Deciding to start your own business is unlike applying for a job in one very important respect. While selection for a job usually depends on filling in an application form and attending for interview, no-one else chooses you for self-employment - you must decide for yourself whether you are suitable. Just as it is important to look at your reasons for starting a business, therefore, it is important to examine the qualities and skills you possess personally. These are not simply the specific product- or service-related skills needed for the business you intend to start (essential though these of course are). Rather, they are the general skills and qualities everyone starting in business must have.
So what are the personal qualities you need to succeed in business?
Determination
Many people talk about starting a business, but only a small proportion do anything about it. Starting a business is a major decision which will change your life and that of your family. It is essential that you are committed to your new career before making such a move; and that once you have started the business you are determined to see it through to success.
Willingness to work
We all think we are willing to work hard, but if you start a business you will soon find out what this means in practice! In the early days at least you are likely to have to work longer hours than the average employee. Although as your business becomes established some of the pressure may ease, you must still expect to work longer and harder than most people in paid employment.
Persistence and perseverance
Successful business people let nothing get in the way of achieving their goals. If they encounter problems, they try to find ways to overcome them. If their first attempt does not succeed, they try a different approach; and, if this doesn't work, another. They are not put off by pitfalls, or discouraged - other than temporarily - by failure. They persevere in their efforts until, eventually, they do succeed.
Stamina
In view of the hours you are likely to have to put in, stamina and at least reasonably good health are important. People running businesses have to avoid taking time off for sickness if at all possible. As a self-employed sole trader in particular, if you are not working you are not generating any income. And if you let down a customer, next time he is likely to go elsewhere.
Self-discipline
If you are in a paid job the chances are you will have a manager or supervisor, part of whose duty is to ensure that you fulfil your obligations to your employer. Your reasons for wishing to start a business may include escaping from such individuals! However, while as a business owner you will have no-one standing watch over you, you will still have obligations to customers, suppliers, employees, officials, and so on. If your business is to go on running successfully, it is important that you have sufficient self-discipline to fulfil all your responsibilities and see a job through to the end.
So what are the personal qualities you need to succeed in business?
Determination
Many people talk about starting a business, but only a small proportion do anything about it. Starting a business is a major decision which will change your life and that of your family. It is essential that you are committed to your new career before making such a move; and that once you have started the business you are determined to see it through to success.
Willingness to work
We all think we are willing to work hard, but if you start a business you will soon find out what this means in practice! In the early days at least you are likely to have to work longer hours than the average employee. Although as your business becomes established some of the pressure may ease, you must still expect to work longer and harder than most people in paid employment.
Persistence and perseverance
Successful business people let nothing get in the way of achieving their goals. If they encounter problems, they try to find ways to overcome them. If their first attempt does not succeed, they try a different approach; and, if this doesn't work, another. They are not put off by pitfalls, or discouraged - other than temporarily - by failure. They persevere in their efforts until, eventually, they do succeed.
Stamina
In view of the hours you are likely to have to put in, stamina and at least reasonably good health are important. People running businesses have to avoid taking time off for sickness if at all possible. As a self-employed sole trader in particular, if you are not working you are not generating any income. And if you let down a customer, next time he is likely to go elsewhere.
Self-discipline
If you are in a paid job the chances are you will have a manager or supervisor, part of whose duty is to ensure that you fulfil your obligations to your employer. Your reasons for wishing to start a business may include escaping from such individuals! However, while as a business owner you will have no-one standing watch over you, you will still have obligations to customers, suppliers, employees, officials, and so on. If your business is to go on running successfully, it is important that you have sufficient self-discipline to fulfil all your responsibilities and see a job through to the end.
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