| So you've decided to start your own business - | | | | 3. Do you have the characteristics of an |
| congratulations! It's a huge leap forward taking charge | | | | entrepreneur? |
| of your own destiny and accepting responsibility for | | | | Qualities you must have are perseverance, a strong |
| everything to do with starting and running a business. It | | | | desire and willingness to take the initiative, |
| can be a great feeling freeing yourself from the tedium | | | | competitiveness, self-reliance, a strong need to |
| of employment and begin working on a new business. | | | | achieve, self-confidence, and good physical health in |
| But before you rush headlong into starting you own | | | | order to succeed as an entrepreneur. You will need all |
| business it's worth asking yourself a few important | | | | these characteristics if you are to succeed in starting |
| questions: | | | | your own business. |
| 1. Are you passionate about business? | | | | 4. Do you have good people skills? |
| A desire to get away from the regular working world | | | | Good people skills will be required in networking, |
| can be a good motivation to start your own business, | | | | negotiating, selling etc. You will need the ability to work |
| but this desire alone is not enough. You have to be | | | | with customers, suppliers and of course employees. |
| excited at the prospect of "doing business". Being | | | | The most successful business owners have a high |
| passionate about baking cakes is not the same as | | | | 'emotional intelligence' in addition to strong technical and |
| being passionate about running a bakery. To be | | | | business skills. |
| successful in business you don't necessarily need to | | | | 5. Could you live with failure? |
| be passionate about the product you are selling or the | | | | 80% of small businesses fail within the first 5 years! |
| service you are providing but you do need to be | | | | So, if you are starting a business obviously you want |
| passionate about the business of "doing business". | | | | to see yourself in the 20% that succeed. Never, ever |
| 2. Do you have the necessary technical skills or | | | | consider the possibility of failure. Most small business |
| business talents? | | | | failure occurs because of mismanagement - weak |
| Just being able to do something may not be | | | | general management, weak financial management, or |
| marketable enough to convince customers that you | | | | weak marketing capabilities. So you can increase your |
| will make a good supplier or convince bankers that you | | | | chances of success by strengthening these areas. |
| are a bankable business owner. You will also need to | | | | However, just in case the worst case scenario |
| demonstrate sufficient business skills or qualifications to | | | | occurred...could you live with that failure and start |
| start this business? If not, do you have a partner that | | | | again? |
| does? | | | | |