For budding entrepreneurs and business owners, there are many keys to success. However, there are also many pitfalls that must be avoided or successfully overcome if you are to be successful. One of the most important aspects of running your own business is understanding how to attract money with your determination.
It may seem rather simplistic at first that you can learn how to attract money with your determination, but of course it does not work alone. However, determination plays a powerful role in getting you the money necessary to startup your own business.
Why Determination is a Key Factor in Success
Determination or persistence is arguably the only element that is essential when it comes to being successful. Genius, talent, and skills can be transitory in terms of creating a successful business. However, if you are not determined to succeed, you never will because there are so many pitfalls that await entrepreneurs and new business owners.
Persistence is never stopping, never veering away from your goals. It is a trait that all successful
people have and one that does not require experience, skill, or education to acquire. Determination is all within you and your objective should be to find and use it so that you can overcome obstacles and succeed with your business.
Determination is the drive to succeed, but it should not be mistaken for having a single-minded approach. In other words, there are times when you have no other choice but to shut down your business. But that should not stop you from starting another one or creating the improvements necessary so you can re-launch your original effort.
How Determination Attracts Lenders
Starting up a business requires capital and if you cannot raise the money necessary, you will not get your efforts off the ground. Keep in mind that there are many entrepreneurs and business owners competing for loans and grants, so you’ll need quite a bit in your arsenal to get what you need so your business can start rolling.
You’ll need a sound business idea, plan, and goals that lenders find obtainable and reasonable. However, given that the success rate for new businesses is relatively low, you’ll need something more to get lenders on your side. Keep in mind that most lenders have worked with entrepreneurs and business owners before and those with years of experience will have seen a pattern that separates many successful businesses from failed ones.
Determination Attracts Attention: One of the patterns that lenders see is the determination of the person to find success. This does not come from how you act, but rather in how prepared you are to take on the challenges of starting up a new business. Lenders understand that many businesses fail because the owners do not have the basic drive to keep pressing on. What may be a temporary setback turns into the business collapsing because the owner did not have the persistence to keep going forward when they had the resources to do so.
Determination Leads to Inspiration: Those who are determined find ways to succeed, quite often by coming up with ideas or approaches that they never would have thought of when first starting their businesses. In fact, many of the best business ideas came from entrepreneurs and business owners facing failure and needing an alternative path to success. Your determination offers the avenue for you to succeed if you know how to use it.
Determination Produces Results: The desire and persistence to press on separates successful business owners from those who never get anything off the ground. When combined with experience, it makes it far easier for entrepreneurs to succeed again and again because they understand how to deal with the pressure of starting up new businesses. It is far better to keep trying and exhaust all possibilities than give up when there is still a chance. To give up once makes you more vulnerable to giving up again, which lenders will see as a detriment when it comes to investing in your ideas.
Lenders are taking risks when they decide to finance your business efforts. So, they will use all the information they can to make their decision about whether to back you or not. By demonstrating that you are determined to succeed, it adds considerably to your chances of getting the necessary capital to get started. Of course, you will still need a good business plan and marketable product or service, but determination helps tie all those attributes together so that you can make the most powerful impression.
What if Your Business Fails?
Failure is a part of success, so you should not be too down in the dumps when your best efforts do not deliver the results you want. Once it’s over, the first step should be an honest evaluation or autopsy of why your efforts did not produce what you desired. Keep in mind that being so close to your business, it may take a little time for you to step back and engage in an honest evaluation.
Once you have learned the important lessons, it’s time to put that to good use is planning your next business effort. One question that all lenders have is your previous experience, so you’ll want to be prepared when your previous efforts were not successful. You need more than a good answer, you need to demonstrate that you have learned from that experience and that you have incorporated that knowledge into your next business.
Lenders understand that even those who are determined can have their businesses fail. But they also know that those who have shown determination will eventually succeed and they will want to be part of it. So, in the end understanding how to attract money with your determination starts with planning for success and being persistent enough to see things through. You may not succeed with your first effort, but you will not stop trying and that makes you attractive to lenders who want to be there when you reach your goals.