Success Factors for Entrepreneurs

• Managing your money well will help contribute to your success as an entrepreneur. Tim Klein/Stockbyte/Getty Images

  If you have a vision for a new business or product, you may consider becoming an entrepreneur. While starting your own business can provide feelings of anxiety, understanding the characteristics of other accomplished entrepreneurs can help you follow in their footsteps. Successful entrepreneurs possess certain factors that help them start or manage a growing business.

Experience

• Bloomberg Business week states that many entrepreneurs rate experience as their most important success factor. As you experience business success and failings, you learn what works. Having the experience allows you to clean up mistakes and do better the next time.

Money Management

• Starting a new business venture can cost a lot of money. Whether you obtain this money from investors or a part-time job, how you manage the money can contribute to your success. According to the Entrepreneur website, you should create a savings account with your business funds and avoid using the money unless it will advance your business. Using your money wisely will allow you to build your business without running out of capital.

Clear Goals

• One of the factors in a successful entrepreneur includes setting clear goals. A vision becomes useless without a clear goal, according to the Goto Silicon Valley website. Each goal should have a clear objective. The goals should include a timetable such as "complete 100 sales by a certain date." Measurable goals will help you evaluate how well your business performs.

Hard Work

• In the Internet age, many people may think they only need an idea to become a successful entrepreneur. However, hard and long work must accompany a good idea. Managing your time so that you can work on your business will contribute to your success. The more time you invest in your business, the more you understand what works and what needs changing.

Researching Competition

• A successful entrepreneur researches and understands his competition, according to Goto Silicon Valley. No matter how unique the idea, most companies have some competition. Knowing what your competition does and how to make your business better will greatly affect your success.