Being your own boss sounds like a perfect plan, right? Work when you want to work, and do exactly what you want to do. But, while being an entrepreneur is a great idea in theory, if you look at the stats of success, the idea can become a little more daunting.
The truth is that only sixty-four percent of small businesses survive beyond 2 years in business and the success stories all seem to share similar traits. Check out some of these qualities below to help you decide whether you have what it takes to succeed at being your own boss.
1. Leader not a follower
Are you the type of person that initiates plans or joins in on them once everything is organised? If you’re the former and have the confidence and direction to know what you want, that’s a steady step in the right direction for succeeding in a business start up. When you start your business everything is your own decision, you have no one else to depend on or to lead the way. So, if you’re not confident in your own choices, then it’s highly likely that you will struggle at directing a company.
2. Go getter, not a time waster
If you’re the kind of person that likes to work a few solid hours and spend the rest of the time at a water cooler, getting your fifth cup of tea for the day or gossiping with co-workers, then it’s fairly safe to say that you may not be cut out for entrepreneur life. When you start your own business, time is money in the most literal sense. It’s fairly obvious, if you’re only willing to put a few hours in then you’re best off at a cushy office job working underneath someone else. But, if you’re willing to work hard and take risks, the benefits of starting your own company can be tremendous.
3. Able to deal with rejection
One of the most important traits an entrepreneur must have is a thick skin. It’s well and truly been established that starting your own business is no easy feat. When you’re starting your own company you have to remember that in the business world, no one knows you, no one knows your brand and that you are – more often than not – competing against very well established businesses that are probably offering a similar service or product to yours. Not to mention, if you’re just starting out then there’ll be a wealth of knowledge you’re yet to learn which can only be gained through trial and error, so knockbacks are practically guaranteed. If you can learn from your fails and use them to make your business stronger, then you’re on the right path to becoming a successful entrepreneur.
4. All or nothing sentiment
When it comes to starting your own business, you’re definitely going to have to be in the headspace of all or nothing. Going into a start up half hearted with a vague idea of the business you want to start is pretty much a recipe for failure. You’re going to need an idea that you have thoroughly researched and thought out. It’s also going to have to be something that you are extremely passionate about, because without passion enthusiasm can waiver and it can be easy to lack the drive to constantly want to better your business and/or brand.
5. The ability to charm the pants off someone
Regardless of what type of company you’re starting up, you’re going to have to sell it at some point. You’ll be selling your business to prospective investors, you’ll be selling your business to prospective employees and you’ll be selling your actual product or service. If you’re blessed with the gift of the gab then you’ll understand how charm can really go a long way, but if you’re not, you’ll need to get out there and fake it ‘til you make it.
6. Careful with those dollar, dollar bills
Being financially responsible is the backbone of a company. In the majority of start ups, capital is extremely limited and needs to be managed very carefully. So being responsible with the cash flow is absolutely vital. Successful entrepreneurs need to be able to plan for both present and future expenditures, and have the ability to leave a buffer in case of emergencies or unforeseen events.