You Have What It Takes to Make the Entrepreneurial Leap?
people dream of starting their own business. But working for yourself is not as
easy as it seems. Before you take the big leap, it's a good idea to honestly assess
whether you have the characteristics and skills it takes to make it on your own.
The following traits are important for those who are thinking of striking out
is critical for entrepreneurs who must face the risks involved in starting a business
and make it through the natural dry spells. The confidence to make decisions quickly,
independently and often under pressure is also essential.
People like to do business with individuals they trust. To build your integrity,
be honest, listen to people, treat them with respect, don't over promise and admit
when you've made a mistake.
Starting and running a business can be exciting, but it requires
considerable energy and long work hours. Be sure you are prepared to make the
physical and mental commitments.
Although some entrepreneurs have been known to defy this wisdom, it's best to
start a business in an area in which you have both an interest and experience.
This can minimize any learning curves.
Does your family support your decision to work for yourself? As a new business
owner, it's important to realize that your life is going to change in many ways,
all of which are not positive. It's best if everyone concerned has realistic expectations
of the time and money that will be required.
Passion is a characteristic that is difficult to develop. It's important to have
a passion for your business from the beginning. When you have passion, your work
is your play. The demands of running a business can wear you down, but passion
helps transcend those feelings of burnout.
According to Dun & Bradstreet, one of the two most common reasons
businesses fail is that the owner underestimates how much money it will take to
get the business off the ground. You can count on needing more money than you
think you'll need, so be sure you have access to extra funds through your own
savings or another means.
If you're like most small-business owners, it's likely that you
will be filling many roles from chief executive officer to janitor. In order to
make the best use of your time, you need to be organized and consider where it
makes the most sense to delegate responsibilities.
From day one, you and your business will face competition from
both expected and unexpected sources. To survive, a competitive spirit is a must.
Starting a business can be a big risk, but it won't be the first or last risk
you face. Entrepreneurs are not afraid of taking calculated risks. They learn
from failures. Someone who is comfortable taking risks is more likely to make
decisions that will result in company growth.
As an entrepreneur, you have to be flexible because things can change quickly.
Successful entrepreneurs know how to adjust to the changing demands of a growing
business and develop the skills to deal with change on a regular basis.
For the right person, starting and running a business can be a rewarding experience
with endless challenges and opportunities for learning. For more advice about
starting a business, consult with us to help you determine if the entrepreneurial
life is right for you.