Trusty and winning ways for entrepreneurs

BUILDING a business is not a sprint, but a marathon, with hills, headwinds, heat and dust.

Entrepreneurs who succeed are not really the fastest or the strongest, but those able to endure the ups and downs. Business Partners Limited executive director Gerrie van Biljon has identified eight characteristics that make an entrepreneur go the distance:

Strong self-control Resilient entrepreneurs are disciplined individuals whose working hours, pace, workload and output are not controlled by something imposed upon them, such as an employment contract, peer pressure, a boss or the clock on the wall. They set their own standards and targets and set them high.

Ability to diversify and expand Single outlet, single product and single client businesses are vulnerable. That s because the loss of an important contract, new competi- tors across the road, or the sudden market influx of a cheaper competing product can be fatal to a business.

Entrepreneurs will look for new markets, new product lines and new clients so they have many income streams to fall back on.

Development of strong social connections Resilient entrepreneurs cultivate their networks of clients, suppliers, peers, friends and family.

It s not only to promote their business and to support them emotionally, but also to learn, source new opportunities and keep updated with changes in the market.

Attitude of a survivor Setbacks are a certainty for any business, and when they strike, a resilient entrepreneur will get up, dust themself off and move on.

Skill to learn from setbacks When setbacks happen, resilient entrepreneurs focus on what went wrong and on how to improve to avoid a repeat.

A new set of circumstances following a setback is viewed entrepreneurially as the entrepreneur seeks to explore what new business opportunities the setback presented.

Frugal and cash-flow conscious habits Flashy high-flyers don t tend to last long in business.

Resilient entrepreneurs adopt low-key lifestyles. They save and cut costs where they can, but do so without choking the business.

Ability to look at the bigger picture A resilient entrepreneur sees the bigger picture amid the chaos of running a business.

Attention to detail Paradoxically, entrepreneurs who survive have the ability to focus on the day-to-day running of the business, even as they keep an eye on their long-term goal.

They check and recheck prices, costing, supplier arrangements, contracts, staff performance and other things that could hinder progress.