Starting a new business comes with its own fair share of challenges. Knowing whether or not you can overcome these challenges is usually the difference between a closed business and a successful business.
Successful entrepreneurs share more than an inspired team or great ideas. These business owners possess traits that help them thrive.
Ever wondered if you have what it takes to start a business? Following are some of the questions you must ask yourself.
Are You Passionate About Being Self-Employed?
Trademark films make it seem like owning a cookie shop is all romance and fun, but in the real world, the owner of that thriving bakery may be very stressed because an employee never showed up, the oven just broke or the supply still hasn’t shown up with powdered sugar. If you do not enjoy what you do, such challenges can be very hard for you to deal with.
Are You Persistent?
Many startups do not enjoy instant success. Essentially, many of them fail a few times. Successful business owners usually persist through different mistakes as well as other challenges.
Do You Take Risks?
For some people, the act of starting a new business means taking risks.
However, you can reduce the inherent risk of starting a business by cautiously researching and vetting your market and concept. One thing about self-employment is that there is always an element of risk involved.
Are You Self-Motivated?
As a business owner, you’ll get to decide when to work, and what you’ll be working on. A self-employment is a superb option for people who can work with no close supervision. This is because no one will hold you accountable or wake you up, meaning you’ll be doing everything. After all, you believe it’s for your good.
Are You Flexible?
Many entrepreneurs will tell you to expect some changes. You may have to move to a bigger working space, replace staff, or finding new supplies. At times, you’ll have to change the entire business model.
Although the variables usually differ from one enterprise to another, one thing that remains constant is that business isn’t static. To flourish in bad and good times, expect to continually adapt and adjust.
Are You A Good Communicator?
Business owners should be able to communicate effectively and clearly with customers, vendors, employees, and funders, amongst others. It’s important that employees understand where you are going, what you can expect from them, and how you will get there.
Are You Confident?
If you do not believe in your own vision and ability to implement it, then nobody will. Confidence is key to overcoming obstacles and naysayers. It will be very tough for you to excel if you don’t believe in your abilities. Always do your best to move to the next step regardless of what people say.
Other essential traits to consider include grit, the ability to make informed decisions, and lifelong commitment to learning. You never need all these in order to succeed, but if you have a few to get started and you’re willing to grow a few more as you continue, you’ll definitely become a successful business owner.
If you feel you’ve got what it takes to start a business, ensure you consult a professional to learn a few things about business funding, and uncover any accounting or legal issues.
Why start a business? – Why set up a business? – GCSE business revision – Other – BBC bitesize. (n.d.). BBC Bitesize. https://www.bbc.co.uk/bitesize/guides/zc3gkqt/revision/1
Secondact.com. (2011, January 24). 6 steps to take before you become your own boss. U.S. https://www.reuters.com/article/idUS35714155320110117
The ultimate small business startup guide. (n.d.). CNNMoney. https://money.cnn.com/smallbusiness/startup-guide/