subject: Do You Have what It Takes To Start A Successful Business? [print this page] Do You Have what It Takes To Start A Successful Business?
In order to begin the preparations for starting your own business, it is necessary to do a self-evaluation to determine if you have the qualities of an entrepreneur.
Successful entrepreneurs are visionaries take initiative are organized are sociable are risk-takers
The entrepreneurial spirit goes beyond the competition and risk inherent in starting a business. It is a spirit rooted in self-confidence and autonomy.
Do I have a clear and enthusiastic vision of my business?
An entrepreneur should have an enthusiastic vision that is supported by concrete ideas of products and services that are unique (not currently available in the marketplace)
How capable am I of making decisions?
Entrepreneurs are generally obligated to make decisions, often instantaneously, without being able to consult a third party. Entrepreneurs not only must be able to take initiative, but should be able to persuade others to join and support their cause and/or vision.
How successful am I at planning and organization?
A lack of planning is the main cause for the majority of small business failures. It is necessary to be very organized, especially in your financial planning, projections of inventory and product, and scheduling. An entrepreneur is very strategic in all his/her actions, and develops a plan with a specific methodology and clear goals.
How well do I get along with a wide variety of people?
An entrepreneur generally must interact with a wide variety of individuals and build mutually beneficial relationships, particularly with suppliers and clients, while being able to negotiate terms on contracts. An entrepreneur is a successful communicator and is generally an extrovert. An entrepreneur has the ability to effectively manage different people working within or in collaboration with his/her business.
How willing am I to take risks?
It is necessary to carefully evaluate the costs associated with starting a business. Do a market analysis, identify the needs of the targeted clientele and TAKE ACTION! An entrepreneur is not afraid of making errors, learning from them and implementing new knowledge within his/her processes
Now is the time to roll up your sleeves and get going! Start by researching available business resources in your geographic area! It is highly possible that you have the profile of an entrepreneur, but it would be a good idea to speak with the various business development centers in your area, including SBDCs, the SBA and SCORE, in order to investigate further how you will go about beginning your own business. You may need to spend time reflecting on your ability to start your own business. Speak with business professionals, counselor, as well as family and friends.You may just not be cut out to start your own business. At the very least, you may not possess the main characteristics of most successful entrepreneurs. Starting your own business is probably not the best way to use your various talents and skills.
Not only is it important to carefully evaluate your own personal characteristics, but also the impact that starting your own business will have on your personal life. You must consider whether or not you have the physical and emotional energy needed to start and administer your own business, most likely working 12 hour days or more every day of the week, at least to start. Furthermore, you must consider the effect starting your own business may have on your family, as it is important to have their support in your efforts.
Indeed, starting a business requires much energy and commitment, but it is possible to do! In order to get off on the right foot, make sure you do a thorough self-evaluation, asking yourself, do I have what it take?
