Being a businessman requires particular features. Before you take a decision of starting up your own business, you need to honestly answer yourself a few questions. Do you have predispositions to run your own business? Will it be beneficial for you and what will be the biggest advantage of having your own company? Can you be discouraged easily? Are you afraid of failures?
Key features you need to possess to run your own business
Remember, that running your own business is not easy thing to do. It’s associated with dramatic lifestyle change, lots of sacrifices and above all, hard work, for which you will not always be properly rewarded. You need to be aware that strong self-motivation, believing in success and optimism are key assets here. You will need to be strong enough to always motivate yourself to take actions, not to be afraid of taking risks and have a good business intuition to take the right decisions especially under pressure. If you are concerned about it, maybe it’s worth to set up your business in a partnership with somebody else who possesses the skills you lack in?
Your own company is also a big responsibility requiring a lot of determination, self-discipline and improvement of your own competences what can pay off only in the long run. If by nature you are “a flash in a pan” and with enthusiasm that burns out easily, if you think that “somehow it will be” rather than “we will find a way and solve the problem with the maximum efficiency” – probably it is not right for you.
The other thing is that many owners give up. They don’t calculate the initial costs of running a new business & they don’t believe that they will be successful or they loose hope during the run. Perseverance is an extremely important feature. The first sensible money in the company may appear after a few years. You must answer the question, are you ready to wait so long?
Decide on which area of activity to choose
It’s not worth starting a business in an industry that you have no idea about. If you do not know the products or you can not create them, the possibility of success in that area is low. The choice of business activity should be made based upon your own professional experience and knowledge or upon the experience and knowledge of people you decide to work with. Knowledge about production technology, the sales market and suppliers, knowledge of potential recipients of goods, products or services is particularly useful.
However, if you are not sure that your knowledge and experience is enough, there is another way to achieve market and financial success. You can use the success of others and become a franchisee of one of many companies developing their own franchise networks. Then you can use the experience and knowledge of the franchiser who will give you the ‘know-how’ that used to run a given business.
Get familiar with the market you would like to enter
Knowledge of the market, its characteristics and its rules is another extremely important factor. Sometimes, due to various structures of the market, there are entry barriers that prevent the emergence of new players which can be invisible to the laymen. You should investigate the market and get to know your potential competition before you start a business and pay the associated costs.
Skills you need to start your own business:
① You need to be independent and self-motivated. There is nobody else to motivate you for work. You have no imposed deadlines. You need to set all goals by your own.
② Organization skills are useful asset! Sooner or later you will need to work with a team and delegate tasks.
③ Creativity is essential. Eventually you need marketing skills to let other people know about your business and encourage them to work with you.
④ You must be able to take responsibilities and risks.
⑤ You cannot be afraid of failures! Remember that every action you take is associated with risk of failure, but only the ones who do not take actions do not fail!
⑤ Ability of learning fast and being good at research can make your life easier. You will need to find necessary information about market and competitors.
⑥ Constant need to make improvements! While running your own business, there is no place to rest on your laurels!
⑦ Being communicative with interpersonal skills. You need to explain your visions to the others and convince them to work with you.
⑧ Commercial experience is an asset. You will need to sell your products and gather group of permanent clients.
⑨ Good business intuition is a helpful feature when having your own business. Thanks to it, you will quickly understand the rules of the market and will be able to take the right decisions much faster.
⑩ Leadership skills are necessary. You are the boss and you must be a leader for your employees!
⑪ In the end remember: you will need a lot of optimism! There will be many problems on your way. Optimistic people are more likely to overcome them and achieve success despite anything!
Advantages of having your own business
↑ You work ONLY for yourself!
↑ You decide your own actions, you are INDEPENDENT and FREE!
↑ You are managing your time, you don’t have to ask for a leave, early leave, etc.
↑ You are THE BOSS and everything depends on you.
↑ You can realize your own plans and dreams with constant possibility of self-development.
↑ You decide who do you work with.
↑ You work WHEN you want!
↑ You work WHERE you want!
↑ Your earnings dependent only on you and on the profits you generate!
↑ Your business expenses will be reduced your income tax.
↑ You can start earning on your own hobbies and passions.
↑ As long as you want to run a business, no one will throw you away.
Disadvantages of having your own business
↓ Risk of failure rests with you. You risk not only the company’s assets, but also your personal ones.
↓ If you do not have fixed income, you must pay for it from other sources
↓ Your income can be irregular as it depends on the profits you generate.
↓ Tons of paperwork and bureaucracy you need to deal with!
↓ You have nobody to support you in tough and difficult moments.
↓ You need to motivate yourself to work. It can be hard, especially if you are facing the lack of success.
↓ You need to deal with constant lack of sense of security.
↓ You are legally and financially responsible for actions and negligence of both: you and your employees.
↓ You need to keep yourself familiar with the legal and tax regulations as they change frequently unless you have a legal representative like Accountant &/or Solicitor.
↓ You need to manage lack of many privileges. You won’t have paid leaves, other benefits and perks as in the case of a contracted employment.
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Taking all of the above into consideration, there are many things you need to think through and many factors you must take into account before deciding upon starting up your own business. However, do not get disappointed! Maybe you are not ready to become a businessman at the moment, but it does not mean you cannot be in near future. If you think you have what it takes to be a business person, then start planning by keeping pros and cons in consideration. Soon you will see yourself climbing the ladder of success!
Thank you for reading 🙂
Do not forget
“Together we can escalate your business to the next level!”