I was prompted by another thread (What makes a good worker?)
to ask this, since some want to be good employees, but many would want to be their "own boss".
So my question is for the benefit of those who would want to run their own business.
What advice would you give?
1.skills and knowledge about business
2. Must be competitive
3.Knows the trend in the business industry
4. Knows how to handle the budget
5. If you're the boss, you must be able to provide your employees
6. Be patient and understanding
7. Must know how to advertise or market your product and services
These are just some of the things that a businessman must have to succeed in business.
A preist/pastor to perform the marriage ceremony. lol
Not really joking about that.
After being in business for myself from the time I was 16 til 04, I realized my husband had competition.
We had a glass shop. I had planned for what I thought was any senario. OOOps was I wrong. Things happen. Even when I slept. Things happen. Store fronts/doors get broken, even at 2am. How dare me not think the other business owner would want their store to be "left open" in the middle of the night.
Hint one: DO NOT LIVE NEXT DOOR TO YOUR BUSINESS.
HInt two: Enjoy what you do and do not take it home with you.
Plan on being broke the first year at least. And I mean BROKE.
Plan on gaining weight. Because let me tell you, the best place to find clients and to get your name out there just happens to be in a restaurant.
Patience is too simply put. Dealing with the public can get the best of you.
You have to like people.
Treat customers the way YOU want to be treated.
Save at least HALF of what you take in. I did not say half of the profit. Yeah, it can be done, and yeah, it can make for lean times, but do it.
Qualities or skills?
- Good communication
To toss out a couple that comes to mind.
I agree with writer21 and the 7 touched upon therein.
However, I would omit the "must have". With the millions of small businesses across this country alone, I just see countless examples whereby much of the 7 list is even contradicted, no less.
I think writer21 provides an excellent list. Thanks 21!
The two main inportant ones that i would like to add is:
Without these, the rest of the skills and knowledge will be useless!
I see your question less as one of how to make money, but more of how to treat employees if you have them.
So, first and foremost; honesty. Remember that your success is a group effort. Sure, it's your money invested; but they are also investing. Their time, loyalty and hope. They deserve to be considered as 'junior partners' in a sense. They need a broad stroke business plan if nothing else. Where you are, where you hope to be, and an outline of how you think you can work together to achieve it.
If you can't afford to offer benefits (and many businesses can't) be honest as to why. But, remember that your company is a loose family in a way. Have some consideration. Those who are loyal, be loyal in return. Holidays should be factored in. Try to be loyal to those suffering a loss, or sickness in their family.
I guess, to be a good boss, you simply have to look at where you are, and consider how you would want to be treated if you were on the bottom rung of your corporation.
Insanity comes to mind when I think of your question!!!!
My businesses and employees drive me up the wall... lol
But I love them all really...
You have to be a little crazy, especially in the current economic climate
You have to have passion and believe in your product.
You need to be able to juggle about 500 things at a time.
Be single minded about where you are going and how you are going to get there
Energy energy energy
Have a good accountant who knows business
Be willing to not pay yourself the first 3 years or so
You have to be able to think outside the box
Listen to others who have gone down the same road
Good replies from each of you.
I wasn't so much asking for my own benefit, as I've had my own business(es) for over 30yrs.
Rather for the many who want to go into their own. There seems to be a swell of people wanting to take control of their (work) destinies in these uncertain economic times.
I hope others will contribute, or that a few of you will come back and add more.
Thanks heaps guys!
Talk to someone who is in the same business and is SUCESSFUL in their business. I wouldn't speak with anyone local as they would view you as a competitor and may not give you sound advise.
The one thing I haven't seen on here yet in exactly the word is STUBBORNNESS. This, I think, is the single greatest quality that has allowed me to get where I am today. I am very stubborn and highly self-motivated, and once I decide on what I'm going to do I pursue it with everything I have. Don't listen to advice from unqualified people, develop your ability to assess the big picture surrounding your business, and always make sure that you're developing something people want before you kill yourself trying to sell it.
That said -- I love my business, I love my life, and I am very slowly striking a much better balance between the two than I had previously enjoyed. I have a picture of what I want my life to be like, and I will aggressively build this business until such time as it shows that it won't lead to the life I desire. Hopefully, that won't happen -- but I don't create a business in order to serve it, I'm trying to find what will best serve me and the people I want to serve.
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