Am I capable of Starting a business?
Am I Capable?
Small businesses owners have lot's of things in common they are often driven and know the industry they work in. Below are some of the more important qualities you will require to be successful in your new business venture all of them of major importance when starting a company.
Willingness to Sacrifice
If you enjoy the 9-5 lifestyle and the regular routine of a full time job then do not go into business for yourself, You will especially on the early days have to work in excess of 40 hours a week often in excess of 70+. You may need to sacrifice some other hobbies and passions in the short term in order to ensure that your new business venture succeeds. But what you sacrifice in the short term should ensure that years down the line you have the flexibility to live the life you wanted. So short term sacrifice for long term gain
Your business will not succeed unless you can interact with people. You will need to be able to communicate with customers, suppliers, other businesses, potential investors and a host of advisers. Communicating with each of these can take a different approach to succeed and negotiate for the benefit of your business. You need to be comfortable in dealing with people and getting what you need to succeed. Communication skills are paramount in running your own company, so if you don't have them you better get your self learning or you may as well stick to your day job.
Basic video on how to improve your interpersonal skills
Its your company and any one with questions or debates WILL turn to you, you have no further to escalate the problem. Are you ready to call the shots? You need to be able to lead. Whilst during the start it may be just you, if it takes off as you hope to you may have to employ people, do you have the ability to get the best out of your employees and to drive your business forwards at the same time. Don't worry if you haven't had any experience of leadership, sure there are people who are born to lead, but you can learn to become a good leader and knowledge is power so check out the Remarkable leadership book it has some very good tips.
- The Start Up Business Hub
This site, has so many useful articles about starting your own business, small business, the skills required to start them and loads loads more it is really worth checking out.
An American organisation which focuses on small business.
- Business support, information and advice | Business Link
The UK government advice site for small businesses.
Now I’m not talking about misplaced optimism such as hoping there will always be peace in the world from this day forth, but you need to believe in what you are doing and when things aren't going quite as well as expected you have to be able to hang on in there and focus on activities which will add value to your business and move it forwards even when things seem to have no future. This personality trait is often overlooked in business owners and it is something that you should consider before you start out.
Look at people around you that you know who have started successful businesses, do you have a similar outlook, similar traits and thought processes to help yours succeed. Business is hard and there are many competitors your customers can use, so what unique skills can you bring which will mean that you can get a large enough market share to ensure success.
A good tip is to use business journals and trade magazines and identify what skills and other requirements are needed to make you a successful entrepreneur in your target market. Using that information compare this to your skills and abilities and how you will bring these to your business, you may have to attend courses or see external advisers and incorporate them into your business operation.
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