One key benefit of the free market system is that it creates and stimulates change. It often generates fertile ground for anyone with a vision, but the market also provides an overwhelming amount of competition. It takes a very special type of person to prosper in this environment, as it requires both insight and tenacity. It can be very difficult to pinpoint an exact formula for success, but if you look at the most accomplished entrepreneurs that are alive today, some patterns emerge.

So who is an entrepreneur?

In its most basic meaning, the term describes a person that is capable of starting his/her own business, and figuring out a business plan. The task seems trivial, but appearances can deceive. Starting your own business is not exactly difficult, but the issue stems from the fact that no business person operates in a vacuum. There are multiple factors to consider, and how you run and manage these internal and external issues is very important. This is especially true in today’s economy, with the emergence of the internet. The web is akin to the Wild West, a domain that has yet to be conquered and tamed. It offers untold potential, but it can also be rather hostile and unpredictable. If you are opening a store, or setting up an online marketing plan, the same principles apply.

Here are 8 qualities that any entrepreneur should have:

 

1. Proper resource management

No budget is unlimited, and that is why you have to be careful with how you manage and distribute a finite number of resources. Know your leading indicators and the priorities of each.

2. An eye for detail

When it comes to business, there is no such thing as a small detail. In a world of knockoffs and copies, the little things can help give your company a sense of identity.

3. Be exceptional

While there are a lot of original ideas out there. Fact is, you don’t have to be original. You just have to be exceptional. Don’t just copy website business ideas from other companies. Just poke holes in their business and innovate it into something better.

4. Fortune favors the bold

At the end of the day, no business plan is foolproof. The market will always imply risk, and playing it safe may inhibit progress. Look for ways to create game-changers.

5. Become a great marketer

You should always research search engine statistics, demographics and market preferences. Most of the info is found online, and can give you an idea on how to reach your target demographic. Remember, no product or service is ever delivered until someone sells it and a great marketer will make it easy to sell and buy.

6. Learn to self-promote

Learn to promote your website or product in a way that you and your audience is comfortable with. It should also be mentioned that shameless and insistent self-promotion can actually discourage business.

7. Learn to integrate the internet

If you have a business that deals in physical services or products, never forget to take advantage of technological facilities. Regardless of product, set up a solid online marketing plan, and build a proper website.

8. Value your health

A good business person never neglects his or her health or the health of their team. Happy, healthy people are far more productive and innovative.

Many of you out there are successful too so Xtendly is curious on what you think it takes to be a wildly successful entrepreneur?!?!