Have you ever heard that only a small part of ‘all’ Home-Based Business entrepreneurs achieve success? Do an online research on your favorite Search Engineand you will understand what I mean. In this article I’m going to show you the KEY to Home-Based Business entrepreneurs success; you’ll find out what makes an entrepreneur succesful in the home-based business field.

Below are five tips for home based business entrepreneurs:

1. It’s their mindset that brings success

Serious entrepreneurs have ‘programmed’ their mind to succeed no matter what. They don’t lack focus on their home-based business and let nobody stop their plans in achieving what they want. They know what they want and they have the DESIRE to succeed. If you don’t know exactly what you want when it comes your home-based business, think about it again and re-consider your plans, what you want to achieve, a get-rick-quick or a profitable, long term business.

2. It’s their start-up plan that brings success

Smart entrepreneurs know that it takes time to set-up and grow a profitable home-based business. They plan to succeed. They have a start-up plan that might fail but they never give up and start again with a better plan. Serious entrepreneurs know that it takes discipline andtime to build a strong and solid home-based business, which delivers ongoing income through many years to come.

3. It’s their initial RESEARCH that brings success

Smart and serious entrepreneurs know the importanceof market research. They know that in order, for a home-based business to succeed, they have to research their target market (their potential customers) and study their competitors. Research your target market and study your competitorsin order to have a long-term, profitable home-based business. Know what your customers want and give it to them.Keep an eye on your competitors, study their offer(s)and make sure you come up with a better deal thanthem.

4. It’s their marketing strategy that brings success

Study each successful entrepreneur in your marketingfield and you’ll notice how they market online / offline. Each of them have their own ‘unique’ marketing strategybut they use the same basic principles. Don’t re-invent the wheel. Use the main marketing conceptsthat are proven to work but try to improve and adjust themto your own situation. Make them work for your home-based business. Make your offer better and unique than your competitiors if you want to WIN in this business, or simply quit (I know that’s no what you really want!)

5. It’s their investment that brings success

Smart entrepreneurs know that the KEY is to work SMART, not hard. If you don’t have the required skills to develop a NEW marketing tactic for your home-based business why not hire a consultant who knows his stuff? If you have ‘enough’ money why not invest in someone who can help you grow your home-based business and give me something to work at too? What is more valuable to you, your time or your money?

A serious entrepreneur is ready to invest (both time and money). He knows that he will build a long-term successful business for him and the one he loves (friends, family, children, etc.) The final (or first?) STEP you need to take in order to succeed is to act (take ACTION!). Yes, put into practice what I have told you above (the 5 TIPS for Home-Based Business Entrepreneurs) and you’ll succeed, no matter what.

There are certain traits and skills that many successful online entrepreneurs have in common. Some mentioned in this article may seem simple, but don’t overlook their importance.

You may not personally be strong in all areas, but you can get by as long as you can delegate tasks that call for them to someone on your team that is.

* Good Communicator

Whether you are communicating by email, your web site, ICQ, web-based forums, or whatever, you (or someone in your organization) need to demonstrate good communication skills - especially good writing skills. Unfortunately, many online communications are very weak in this area. I’m not saying this to be critical, but to point out an area for improvement that we can benefit from by giving attention to.

Since we’re all human and prone to making mistakes, our communications may not be flawless, but the more clearly and accurately we get our message across - with fewer mistakes in spelling, punctuation, and grammar - the more likely our prospects will grasp our message and take the desired action, and the more professional image we will project.

However, that does NOT mean that we need to try to impress people with complex language. Research has shown that clear, simple language outsells complicated language.

* Calculated Risk-Taker

True entrepreneurs aren’t necessarily foolhardy gamblers or risk-takers, but tend to be willing to take carefully calculated risks after careful thought and planning (thereby reducing the risk). This is better than dragging one’s feet too long, suffering from “analysis paralysis,” wasting precious time over-analyzing things.

* More of a Doer Than a Dreamer

Having dreams and aspirations about becoming a successful entrepreneur is all well and good. The problem is, it is much easier to dream than it is to roll up our sleeves and get busy making those dreams come true. Only when we do more doing than dreaming will we ever become successful.

* Persistent

As I’ve watched new online ventures come and go, and others (including my own) come and GROW, I’ve noticed that persistence is a key ingredient missing from many failed ones. And some are right on the brink of success when they quit!

