Today we will expand in greater detail some of the essential and fundamental characteristics that you need to develop to start your business and do it successfully. This list will surely serve as a self-assessment guide to know if you are ready to embark on the adventure of starting your own company.
1. Have a correct motivation
Why do you want to start your own business?
Identify your deepest reasons and discover if they are the right ones to lead you to success or at least where you want to go.
Some correct motivations are financial freedom, desire for self-improvement, being your own boss, etc. However, to think that you simply have a “good product“at hand or boredom in your current job could be somewhat wrong motivations.
2. Character to make decisions
Do you consider yourself a person who has full control in your decisions?
Are you able to carefully and firmly evaluate the steps to take in your project?
As the owner of your own business you will always be making decisions of all kinds and it is important that you have the ability to do it the right way. This does not mean that you will not make mistakes, but it does mean that you will be able to react proactively to solve them.
3. Develop leadership
Do you think that some people admire you and follow you? Do you have the ability to motivate and inspire others to do or stop doing things? Could you do it with your future employees?
There is a big difference between a manager and a leader and the latter is one of the most important qualities of any successful entrepreneur. An insecure, fearful and exemplary person will find success uphill in a small or medium-sized business.
Discipline is the helm of any project. Respect the rules. Respecting the times and knowing the rules are key habits for the success of any business project.
A good leader develops discipline that his collaborators will also respect. It is a proven fact that large corporations base their success on a culture where discipline is essential so do not underestimate this characteristic for nothing.
5. Know how to build excellent human relationships
Do you like people? Do you have the ability to establish an affinity with people?
This is an important quality of every business manager. Remember that you will constantly be dealing with clients, suppliers, employees, business partners and you must not only learn to properly manage relationships but also to enjoy and make friends.
6. Be willing to work hard
Running your own business requires a lot of work and effort on your part. At least at the beginning and during the first months or years the effort will be intense. Are you willing to give up hours and holidays to build your business?
If you are a person who likes long breaks and you are undisciplined with schedules, you should probably postpone the start of your company.
Although your own business will give you enormous satisfaction, at first you must be willing to invest a good dose of time and work as well as a lot of strength to withstand the tension and stress that this generates. Of course the satisfactions also come but once this stage is over.
7. Be ready for a modest standard of living (temporarily)
When you start a business, the profits don’t come immediately. You will have to work hard and make huge sacrifices before you can enjoy the profits and buy that dream new car. Many entrepreneurs make the serious mistake of expecting that after 6 months of operation their business will pay their bills, their debts and buy them a house.
A good entrepreneur knows that he will have to adjust his standard of living temporarily and postpone the reward until the business is running healthy.
Many times the enthusiasm and energy to start our company can betray us if we are not prepared.
8. Be a good manager
Most companies that fail do so because of poor management. Especially due to excessive expenses, few sales, excess personnel, excessive private expenses, poor cost control, indebtedness and a thousand other sins that are the cause of most of the business and personal failures of many people.
If you still don’t consider yourself a good manager, enroll in a small business management course and faithfully practice what you learn there. Or, hire a partner who specializes in this important function within your organization. It will be the best investment you can make in your future business.
And one final tip: don’t rush. Many times the enthusiasm and energy to start our company can betray us if we are not prepared. Nothing will happen if you wait 6 months. Take the courses you consider necessary: administration, finance and accounting, budgeting, planning and human development.
Remember, a good entrepreneur and business owner he is always learning and updating his knowledge. So are you ready to start your business? Tell us.