| A lack of skill, ability and experience in certain business | | | | business accounting books that he started on Sunday. |
| areas need not be a barrier to success and starting | | | | Determination and persistence go hand in glove with |
| your own business. The personal qualities exerted by | | | | success. Every new business runs into problems at |
| a small business owner overcoming deficiencies over | | | | some time or reaches a stage where the business |
| and over again are vital and present in many | | | | owner needs to be completely focused and stick with |
| entrepreneurs much more so that specific technical | | | | a strategy to make the plans work. Things go wrong |
| knowledge. | | | | from time to time; its normal, determination and |
| Not everyone is a master of all business attributes in | | | | persistence are valuable qualities to see through these |
| fact very few are. Certainly being a master of all is a | | | | times. |
| fantastic position but unrealistic while certain personal | | | | Aggression in forcing through a business plan may |
| qualities are essential to fight the inevitable battles to | | | | sometimes be the only viable option. Not physical |
| come. Business battles the successful entrepreneur | | | | violence but the heightened state of anxiety to push |
| wins. | | | | through the plan and make it work with controlled |
| Businesses that have grown and become medium | | | | aggression and passion. On the other side of the coin |
| sized and bigger are not reliant on the business owner | | | | there will be times when the small business owner has |
| entirely. Employees are engaged with specialist skills | | | | to exercise tolerance and just go with the flow. |
| and abilities to develop and grow the business. A sole | | | | Many small start up businesses go out of business |
| trader just starting out has to settle for a comfortable | | | | within 2 to 3 years of starting a new business. A |
| living or have the ability to grow the business to the | | | | major cause is under capitalisation which basically |
| point where more specialist abilities can be added to | | | | means they run out of money. Liquidity is a major area |
| the business. | | | | of concern for every small business entrepreneur and |
| Most small business owners who start a new business | | | | a cautious approach to a new business can be of |
| do so in an area where that small business owner has | | | | considerable value. |
| some knowledge, experience and skill. It is a natural | | | | There is a strong tendency for a new business start |
| progression having acquired the business knowledge | | | | up to borrow money and buy new equipment just to |
| and experience to use those abilities to build the | | | | get started. Such businesses are taking a major risk |
| business under self employment rules rather than earn | | | | the plans will work. Some plans do work but rarely it is |
| profits for an employer. | | | | a smooth path and a better option is to build the |
| The personal qualities a small business owner | | | | business and reinvest profits made. |
| possesses are more likely to determine the level of | | | | A more cautious approach would be to start a new |
| success. Abilities such as hard work, determination, | | | | business without borrowing substantial funds because |
| persistence, intuition, tolerance and aggression can be | | | | if the small business owner has the ability to make a |
| the bedrock of success. But the road to success is | | | | success of the business and make money then they |
| not all slam wham bang for the entrepreneur. | | | | can usually do so without external funding and use the |
| Small business owners invariably work longer and | | | | profits made to build the business in the future. |
| harder than employees. An employee works for | | | | The sound reason for a small business or a start up |
| wages and an adequate work performance is enough. | | | | business to borrow money is to already be showing a |
| A small business owner is more likely to be on the job | | | | good financial performance. Use the extra funds to |
| at first light, miss the coffee and dinner break and | | | | speed up future success while borrowing funds with |
| twelve hours later announce he has to finish off for | | | | no track record is a gamble and a gamble which fails |
| the day because he has to go home and do the | | | | only too often. |