Essential Qualities of the Entrepreneur
Small businesses are booming across the United States, and with good reason. With increasing numbers of grants and small business loans available, particularly for minority and women-owned businesses along with the emerging direct selling phenomenon, owning a business has become a very attractive option – particularly for those looking to supplement their income. Becoming a full-time entrepreneur can be an extremely rewarding path – but it is not for everyone. Here, we’ll discuss some important factors to consider before taking the plunge into full-time business ownership.
Are You Organized?
One of the most important skills an entrepreneur possesses is organization. This extends to every area of your business – from keeping your desk organized so you can stay focused and find what you need to work easily, to keeping a schedule for social media marketing, seminars, networking events, and so forth. If you are an organized and efficient person, you will likely do well at business. If you are not, consider whether you will have to outsource certain tasks that require a deft hand at organization, such as bookkeeping or social media management.
Are You Willing To Make Time For Unpaid Activities?
Many business owners make the mistake of assuming that anything that does not immediately net cash is a waste of their time, and yet that aspect of owning a business is even more important than the money you make. Attending networking events can attract clients, immediately or long-term; making time for social media marketing drives traffic to your website, which in turn creates new clients or ensures that you can keep current ones. Making the time for these essentials is absolutely key to the longevity of your business, and if you are willing to make the time for them, you’ll find your efforts rewarded, particularly if you are a “people person.”
Are You Balanced?
Workaholics usually make great business owners – because they are always working. However, life balance is critical to a business owner’s success. If you get burned out because you’re spending nearly every waking hour tending to your business, you will wind up having no business at all. Burnout means you cannot attend to your tasks with your usual adeptness, and as a small business owner, being able to manage your affairs on the day to day is critical, particularly if you are a sole proprietor. It is important to remember that work should serve your life, not the other way around; this is true of entrepreneurship, too.
Are You Disciplined?
Discipline, along with organization, is probably the most essential quality of the business owner. Being disciplined means you will see tasks through even if you don’t enjoy them or they are not your favorite, it means that you will be responsible and restrained with your spending, even when spending on or for your business, and when you have to take time off, such as for vacation or medical issues, that you will have seen to the necessary financial backup before that event ever arrives. Discipline goes hand in hand with organization, and the disciplined business owner will also be able to see their company through lean times – due to diligent preparation during more fruitful ones.
Each of the qualities described are qualities of many successful business owners and entrepreneurs. Every entrepreneur will quickly identify which these qualities they have in the most abundance, but each is important to the long-term success if your business. Consider what kind of person you are, how you have performed at previous jobs, and if you genuinely think that you would be a good business owner. If you possess the aforementioned qualities, the entrepreneurial path may be an excellent and rewarding one for you.