An Entrepreneur's Checklist

I'm not a psychologist or an academic. This is based on what I've seen work as a business coach.

I've sat on the other side of this table for years now. The one where you are being asked to take a risk and invest your time, money, energy into something that could be profitable, or it might just tank.

Something that may change your life, or it may not matter at all in the end. It's scary stuff!

The other week, I was asked what personality characteristics I believed were essential to entrepreneurial success. I responded with my pre-programmed response about "passion" and "dedication" and "hard work."

After some time to think it over, I created a more comprehensive checklist for company success.

This is not a definitive list, but I'd be willing to bet that if you don't have at least most of these qualities, your business success will be limited.

Self-Motivated

If you can't get out of bed in the morning without being drenched with cold water by your spouse, you probably don't have the drive or dedication to be an entrepreneur!

You must exercise autonomy over your working life if you want to be successful. Work demands you operate independently. Every day, there are a hundred things that you need to do but will not get done unless you make yourself do them.

Willing to Work

If you consider working for someone else to be difficult, try building your own business. You'll be expected to give it your all and then some, which is something no one should ever have to do.

Long hours and availability on call 24/7 are essential at first. If working hard makes you weary, avoid embarking on a career as an entrepreneur. You should have prior knowledge of the type of business you wish to start.

You have no business buying an oil change franchise if you can't discover your automobile's engine. The most successful entrepreneurs had previous industry expertise before establishing their firm. Consider working in an industry for at least a year before diving in with both feet.

Embrace Failure and Get Back Up

"If business was simple," I used to say, "everybody would do it." Starting a firm is difficult to work for, and the chances of failure are high in the early years. You must dismount and remount your horse several times before giving up if you want to manage your own company.

Support

Starting a company, you may have to spend more time away from your family than you would prefer. You may also find yourself financially stressed because of the business. You don't need to worry about having family and friends' support when there are enough problems in your path to bother about whether they're behind you.

Thick Skin

Keep your non-threatening job if you're easily hurt because business isn't for you. Many times, rejection awaits around every corner in business, and you must be able to deal with it without taking it personally.

Good with People

It also needs careful study, as you'll need to deal with a wide range of people, from your own workers to vendors to clients.

The ability to handle people without offending them, to accept good counsel from mentors and graciously reject the bad, to overlook faults or discreetly correct them if necessary and the ability to forgive incompetence without losing your temper are all skills that must be developed.

Able to Delegate

As a business owner, you must manage a slew of simultaneous activities, and it's impossible to handle them all yourself. You must learn to rely on others. If you can't give out responsibility without stressing about the outcome, your company expansion will be limited.

Prior business ownership is not a prerequisite, but it can't hurt. Many successful entrepreneurs have the skeletons of past businesses rattling around in their closets!

I hope this list has provided some clarity on the traits that are important to entrepreneurial success. If you're looking for more, there are plenty of resources out there on how to become an entrepreneur and what it takes to be successful in business.

The most popular advice is simple though - just work hard!

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