The characteristics of a successful entrepreneur like Lamar Van Dusen are not shallow topics that can be covered in a single topic. The series of articles that covers the topics of entrepreneurs contains some of the characteristics which are common in all entrepreneurs around the World. In the previous article, Lamar Van Dusen talked about some of the traits of successful entrepreneurs while the present article is a continuation of the previous article.

Money saving

The next trait of successful entrepreneurs is the savings of money as per the suggestions of Lamar Van Dusen. The center of every successful business, the steady cash flow is the bloodstream that keeps the venture of successful business beating. Cash flow is a necessary part of every business as the money primary need for buying inventory, maintenance expenses, rent payments as well as the promotion of business. The base to success in this regard consists of the rigorous efforts of bookkeeping which has to be balanced among expenses and income.

It is a lesser-known fact that the business which is a start-up and is in its initial stages does not make any kind of profit in the first year of its venture. Business people can save themselves as well as their businesses by running short of funds by putting the money aside for urgent needs as well as for payments. In this scenario, an entrepreneur should keep this point in mind they have to separate the business and personal expenses. The entrepreneurs should never take the cash flow gained by the business for covering the expenses of their lifestyle.

Money

It is good to illustrate here that it is never wrong to take some reasonable amount of money as your salary from your business start-up. This money allows you to cover your daily expenses without getting into trouble. If you do not take any amount for your living as a salary from the business then it may cost you relationships that do not deserve a lower living standard. After all your struggles are for your family members who deserve to eat the fruit of your hard work you. All of these points should be seriously considered by the entrepreneurs so that all the relationships along with your mental peace stay on the board and you can do marvels in your business.

Resilience

Resilience is the next most required quality of an entrepreneur which is common in almost all successful entrepreneurs, says Lamar Van Dusen. It is a commonly known thing that running your own business while managing every single aspect of it is a really difficult job ever especially if you are starting everything from scratch. The start-up business always requires a lot of dedication, lots of failures as well as a lot more time as well as energy. For facing all of the above-mentioned issues, the only quality that can make everything fall into its place. What is always important in a business is to keep moving. This always-moving strategy should be the basis for everything in business. Whether it is success or failure, you have to keep moving forward.

Learning process

Do remember that initiating a new business is definitely a learning process and learning paths are never straight to success. There are a lot more frustrations, disappointments, failures, financial strains, emotional baggage, breakdowns, and much more which have enough power to shatter the senses and resilience of a person. In all this situation, what is recommended is to keep going.

Keep yourself focused:

What is similar to resilience in a business which is as mandatory as resilience is? The answer is quite simply given by Lamar Van Dusen. It is the focus that has to be on a single point. The success of an entrepreneur depends upon keeping his focus on the same point for the entire journey of success. You should always remove the doubts that come running into your way of a successful business.  what can be known as a recipe for failure in a business is to lose your focus and not trust your guts, instincts, and ideas and eliminate confidence in yourself that you can go through every struggle that can come in your way.

Lamar Van Dusen

This is the prime quality of all successful entrepreneurs is that they never lose their focus. They start their focus with the idea that they have to stick to their start-up plan and they have to keep moving while sticking to their focus.

Smart business

It is a renowned proverb that you should work smart and not hard. This quote is also true in the case of business start-ups. The trick of managing the money as well as a thorough understanding of the financial statements is one of the crucial factors that is required for anybody who wants to run a successful business. You should always have a clear idea of your revenues, purchasing, and expenses costs, the ideas of increasing and decreasing them respectively. It is also important to keep the cash flow in a proper line so that you do not have to bear the financial loss.

Lamar Van Dusen states that the Implementation of a smart strategy for business while exactly Knowing the targeted market along with the competitors, weaknesses, and strengths can help you to go through the difficulties of the business in a short period with possible turnovers.

Communication

The last yet not the least trait to be a successful business person is to be good at communication. The art of communication is one of the most important aspects in almost every sphere of life and business as well as entrepreneurship, it is one of those plus points which can make your path quite easier.

If you can convey your idea interestingly while offering strategies to the investor in a way that seems to be appealing that you have already won half of the game. With successful communication, you can negotiate, discuss and deal with people in a much easier and more convenient manner.