more productive and happier as they tend to be easily connected to the organization’s goals and business objectives.

Bearing that in mind, this guide is aimed at providing both aspiring and current managers with tips, they can assimilate to not only become better managers but great leaders at their places of work.

Managers Should Advocate for Both Professional and Personal Growth

Being a manager in charge of your team, part of your obligation is to ensure your team’s growth and success by being the cheerleader of your team.

As the manager of the department, you can set aside some departmental capital to ensure that your team is constantly learning and growing their skills by encouraging them to take up courses on platforms such as Blurt Digital.

This can help your team to become empowered and inculcate whatever knowledge or skill they may have acquired into the daily business operations, boosting productivity.

Not only should managers provide their employees with professional opportunities, but they should also adhere to their team’s personal growth. Managers can invest emotionally in their team by granting them the opportunity to engage in more challenging tasks, which will enable them to expand their creativity.

Interact and Engage in Open and Honest Communication

Having and nurturing open communication with your team members as a manager can be considered to be one of if not the most important aspects when it comes to effective leadership principles. Managers should strive to tailor their modes of communication and interactions in a manner that is suitable for each person in their teams.

Managers who actively portray transparency and open communication skills tend to nurture and build the level of trust among their teams which results in increased morale on the part of the team players.

Improved morale means that team members will go above and beyond to ensure that business and customer objectives are achieved with ease.

As Opposed to Giving Out Orders, Managers Should Teach and Enlighten Their Employees

The old school level of management involved delegating and telling your team what they need to do, without taking a leadership stand and showing your team members how to accomplish the delegated responsibilities.

Instead of persuading your team members to accomplish assigned tasks in a certain way, you as a manager should strive to mentor your team members on the importance of brainstorming and creating a collaborative work environment.

As it is only through coaching that managers can realize improved team engagement and growth in the office environment.

How to Start a Property Portfolio the Right Way

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StrategyDriven Starting Your Business Article |Property Portfolio|How to Start a Property Portfolio the Right WayLearning how to properly build a portfolio is the first step in becoming a successful property investor. Many factors have to be considered when you’re an investor that the average property buyer doesn’t have to worry about.

Good investors will usually invest in a large number of properties that could have different purposes. Also, you will be faced with several challenges as your portfolio grows, so you will need to look at ways that you can streamline and monitor both your processes and assets. Let’s take a look at how to start a property portfolio the right way.

Find a Good Mortgage Broker

A good broker will play an essential role for any serious investor. Finding the right mortgage broker now will allow you to get better deals faster. Also, you’ll be able to build a relationship with them and the lenders you work with over the years. This will accelerate the process even more for future deals and could give you an edge when comes time to close.

If you were thinking of investing in high-value property, we suggest you book a consult on this website. This broker is a leader in the million-pound mortgage space and has closed deals for thousands of clients around the world. They have a pool of over 500 lenders you can choose from, so you’ll have the chance to get the best offer that you can find. Brokers often have exclusive deals with leaders that allow you to save even more.

Create a Business Plan

Since your ultimate goal should be to make money, you have to treat this as a business. Good investors plan a few moves ahead, and you should be thinking about your third, fourth, and fifth properties when buying your first one.

You have to identify investment goals. Do you want to be an active investor or earn passive income? What model will you be using? Will you be buying properties and trying to flip them, or will you go for the long term and rent? These are all questions you have to answer so you can focus your efforts on the right type of property.

Buy Your First Property

Your first property is the most important, as it will be the one that will give you the leverage to build the rest of your portfolio. Some people decide to go for a rental property first, while others will prefer looking at single-family lots. These could be easier to manage and will be easier to finance. Rental properties, on the other hand, will also give you cash flow. This is something you’ll have to consider and see which ones would be the best for you.

The most important thing is making sure that you buy in an area that is on the up and up. You want to go somewhere where the trends are heading in the right direction. Talks of revitalisation are also good.

This is how you should be starting your portfolio. If you follow these few pieces of advice, you’ll have the basic tools needed to build and manage your assets and add new ones.