* Cautiously Optimistic

Rather than have a negative outlook on life (which will eventually by conveyed to prospects and customers) successful entrepreneurs usually tend to have a “can do” attitude, and to see opportunity where others only see problems.

* Goal Oriented

Entrepreneurs take a lot of satisfaction in setting and reaching business-related goals. This isn’t surprising, as all humans have a natural desire to find satisfaction in their accomplishments.

* Customer Oriented

Hit and run entrepreneurs don’t usually last, but those that focus on understanding and satisfying the wants, needs and buying trends of their customers tend to thrive.

* Passion for the Type of Business

Entrepreneurs aren’t just motivated by a desire to earn a living. They usually have such an interest in their line of business that it rarely seems like work to them. It helps them put in the long hours that getting a business up and running sometimes calls for.

* Flexible

Things change rapidly, especially online. The successful entrepreneur is willing to overcome mistakes, meet new challenges head-on, and adapt to change. Doing so can mean the difference between success and failure.

* Skilled at Marketing

In business, as the saying goes, “Everything is marketing.” The world can not and will not beat a path to your door to buy your “better mouse trap” if the world doesn’t know about it. Regardless of what business you’re in, marketing is the tool used to present the solutions that your products and services offer to the rest of the world.

As legendary promoter P.T. Barnum said: “Without promotion, something terrible happens - NOTHING!”

Like any other skill, your marketing can be improved through increased knowledge and practice. Invest in expanding your knowledge of marketing. Doing so can serve you well throughout your entrepreneurial career. Benjamin Franklin put it well, when he said: “An investment in knowledge always pays the best interest.”

Of course, there are lots of other skills and traits that successful Internet entrepreneurs have at their disposal, but the above list covers many of the most crucial ones. May it help you to also find success as an online entrepreneur.

Does the idea of running your own business sound exciting? Do you have a business up and running and want to take it to the next level? I’ve found that the answers to these 5 questions can make or break any endeavor. Of course there are lots of other areas that must be addressed, however these will get you moving in the right direction quickly.

Once you have these answers, you’ve created a basic and relatively painless Down and Dirty Business Plan?.

1. What problem do you solve?

You MUST begin here. If you don’t know what problem you solve, you don’t have a snowball’s chance. What real need do your potential customers/clients have that isn’t be fully addressed yet? Where’s their pain?

2. For whom do you solve it? or What is your niche?

In today’s economy, the best (many say the only) way to market your goods or services is to be very specific about targeting your potential customers. You can locate them, they can find you, and others can refer to you. This is scary for most entrepreneurs because it means saying “No” to some people. Let it go. It works!

3. Who’s your competition?

It’s time to become a stealth researcher. Who else is doing anything like what you’re doing? What’s their niche? How do they market? What do they charge? How long have they been in business? How are they unique?

4. How will you market your business?

Study your competition. What’s working for them? Model their success. Improve it. Think outside the box. Where does your niche hang out? Will you network, place ads in local papers, or do some PR? How about using Google pay per clicks?

5. Why you?

Why will your potential customers go to you instead of the competition? What makes you uniquely qualified to solve their problem(s)? Is there a specific solution you have that they don’t? Can you be more cost effective and/or efficient? Is your service unparalleled? If you don’t know why they’d choose you, your market won’t know why either!

So you want to start a business. You have an idea. Lets say you want to be a carpenter. You print some brochures, some business cards, and take out an ad in the Yellow Pages. You pay $600 for a website and a domain name that tells everyone about your amazing credentials and experience. You distribute your fliers at a local grocery store. And then you wait. And wait. And wait?

Nothing happens. But, that’s what everyone does, isn’t it? Print out some brochures, tell everyone how great you are, and wait for the money to roll in.

Stop right there. You have just made the top 10 mistakes entrepreneurs make.

Mistake 1: First, being a “carpenter” is too general. There are a million carpenters in the world, but the only successful ones have something to concentrate on. Wood carving, house renovation, specialized pieces. Like the old saying goes, “Jack of all trades, master of none.”

Mistake 2: If you fail to plan, you plan to fail. An idea is not a business plan, or a marketing plan, or even just a goal. It is simply an idea. Although the planning process may seem long and tedious now, it will benefit you more than you could imagine in the future. For example, when you are seeking funding, when you are joining an association of professionals, when your goals change, when your business changes, or if you take on a partner or investor. Your plan should guide you, but not constrain you. If something in your plan doesn’t fit just right, change it. Your business plan will never have a final draft.

