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Skip to 0 minutes and 8 secondsI think one trait that I have which is carried through-- everything-- is "no" is just "not yet." And that's always been my philosophy. So if you listen to everybody that tells you about business and that you're going to fail-- in fact, I got a mentor, and he said to me nine out of 10 businesses fail. And I walked away from that feeling gutted, and then I just thought stuff him. No, I'm not going to fail. I'm going to succeed. And just tenacity-- you've got to keep going and going. And I think the people that survive in business isn't necessarily because they've got anything special, it's just because they actually keep going, and they don't give up.

Skip to 0 minutes and 45 secondsAnd the other thing I've done well I think is networked, and I think that's probably gotten me to where I am. I think if you're self-disciplined, motivated, well time managed, and a good multitasker, I think you'll go far. I would do a lot of things differently, to be honest. One thing is I would treat my capital with more care. To begin with, I did things maybe cheaper than I would have wanted to, but thought I was saving money. And it's a false economy, because you don't save money. You end up having to redo it. Having said that though, I don't think any amount of planning or time could prepare someone completely for business like that.

Skip to 1 minute and 25 secondsI think there are just some things you have to learn as you go along. There are things that you can't expect to know when you start. And then I met somebody who said oh, the passion behind your quality and your brand and everything you're talking about is not reflected in your logo or in your website. It's just really plain Jane, which might have been fine if you were selling peelers or something, a really functional peeler. But I was selling a brand and a product that was to inspire a lifestyle. So he rebranded everything for me. And it did. It came back like it was a real product.

Skip to 2 minutes and 0 secondsSo I would definitely involve a designer and a proper website builder far earlier. My advice would be to start planning early. Sit on the concept for a little bit. Try and assess the concept from a few different angles. Talk to as many people as possible. And also start building your website or planning your website now. Time passes much slower in the web world. What you are told will take weeks will likely take months or years. So it's best to start as soon as possible and get the ball rolling on that project.

Traits and Skills of Successful Operators

When you start your own business, chances are you will have to fulfil many roles and learn new skills, or learn how to outsource. You are often the financial, marketing and operational expert, SEO and content writer, web designer, blogger and more!

You are your business’s greatest asset and driving force. No matter how good your idea is you will need to consider if you have the necessary personal attributes:

  • Are you a self-starter?
  • Do you have self-discipline?
  • Can you accept responsibility?
  • Are you prepared to dedicate the required time?
  • Do you have leadership qualities?
  • Are you well-organised?
  • Are you a quick learner?
  • Are you a problem solver?
  • Are you resilient?
  • Are you a good communicator?
  • Are you passionate about your idea?
  • If you answered yes to most of these questions, then you may have what it takes to succeed.

    Starting and running a business can be challenging yet rewarding. However, before embarking on starting or running an online business consider whether you have what it takes to be a successful online business entrepreneur.

    A question for you to consider is whether the personality and traits of a budding entrepreneur, is a more important determinant of a new business's success, than the actual idea itself?

    Let’s take a look at the qualities that define a good online business entrepreneur.

    Case study

    Jordan has given her online business idea more thought and has explained to her friends and family that her new business idea will address the wants and needs of a niche market in the travel industry and provide her with a means to use the knowledge, skills and experience that she has built over the past few years. But Jordan now wonders if she really has what it takes to run a successful online business operation. She decides to talk to some successful entrepreneurs and find out what traits they needed to become successful in business.

    Activity

    Watch the video to find out what traits these small online business entrepreneurs have or needed to acquire to become successful. Use the Personal Assessment Sheet in the Downloads area below to identify your own entrepreneurial traits.

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This video is from the free online course:

Online Business: Planning for Success

RMIT University