It is perhaps everyone’s dream to be their own boss, leave the 9-5 rat race behind, and starting a small business. Most people don’t get this opportunity or just don’t take action. In times of economic uncertainty, redundancy can force people to realize their very own business dreams.
Running a small business is among the biggest life altering events that you can experience. It can be thought of as a marriage; starting a small business requires the same commitment and desire. And just like marriage, you will be living with your business 24 hours each day and 365 days in a year. Here are easy steps to guide you when jump starting a business.
Examining your heart
The initial step in starting a small business knows whether it is perfect for you. You need to have that passion and burning desire to be your own boss, transform your dream into reality and market your service/product. Running a business is not for the indifferent and ambivalent. Ask yourself the following questions before digging into this new venture:
- Do you want operate independently and be the decision maker of the company who will shoulder all responsibilities?
- Are you capable of working hard and make the necessary sacrifices needed in jump starting a business?
- Do you have self discipline and confidence that will equip you to persevere and grow your new enterprise into a success?
If you answered ‘no’ to one of these, then you are not ready for this new entrepreneurial venture. Overnight success stories are just stories. True success only comes from hard work and perseverance over time.
Do you have what it takes to be a successful entrepreneur?
There are distinct traits and attitudes that make some individuals more suited for starting a small business compared to others. A recent study revealed that the top attributes of successful entrepreneurs include perseverance, competitiveness, self reliance, willingness and desire to take initiatives, self confidence, excellent physical health and the passion to achieve. But even if you have all these successful entrepreneur qualities, you really won’t get anywhere if you don’t put these traits into action.
Abilities of a successful entrepreneur
According to a research study, there are six factors that every entrepreneur needs when starting a business namely business/industry knowledge, self motivation, marketing skill, customer/vendor relations, organizational/management qualities and a strong vision.
Business and industry knowledge should be on top of the list for your business success. Investing time in learning the skills before you even start a business is wise as you have already decided to put a lot of effort into starting your business.
Avoid becoming a statistic
The business failure statistic shows that about 75% of small businesses fail in the first five years. Many businesses fail because of weak general management, weak marketing capabilities and weak financial management.
Preparation and planning will help you avoid the failures of starting a small business. Aside from having the top entrepreneurial qualities, you need to have that passion to fuel your commitment.