From business idea to founder: What characterizes successful entrepreneurs?

nullAssertive? Courageous? Decisive? Personality traits such as these are often attributed to successful entrepreneurs. And they are indeed - alongside personal qualifications - among the most important criteria for successful company formation. But what exactly do you need to bring to the table to run a company? How do you determine that your idea is marketable and how do you successfully found a company?

What makes a successful entrepreneur?

Personalities such as Bill Gates and Richard Branson do not have a degree. Nevertheless, they are among the most successful entrepreneurs in the world. The question is: what distinguishes them from other founders who were less successful?nullOn the one hand, their attitude. Namely their motivation, passion and perseverance. In addition, almost all successful founders have certain character traits that influence their professional success.

Visions

Founders who are the first to try something new in 2021 will not necessarily be successful. Ambitious entrepreneurs know this - and try anyway. Because whether Johannes Gutenberg or Carl Benz: every founder had a vision at the beginning. A successful entrepreneur needs an unshakeable belief in himself or his start-up and is not dependent on the confirmation of others. If something doesn't work out, that's no reason for them to give up. It is an opportunity to learn.

Perseverance and tenacity

Few start-ups are successful from one day to the next. As a rule, things tend to be moderate at the start of self-employment. Success takes time and setbacks are part of the business. If you get discouraged too quickly as a founder, you may miss out on an opportunity that would only have arisen later - with a little more perseverance.

Passion

Successful entrepreneurs are passionate about their goals. They love their job and are prepared to make sacrifices. Because before they can reap the rewards of their work, they usually have to get by without a fixed income and regular working hours. The company "Pfeiffer" is an example of such an attitude. The founders initially manufactured various wooden toys out of pure passion for the product before successfully turning their vocation into a profession with the help of the Recht 24/7.

Creativity

A high degree of creativity is not only important for the development of your business idea, but also for your daily working life as an entrepreneur. If something does not go according to plan, a quick and good solution is required. This can sometimes be unconventional. Creativity is also required at the beginning when raising capital. In addition to a traditional bank loan, grants or crowdfunding offer innovative alternatives to generate start-up capital for your start-up.

Courage

Many people tend to stick to the tried and tested. For good reason, because what has worked for a long time is usually considered low-risk. As a founder, however, you dare to try something new. Like the "Dein Dorfleben" initiative: getting people excited about producing food again and letting them participate in production. You are not satisfied with the status quo, you want to make a change. In doing so, you show the courage to make the necessary decisions to overcome resistance, realize your business idea and achieve your goals.

Is the business idea for self-employment marketable?

At the beginning of their self-employment, many founders are bubbling over with enthusiasm. They see the potential of their company through rose-tinted glasses. Difficulties such as a lack of start-up capital or a lack of demand are often forgotten. You should avoid this at all costs. Evaluating the prospects of your business idea is essential for your future success. Ask yourself the following questions:

• • How convinced are you of your business model?
  • Does your product or service attract the attention of potential customers in a timely manner?
  • Does your startup or your product/service have a unique selling point?
  • Are there already providers with similar business models?
  • How high is the risk that you will only generate small profits or even incur losses at the start of your start-up?
  • Do you have the necessary capital to bridge short-term financial bottlenecks in your start-up?
  • Do you have a network that you can use for implementation? (suppliers, customer base, business partners)

Basically, your business idea should be viable and suit you. Don't be afraid to develop your business model further in order to meet the market situation and customer needs.

What is needed for successful company formation ?

As a founder, you are faced with the task of ensuring the success of your business idea - today and in the future. The following factors are important for a successful company formation :

The strategy of your company

A permanent analysis of the market and customer needs are among your core tasks as an entrepreneur. The focus here is on customer orientation. Align your company in such a way that you solve real customer problems in a way that sets you apart from the competition.

The management

As a founder, you are THE figurehead of your company. You embody your business idea. This is particularly important in external relationships with customers and business partners. They should know who they are dealing with and why exactly you are qualified to offer your products or services. Appropriate information on the company website about your professional background and your personal philosophy can help to build trust. This was also essential for Stefanie Schmiedeberg. On her website, which was made legally compliant with the help of Recht 24/7 , the life coach explains the values she stands for and why her services can significantly improve the lives of her clients.

The marketing

A high degree of customer orientation must also be reflected in your company's marketing strategy. To do this, you should know your target groups. Individual marketing campaigns and your company's presence in digital communication channels (e.g. social media) are important for your future success. A good example is the fashion brand "Jellies". It was successfully entered in the trademark register with the help of Recht 24/7 and has been successfully promoting its innovative street couture on Instagram and Facebook ever since.

Cost management

Another factor for a successful business start-up is efficient cost management. As a founder, you first calculate the costs for company formation and ongoing business activities. You then determine the extent to which these costs are covered by income or financing. Remember: Low fixed costs minimize the risk. It is important that you maintain an overview of your company's financial situation at all times and react quickly to any changes.

The most important facts in brief

• The most successful founders are characterized by motivation, passion and perseverance
• As a founder, don't be afraid to take innovative paths to lead your startup to success
• Find investors for the company formation and fill the key positions of your company with expert employees
• Record your business idea and its implementation in a detailed business plan
• The company formation a start-up requires precise knowledge of your target group and their needs
• Customized marketing campaigns help you reach your target group
• Always keep an eye on the costs of your company. This applies in particular to the initial period after company formation, when your young company usually only generates a small turnover

219.00 EURO - including advice on the start-up process

269.00 EURO - including advice on the start-up process