The recession is here and it hit you bad. You got laid off. Now, you’re worried about how you’re going to provide food on the table. So, you ask people, or the internet (google), and find that the best way to make money is start a business. Wait a second, you have no idea what it takes to start a business. Are you even sure you have the skill, aptitude, and right temperament to own a business? Are you truly an entrepreneur?
Now just because you have the desire, and maybe the money, doesn’t mean you’re guaranteed success. There’s going to be a lot of time, money, and energy spent on building a business. When you have a business, in means you have to take risks, face fears, and handle A LOT of trial and error. That is what business is all about. The good thing about owning a business is that you get to be your own boss, you control when you wake up, when you have lunch, and if you have to work. There are many things good and bad about owning a business, but it is the business owner that makes it or breaks it. Do you have what it takes to run a business? Well here are traits that you must have, or at least develop, before getting into your business venture.
1.) You Must Be A Self Starter: I believe being a self starter is one of the biggest and most important qualities an entrepreneur has. The reason is because owning a business is absolutely different from being an employee. As a business owner, you would have to make decisions on your own. No one is going to tell you what to do. Owning a business means that you have to sometimes start things yourself. Also, when you first start a business, no one is going to start it for you. The entrepreneur starts everything.
2.) Are you good with people: Yes, you are most likely going to start by yourself, and during the course of owning a business you may not have to answer to bosses or work with your peers, but you still have to have good people skills. The reason is because you’re going to have to develop relationships with people that will advance you in your business. You would have to talk to investors, financial planners, accountants, lawyers, employees, etc. You see there are important relationships that need to be built in order to succeed in business. Having people skills is imperative to that building.
3.) Ability to Make Hard Decisions: When it comes to business, you are basically taking a risk. You have to be able to make those business decisions. You see, when it comes to choices in your business, you have to have the cohunes to take a risk. You may have to face a decision that could potentially destroy your business, or can plummet your business past the sky. If you can’t make those decisions, then you can’t be an entrepreneur. No, not every decision will be the right one, but an entrepreneur won’t let that wrong decision affect him. Rather, he will learn from his mistakes. So make that tough decision.
4.) You Have To Make A Commitment To Hard Work: Yes, it does look like business owners don’t do anything except delegate what to do to their employees. It’s true. However, it’s only true for an already successful business. There is not one successful entrepreneur out there who DID NOT put in their share of work. In fact, when you first start a business, you have to work hard at it. You must stay committed to working hard each day until you can reap the benefits of owning a successful business. This is what I say when people look at this the wrong way (a quote from the wife of my company’s CEO): “The biggest things that you give up in the beginning of a business – time and money – are the biggest things you get back TEN-FOLD!” and it’s true!
5.) Last, and most important, is the ability to Set Goals: If you’re an entrepreneur, that means you have goals. If you don’t have goals, I suggest you go out and find information about goal setting because it is absolutely important to set goals within a business. Why do you think business plans have a “mission statement?” The mission statement is their ultimate goal. Without a goal, you will not know where you are going. Think about it, if you don’t have a goal and don’t see yourself achieving that goal, how are you gonna get there? It’s like trying to get somewhere with no exact destination…