Are You Up To It. Can You Be An Entrepreneur?

There is a world of difference between being an employee and being an entrepreneur. The skills you will have learnt as a 9-5 person will not necessarily be the ones needed to run a successful small business. That’s why it’s important to consider the skills and attributes required and decide whether you are up to it. Do you have the right personality? That is the question to ask yourself.

In this section we look at the attributes needed to become a successful entrepreneur.

Self Motivation

In our section entitled ‘So You Want to Run a Business?’ we considered the key motivators to starting up in business. Which one was applicable to you? We saw that some motivators are stronger than others and if compelling enough, can help carry you through the bad days! Is your urge to start up in business just a fad or is it a deep down need?

Understanding your motivation will help in assessing your commitment to success. The stronger your motivation, the greater your chances of success. Self motivation is one attitude you definitely need.

Decision Making

As an employee your decision making abilities are applied differently from that of a small business owner. An employee often doesn’t have to make important business-changing decisions, they are made for him. Decisions which do have to be taken are usually easier to make because he gets paid at the end of the month regardless of what happens (unless he makes an absolute howler!).

If you wish to be your own boss could you make a decision which will determine whether your mortgage gets paid next month? Can you make decisions quickly and decisively? Being indecisive is the kiss of death for a business.

Self Confidence

Have you ever dealt with someone who clearly lacks confidence in what he’s doing? This lack of confidence quickly rubs off onto you and, although you may buy a product from him, the chance of you going back a second time is slim.

If you are to attract and retain customers you must be brimming with self confidence – confidence both in your skills and your product. This attribute links in with decision making – having made a decision you need the self confidence to stick by it and not question yourself, so encouraging self doubt.

Have you got the self confidence to make your customers feel confident in you?

Discipline

One of the prime motivators for self employment is the flexibility it brings. However, unlike employment, in business you are not guaranteed a pay slip at the end of the month. You need: the discipline to get out of bed on Monday morning even if it is cold and wet outside; the discipline not to say on a regular basis, “I’ll do that tomorrow”; the discipline to carry out tasks which may not be pleasant; the discipline to say “no” to that pushy salesman!

Discipline is about having the focus to follow through on your goals. Are your disciplined enough to run a business?

A Good Motivator

If your business is going to need staff then you have to be a good motivator. Getting the best out of your staff means being able to keep them going when things are down; to keep their spirits up; to help them see the potential in doing something a certain way.

But being a good motivator is also about motivating yourself. Can you find the good in most things to keep you motivated and focused? Can you continue to move yourself forward even when things look bleak?

Dogged Determination

Perhaps the most useful attribute you will need is determination. Can you focus on the task in hand, put your head down and plough through all the obstacles put in your path?

Even if you do get pulled back or side-stepped from your goals, you need the determination to get back on track. Linked with being a self motivator, determination could be the difference between failure and success.

Review this list and decide if you are up to running your own business.

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Steps to Setting Up a Successful Small Business

Introduction

So You Want To Run a Business?

Are You Up To It?

Skills For Success

Got an Idea?

Is There Anyone Out There?

Your Legal Status

Choosing a Bank and Opening an Account

Getting The Right Premises and Equipment