Are You Ready to Start Your Own Business?
Many people talk about starting a business, but only a small proportion ever do anything about it. Some people are born entrepreneurs and know exactly what form their business will take. Others may have been made redundant and the only way to earn a living is setting up their own business. A third group might be looking for something to supplement their pension. Whatever your reason, you need to think carefully before you take the plunge because there are certain attributes that you can’t do without if you intend to make a success of your venture. So here are the ‘top ten’!
- Determination : You must be fully committed to your new career before making your move; and once you’ve started the business you must be prepared to see it through the difficult times you’ll encounter.
- Willingness to work hard: This goes without saying. But, during the early days of setting up your business you’ll probably work longer and for less money than you would for any employer.
- Persistence and perseverence: You mustn’t be put off by difficulties, or discouraged (other than temporarily) by failure. If at first you don’t succeed…try a different approach until it works!
- Stamina: You’re working for yourself, so you can’t afford time off sick – you don’t want to let customers down. So, you must take care of yourself and make sure you don’t get overtired or stressed.
- Self-discipline: You won’t have a manager telling you what to do. So, you must be able to motivate yourself to get on with things. Don’t be tempted to take long lunch breaks or arrive late in the morning just because you are your own boss.
- Willingness to take risks: You don’t have the security of a regular salary paid by your employer – so you have to be willing to take calculated risks. You’ll have to decide where to advertise, whether to take out a bank loan and when to invest in new equipment. All these decisions involve risk.
- The ability to cope with stress: There will be times when you can’t avoid stress but it’s up to you to try to cope by living a healthy lifestyle and learning to relax. Planning your business as carefully as you can is also a good strategy as it does lower the risk element.
- Enthusiasm: If you are not committed to your new venture you may struggle to overcome problems when they arise. But, if you are enthusiastic, you will enjoy the challenges your business presents. What’s more, your enthusiasm will rub off onto customers, employees and other people you have to deal with.
- Ambition: You must have the drive to realise your vision and make a better lifestyle for yourself and your family. If you know what you want and are determined to achieve it, then you’ll probably succeed.
- Honesty and the willingness to give good service: Every business depends on satisfied customers. If people are pleased with your goods or services they are likely to recommend you to others and become regular customers themselves.
And I’ll finish with a quote from a successful business person that I know:
“You need determination, to work long hours – especially at the start, and never give up.
Don’t let disappointments deter you or affect your morale. But the rewards make all the
effort worth it.”
Anthony Todd, Managing Director, East Cheshire Printers.
And if you are interested in setting up your own business but feel that you need to know more about how to go about it, before taking the plunge, then why not consider our Start Your Own Business Course?
Author: Diana Nadin
