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

Interpersonal Skills

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

Leadership 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.

Optimism

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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Comments 12 comments

Dream Inventor profile image

Dream Inventor 4 years ago from Calgary

I really enjoyed your points. I am a new business owner but bought a business with employees already built in. I am having difficulty motivating them to work hard as they just see me as the new and inexperienced boss. I know that I need to step up to the plate and lead my company to success. Thanks for the help dipless.


dipless profile image

dipless 4 years ago from Manchester Author

Hi Dream Inventor, it is always difficult to step into an existing business and there is always going to be that period where people are reticent to change. You need to be strong and lead from the front. Have one to ones with the employees and learn about what their motivators are, financial, title, responsibilities, time off with family note these and use these rather than a general overall motivation technique, this will often produce better results.. When you bring in new procedures really stress how this will benefit them and their departments. Good luck with the company I wish you all the best.


triplesit profile image

triplesit 4 years ago from New York

Thanks to share this .... keep sharing like this :)


dipless profile image

dipless 4 years ago from Manchester Author

@triplesit, no problem will do glad you found it helpful :D


moiragallaga profile image

moiragallaga 4 years ago from Lisbon, Portugal

This is a very useful hub dipless. You make very good points for consideration. As I'm taking the plunge myself and going to try my hand at running a small business, your hub is quite timely and relevant for me. Thanks.


dipless profile image

dipless 4 years ago from Manchester Author

@moiragallaga you are very welcome, glad you found it useful. Good luck with diving in! What are you going to be doing, if you don't mind me asking? If you have any further questions please give me a shout.


Ten10bellevue profile image

Ten10bellevue 4 years ago from Bellevue, WA (Seattle)

Great stuff! I'm consistently coaching employees on the mindset of the entrepreneur. Take a look at my blog for additional thoughts like - companies that started from a garage, organization, goal - setting, etc.

10-Bellevue - http://10bellevue.blogspot.com/

Great post.


dipless profile image

dipless 4 years ago from Manchester Author

Thank you Ten10bellevue, indeed coaching entrepreneurial qualities out of your employees can be a winning strategy if they employ them. I'll take a look at your blog and thank you for posting.


TFScientist profile image

TFScientist 4 years ago from Peterborough, UK

I think that categorically puts me out of the running for starting a business...guess I will just have to spend more time on hubpages. O well.

Really good information with a good video - too often people forget leadership skills "Who am I leading" Yourself of course!

Useful, insightful, voted up. Thanks for sharing


dipless profile image

dipless 4 years ago from Manchester Author

I'm pretty sure it doesn't TF :) but HP is a great site, plus you make a little bit of £££

Glad you enjoyed and you're quite right you lead yourself and often negotiations require leadership skills.

Thank You


NetBlots profile image

NetBlots 4 years ago from Melbourne

Just from the title - my thoughts are, if you want it more than anything else, if you refuse to work for someone else and if you have the social ability, its just a case of learning the steps to putting your mind in the right place.

I'm living proof you can change a 'stubborn bastard' mind set haha


dipless profile image

dipless 4 years ago from Manchester Author

Indeed you are write being determined is vital, as are those social communication skills your right you can learn some of the skills it just makes it easier if you have them naturally.

haha indeed, you can change your mindset at any time, you just have to want to.

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