Starting a business
Starting a business
Starting a business
From fasar khan
Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated.
The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues - your knowledge, your financial status and the personal qualities that you can bring to your new business.
Commitment, drive, perseverance and support fromfamily and friendswill go a long way towards transforming your business idea into reality and will be especially important during the early days.
This guide will help you decide whether you have what it takes to set upa new business. It also provides a look at the day-to-day reality of starting a business and outlines the skills and qualities that you will need.
The day-to-day reality check
Setting up your own business requires your full commitment. One way to find out about the day-to-day realities of running a business is to talk to people who are in business already. Here are some of the challenges you need to think about.
Personal sacrifice
The physical and emotional demands of starting up in business should not be underestimated. Starting a business is a life-changing event and will require hard work and long hours, especially in the early stages.
Financial insecurity
There can be times of financial uncertainty and this may have a knock-on effect for both you and your family. For example, you may have to forgo holidays. You may have invested personal savings or used your family home as security and in the worst case scenario you risk losing your investment or even your home.
Loss of company perks
Setting up your own business means that you will no longer be able to take advantage of the usual benefits associated with a permanent job. This includes the loss of 'safety net' benefits such as pension rights, sick pay, paid holiday and other company perks.
Pressure on close relationships
You will need the support of your family and friends. They should be aware from the outset of the effect starting up a business will have on your life and it is crucial that they are right behind you. Their emotional backing may also need to be complemented by a practical 'hands on' approach. Discussing these issues before they arise will help.
Isolation
Being your own boss can be a satisfying experience. However, shouldering all the responsibility for the success of the business can prove lonely. Unless you develop a network of contacts, there will be no one there to bounce ideas off.
The entrepreneurial quality check
Research has shown that there are certain qualities commonly found among successful business people.
A typical entrepreneur will have the following key qualities:
Self-confidence - a self-belief and passion about your product or service - your enthusiasm should win people over to your ideas.
Self-determination - a belief that the outcome of events is down to your own actions, rather than based on external factors or other people's actions.
Being a self-starter - the ability to take the initiative, work independently and to develop your ideas.
Judgement - the ability to be open-minded when listening to other people's advice, while bearing in mind your objectives for the business.
Commitment - the willingness to make personal sacrifices through long hours and loss of leisure time.
Perseverance - the ability to continue despite setbacks, financial insecurity and exposure to risk.
Initiative - the ability to be resourceful and proactive, rather than adopting a passive 'wait and see' approach.
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