No matter what type of business you intend to start, unless you have a strong passion and commitment, you cannot be a successful entrepreneur. If you want to start a business, you need to assess if you are prepared to run such business. There is no wrong or right approach but self-assessment help you think about critical aspects before you invest your money and time. For example do you have the relevant skills and experiences? Do you have the self-confidence, discipline, health, honesty and motivation to start your own business? Will you start it on part-time or full-time?
To assess yourself in details, compare yourself with these 15 qualities of successful entrepreneur.
- Knowledge and Skill – Do you possess the relevant skill that can convert your idea into revenue? If you want to start a software developing company, you should understand the software business.
- Risk Taker – You must willing to take some risk. Unfortunately, there are lots of uncertainties in a new business. You’ll need to prepare for the responsibilities of whatever happened to your business.
Those who are not courageous enough to take risks will accomplish nothing in life. – Muhammad Ali
- Relationship Manager – As the CEO / President of the firm, you will meet different stakeholders including customers, vendors, employees, professionals such as lawyers, accountants, bankers etc. Some customers can be demanding whiles vendor and consultants could be unreliable. Can you manage them? Think about it.
- Do you some Savings – You may not be receiving any salaries in the early life of the business and your personal bills will still come. That is why most expert advice that you save at least 6 months living expenses in addition to your startup cost. This is more important if you will resign from a full-time job to start your own shop.
- Work Overtime without pay – Yes, there is no 8 am to 5 pm anymore. Sometimes you will work till 1 a.m. to meet deadlines. I not also proposing that work life balance is not important at this stage.
- Self-Conﬁdent – You have to understand that some people may not encourage you to pursue this journey. I already told you that there is risk in a new business, and that’s what they will tell you too. If you are going to be successful entrepreneur, you have to believe that you are capable of making it happen
- Persistence – Once you put your mind to something, do you stick to it? Don’t give up, because failure is an exams which many successful entrepreneur have taken over and over again.
- Self-Discipline? Time management, cost management are discipline issues in all types of business. Successful entrepreneurs are always conscious about time, spending and relationship management.
- Flexible – and willing to change course when things are not going your way?
- Practical Experience – Do you have any experience on the business you want to do? Or are you ready to learn.
- Multiple Business Skills – If you start a small business, you will likely be doing most of the office jobs such as accounting, sales, marketing, and so on?
- Can you handle pressure?
- Can you make your own decision? Even if you hire a consultant, the decision making in business still stays with you as the CEO. You will be making decision under pressure and often quickly. Example you may be required to fire a staff or reject an offer.
- Don’t forget that Family Support is very important when starting your first business. There are lots of emotional, physiological and sometimes financial stress at the beginning.
- Others – Positive, logical, patient, sociable, hardworking, communicator, quality, focus etc.
Successful entrepreneur – How to handle any Skill Gap
It is very rare for one person to possess all these qualities at the beginning of the journey, however you have three options to handle any limitation:
- Learn to improve yourself – read books, join weekend classes, attend seminars and other relevant courses etc.
- Employ someone to do it – If you have time or skill constrain on a key activity, you can employ someone to do the task for you e.g account clerk, sales attendant.
- Outsource function – Functions like computer repairs, marketing, promotion or tax filling can be outsourced to a professional firm.
These are few of the important qualities of a successful entrepreneur, however you must remember that your burning desire, discipline and sacrifice are more critical to successfully transform your idea into reality.