Making the Decision to Start Your Own Business- Do You Have What it Takes?
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“Make sure you pick something you love to do, because you’re going to be spending an awful lot of time doing it. There’s nothing worse than working at something you hate. Money can be very motivating, and it’s nice to have, but it’s not everything.” Nicholas Courchesne Extreme Blendz Nutrition Centre & Juice Bar
This article looks at the personality traits needed to become an entrepreneur and new business owner. It discusses what it takes to be a success in running your own business such as having a high level of commitment to your business. It also looks at the three reasons that businesses remain successful over the long term.
If you are considering starting your own business, you must first ask yourself if you have what it takes to become an entrepreneur in today’s competitive market. Having a really great idea in your head is only the beginning.
Always choose a business that is your true passion because you will be spending a great deal of time working. Money should never be the only thing that motivates you to want to succeed. If you do not think that you will still enjoy the business you are contemplating in two years time, or five years time then you have not found your niche as of yet and must keep looking.
Source: Ministry of Small Business and Entrepreneurship
Personality Traits of an Entrepreneur
There are certain traits that are important to have in order to be successful at starting a business. These include being:
*hard working
*self-confident
*independent
*ambitious
*self-disciplined
*self-motivated
*realistic
*dedicated
*well organized
*resourceful
*thorough
*flexible
*determined
*resilient
*sociable (good communicator)
*a genuine people person
It takes a high level of commitment and dedication to start a small business, not to mention plenty of compromise and downright sacrifices. Individuals who start their own businesses often have to give up time with their loved ones and friends in order to get their business off the ground. This could mean working late at night, weekends and even holidays. Long hours is a given when it comes to being a business owner and you will receive little if any money when you first start out. Most businesses take at least two to three years to break even. The reality of being an entrepreneur is that you will have to cope with a great deal of stress on a regular basis.
It is important to be aware that plenty of people start new businesses all of the time, but just as many fail at them. Just look around your neighborhood and you will see new signs up at many locations. To guard against this happening to you, you must be prepared ahead of time for what to expect.
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According to the Small Business Administration, an estimated two-thirds of new businesses manage to make it through the first two years but only 44 percent are still around after four years. |
Reasons for the Success of a Business
Businesses do not succeed because of sheer willpower or because of luck or simply being in the “right place at the right time”. Businesses succeed for three reasons:
1. The business owner has the necessary qualities to make himself or herself successful.
2. The business offers good value for its products or services.
3. The business was created based on a solid business plan.
Do not be single-minded when it comes to starting a new business. Your family plays an important role in your future success or failure. Do they support your efforts or not? Are they willing to accept that there will be times when you are absent from family dinners and outings because you have to work? Do you have a close-knit support system or will you end up feeling like an outsider if you are not around as much as you used to be?
Starting a new business involves not only your dedication to your endeavor, but your family’s dedication to you. Your status as an entrepreneur will mean that you will not be working a nine to five job. Instead you will end up with a hectic schedule that likely will involve long working days that can stretch into the evening hours. As well your work week might end up being seven days of the week.
Before you move forward with your plans, sit down and have a talk with your family. Fill them in on the situation and get their input and feedback on your ideas. You need your loved ones onboard to make this work. Your success and the success of your business depend on it.
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Disclaimer: Ideawala.com does not recommend or endorse the products or services mentioned by the authors. We have not verified authors' credentials. We do not guarantee the accuracy of the information in the article or the earnings claims. Nothing in this article should be construed as business, legal or tax advice. Please consult a professional business advisor, an attorney or an account for specific advice in your situation.
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