What Does it Take to Start and Run a Business?

Because you cannot get along with your boss and you have some cash in the bank to begin a business does not mean that it is the best thing to do for you. The truth is that owning a business is not for everyone. Not every person is made out to be an entrepreneur. Owning a business requires skill, aptitude and the right temperament.

Before running head-over-heels into your first entrepreneurial venture you should take time to analyze who you are. When you invest your energy, time, and money in a business, you want a good return and therefore need to make sure that you have what it takes. While many entrepreneurs and small business owners make good money, there is no guarantee that you will do also.

Having a business means that you will have to confront your fears and handle a lot of trials. It is not without risks. To find out whether running your own business is for you, start small. If doable start part time. If you start part time you can test the waters and see if you really want to have your own business on the long run.

Owning a small business requires you to have the appropriate skills and personality. If you lack skills in a certain area, then you need to make adjustments and take some courses to beef up on your weak areas. There are many reasons for small business failure. However, if you possess most of the following skills and traits the chances of success will increase significantly:

Are You a Self Starter?

If you are a self-starter you have a better chance of making it. Owning a business can be lonesome because you do not always have people that you can discuss problems with. You need to be able to take initiative to get things going and not rely on others to do it for you. This ability is especially important during the start-up phase.

Good People Skills are Important.

Even though you don’t have to work with your boss or colleagues when you have your own business, you still are dealing with a lot of different people. That requires you to possess good people skills. People you probably deal with are business partners, customers, bankers, employees, contractors, accountants, lawyers, or other vendors in your industry. You need to be able to develop good rapport with a diverse group of people. Reputation is important in life in general, but especially when you are a business owner. Get along with people, and always aim for a win-win solution to business conflicts. That will go a long way in growing the business successfully.

Be a Decision Maker.

How are you when it comes to decision-making? Are you not afraid to make decisions? Your answer should be yes to that question as you can expect to be faced with situations that require you to make decisions quickly, efficiently, and independently. You need to be able to work through tough issues yourself and not be afraid to make decisions. Yes, you will make mistakes, but that is all part of learning.

Be Committed to Hard Work.

Running a business requires a lot of your time. You need to be able physically and emotionally 24 hours a day and 7 days a week. Not all the time, but when business requires such a commitment you must to be willing to step up to the plate and be there. If you are a family-oriented person, you will at times have to sacrifice family time. Research studies show that the first few years of the business are the most crucial as the business interferes with personal relationships. Even though your business will require total commitment at times, you must learn to balance personal and business. When things are slower make up for lost time with family and friends.

Set Goals and Objectives.

Do you set goals? If not, take some courses and learn how to plan and set goal and how to work toward them efficiently. You have heard the saying: “Failing to plan means planning to fail.” A poor business plan or one with no plan at all, leads to business failure. Don’t rush into things without a strong and well designed plan.

As an entrepreneur you need to have perseverance and have a lot of patience. Do not fall for all the promotions that promise a quick get rich scheme. During these tough economic times you see more of these than ever, especially in internet marketing and MLM businesses. Do not fall for those slick sales pitches and do not rush too quickly into the next promising business opportunity. Success comes through hard work, commitment and good management. It also will take time. There is no short cut to success no matter what others say.