Mistake 3: Brochures and business cards are GARBAGE to start-up businesses! You will spend far more producing them than they will produce for you. Ignoring the high cost of printing these materials, and the costs associated in designing them if you aren’t proficient yourself, most start-up businesses change too quickly for these materials to be effective for more than a short period, sometimes as little as days. If it costs $1000 to print these the first time, and $1000 to design them the first time, imagine how much you will pay if your brochures beat statistics and last 2 months. If alterations to design cost $500, it costs $1500 every time your business changes. If your business changes every 2 months, you can expect to spend at least $9000 that year on brochures and business cards. Yes, that is NINE THOUSAND DOLLARS in lost revenue, over something that is less effective than grafitti. Don’t waste your time, or your money, on brochures and business cards until you can keep your typical sales presentation the same for at least 6 months. Otherwise, these things aren’t worth the trouble.

Mistake 4: Okay, the Yellow Pages. Lets take a look in the Yellow Pages and see how many other trillions of carpenters there are. Which ones stand out? Definitely not the tiny ad in the corner. Probably not the one-liner. And as a start-up, that is all you would be able to afford. For the one or two clients per year this would bring you, it is better to wait until your marketing budget can afford to buy large, extravagant and eye-catching ads.

Mistake 5: $600 for a website and domain name? A website and domain name before a marketing plan? This scenario is already causing headaches for those of you “in the know”. Best idea, design your own website for free if you can. Second best, get a friend or relative to design it for free. Third best, pay a minimal fee for the complicated stuff and the rest can be done by yourself and a relative. Only if no one in the world can help you, do you want to hire a professional to do the whole thing for you. And when you do, try and get it on 30 or 60 days post. That way, their new website will be generating money for you before you pay. If you do pay upfront, and can’t get around it, ask if they do free updates. You are guaranteed to change a thing or two, probably at least once a week as you test out your new site. If you pay $600, it had better be a good website - because your entire marketing budget just paid for it.

Mistake 6: Wow! A carpenter who went to John B. Doe Carpentry Academy! Is that what your customers say? Most likely, they won’t even think that. Most customers think “Wow! Look at his work. It is just what I need.” And that is what you want your customers to think. Don’t promote yourself, promote your solutions. Everyone who comes to your website has a problem they need solved. If you figure out that problem, and can tell them how to solve it using your website, you have just hit a marketing gold-mine.

Mistake 7: What is a carpenter doing at a grocery store? And why is he handing out fliers anyway? If you do hand out fliers, do it where it counts. A carpenter should hand out fliers at a lumber yard or furniture store. Even a department store that sells nails would be a better location for a carpenter when handing out fliers. Think about it.

Mistake 8: This is probably the biggest mistake. You stopped marketing. Even if you do exactly the opposite of everything you have read so far, if you keep doing it you are bound to get at least minimal results. If you stop when you run out of new ideas, you probably won’t get much. The key to marketing is repetition. Make sure people think of your name when they have a problem. If they have only seen your name once, but your competitor just sent them a third flier, your competitor will get their business. We’ve all heard that it takes more than once for a customer to buy, and it has never been more true. With the information available to your customers today, you want your name to be in front of them as much as possible.

Mistake 9: When nothing happened, you didn’t try again. Nothing says failure like someone who quits. Motivate yourself! Get up in the morning and say “I’m going to get hits to my website.” Or “I’m going to get a client this week!” If you build it, but nobody knows its there, nobody is going to come. You have to try, make mistakes, learn, and try again. If you try, make a mistake, and give up, you will never be the success you know you can be.

Mistake 10: You assumed that what everyone else does will work for you. WRONG! What everyone else does took them a long time to figure out, and they have been tweaking it all that time to make it work right for them. If you copy part, but not all, of what they do, you will never get the same results. People strive for individuality, and business should too. If you copy your competitor in every aspect, your prospects might as well flip a coin. Do you want 50% of the business you could be getting? No, you want it all!

The bottom line is to stay motivated. Starting a business is one of the hardest things anyone can ever do. The uncertainty, the lack of a support structure, the complete and total disregard of your typical safety zone. It is all part of starting a business. But the rewards are far greater than the sacrifices. And in the end, when you are financially secure, and independent from the corporate world, it will be more gratifying than you could have ever dreamed.