Closing the Year | How to Successfully Manage Your Finance Team

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StrategyDriven Managing Your Finances Article |Closing the Fiscal Year|Closing the Year | How to Successfully Manage Your Finance TeamIf the month-end close is like game day for the finance and accounting department, closing out the fiscal year is the World Series. There’s so much to do in a limited time and, in most companies, this is done with a smaller team than you’d like. There’s a lot of pressure and that can lead to a lot of stress.

A successful close isn’t just about managing the process but about managing your team and your time to make the best use of resources. Anything you can do to become more efficient will reduce the workload on your finance team, and make the close less stressful.

The Benefits of a Great Close

The perfect year-end close is a win/win for your organization. By wrapping up quickly and accurately, you’re able to move on to reporting and generate high-quality financial statements. This helps management plan and strategize and benefit stakeholders.

Closing efficiently also benefits your finance and accounting team, because they’ll avoid long, stressful days and get back to their day-to-day process sooner. A well-documented close also makes both internal and external audits easier and less disruptive.

Here are some steps you can take to successfully manage your team for a great close with less stress:

Automate As Much as Possible

Technology really is a beautiful thing. When it comes to closing the books, there are some powerful tech tools to help automate the process. The more manual entry work you’re doing, the longer the close will take and the higher the risk of mistakes.

Of course, not everything can be automated, but you can leverage technology to give you more time for key tasks. Automate as much of the close as possible so your team is fresh and focused on the strategic pieces that require them to be at their best. This can also greatly reduce the emotional toll of the close by allowing people to go home on time and shortening the total length of the close.

Front Load Your Workload

Reconciliations are an important part of the close, and they can also be a very time-consuming part. In keeping with our last tip, leverage technology to automate your reconciliations if possible.

Try to locate steps in the close that can be done early. You don’t have to be in full “close mode” ahead of time, but if one or two people on the team can get some steps out of the way, you’ll be able to cut time off the big project once you ramp up for the close.

Stop, Collaborate, and Listen

Teamwork is crucial during a challenge like the year-end close. And this year brings extra challenges to many teams who are working remotely due to the pandemic. This makes collaboration and communication more important than ever before.

Hopefully, you’re reading this while you still have a little time before the close. Take that time to stop, look at your current communications and collaboration tools and methods, and make sure they’re working for you. The middle of the year-end close is no time to find out that your team is out of sync.

Get feedback from your team and make sure everyone knows his or her role, who to reach out to for the inputs they need, and who is waiting and depending on their outputs to move forward. Smooth out any wrinkled now, before it’s too late.

While it’s very possible to spend too much time in meetings, make sure everyone on the team feels heard and has the chance to voice concerns or ask questions. You may want to take a few minutes for a virtual “stand up” each morning just to check in and ensure everyone on the team has a direction for the day and has the information they need to move the close forward.

Check the Checklist Off Your List

If you aren’t already working with a close checklist, now is the time to start. Put together a list that shows every step of the close process, which steps are dependent on others, and the order of the workflow.

Ideally, your team can view and edit the checklist in real-time so they’ll always know the progress of the close. Cloud-based close software can be a huge help here.

The close checklist isn’t just a way to track what’s been done, it’s also a powerful accountability tool. By signing off on the list, team members take ownership of each step in the close.

At first, accountability may not sound like a stress-reduction strategy, but it is. When each step in the close is owned by a specific person, you always know who to clarify with if there’s any confusion. This helps your team avoid wasted time and duplicated efforts, which can seriously reduce anxiety.

Practice Makes Perfect

Going back to our Superbowl analogy, the year-end close has a lot in common with the monthly close. That makes the month-end a great time to dial in your process, identify any bottlenecks, and prepare for a successful year-end close. By improving your monthly close, you’re also going into the end of the year with fewer surprises and fewer loose ends.

Conclusion

By following a plan, documenting your efforts, and improving your close process each and every period, you can help your finance team close successfully without unnecessary stress.