Do you have what it takes to be a business owner?

Do you have what it takes to be a business owner?

1. How decisive are you? You’ll need to be able to make decisions, often instantaneously, without being able to consult a third party.
2. Are you a self-starter? You’ll be your own boss, so you’ll need to be able to take initiative and motivate your employees and partners. There are several different types of bosses, so you’ll need to decide which one you will be.
3. How successful are you at planning and organization? A lack of planning is the main cause for the majority of small business failures. You need to have clear goals and define how you’re going to reach them. You also need to be extremely organized, especially when it comes to finances, projections, and scheduling.
4. How well do you get along with people? The most successful entrepreneurs are those who can interact with a wide variety of people, communicate well with others, and build mutually beneficial relationships.
5. Are you willing to take risks? Taking risks doesn’t mean acting without planning. You’ll need to carefully evaluate the costs associated with starting a business. Do a market analysis, identify the needs of your targeted clientele, and then take action! Sometimes you won’t have all the answers before you act, and that will require a leap of faith. Don’t be too afraid of making mistakes along the way because you’ll learn from them.
6. Do you have the energy? You’ll need a lot of physical and emotional energy, and you’ll most likely start off working long days every day of the week. You should also consider the impact that starting your own business will have on your personal life and your family.