Do you have it in you to set up a business and become an entrepreneur?

Are you a go-getter? Do you desperately want to be your own boss? Do you connect with people easily? Are you open to taking risks?

If you can answer yes to these questions chances are that you could potentially build a flourishing business that can withstand the test of time and the inevitable ups and downs of the economy. We come across all types of businesses and business owners as part of what we do. So here we have a look at what it takes to set up a business and whether all successful entrepreneurs have something in common. And here’s hoping the next one could be you!

If you want to set up a business you ....... need to be able to sell

Being able to sell your vision, skills and knowledge is no easy task but it is critical to winning the trust and support of your investors, employees and potential customers. Sometimes at the very beginning of the business all their will be is you and your idea so all you have to sell is your words. If you manage to convince people at that stage you’ve got a good chance but you’ll need to continue to work hard at selling throughout your business journey.  

The success of your business directly depends on your skills as a salesperson – that’s the bottom line!

 ....... have to take a few risks

‘Nothing in life is certain’ and when it comes to starting a new business that well known saying is very applicable. Natural doubts are magnified in the early stages of any business – what if it doesn’t work? What if the odds are against me and nothing goes my way? What if my decisions backfire? What will my friends and family say if things don’t work out?

Successful entrepreneurs have those doubts too though. Don’t believe anyone who tells you otherwise! It’s just that they don’t shy away from those doubts, they challenge themselves to keep going inspite of them and take calculated risks more quickly than others to keep progressing.

 ....... need to be a decision maker

Gifted entrepreneurs are quick decision makers and rarely find themselves caught in a dilemma for too long.

Again to quote a well known phrase – "A bad decision is better than no decision at all." Clearly you don’t want to make too many bad decisions either, but if you simply go for it and make the best decision you can at the time, instead of continually second guessing yourself, chances are that things will usually fall into place. Even if the decisions lead to hurdles and unforeseen problems, smart decision makers have enough courage to be able to deal with the issues, learn from them and move on rather than letting it affect them for too long.

Time is at a premium in small businesses and taking too long over decisions could mean lost opportunities and slow progress.

 ....... have to dream and have a vision

Most people have dreams and aim to turn them into reality. But what is also essential apart from dreaming big is having a vision – knowing in which direction you want to head and the path you need to follow in order to get there. If you think you have a dream backed by a vision and a passion to make it succeed, then you have a chance to become an entrepreneur and successfully start your own business.

 ....... have to be resilient

Doing business entails a great degree of uncertainty, particularly in a start up. There will inevitably be many highs and lows and your projects will typically not progress exactly according to plan. The ability to take these uncertainties and upheavals in your stride, without taking the easy way out by just giving it all up, is what will make the difference between the success or failure for your venture. Just remember if it was easy everyone would be doing it!

 ....... should be able to find, manage and motivate people

As an entrepreneur, people are your biggest and most valuable resource. It is the people involved who are going to be the building blocks of your company, and who are literally going to be the wind in your sails. So if you are a people person and have great communication skills, they are going to be some of your greatest assets as an entrepreneur.

 ....... need to manage your time well

In the business world, it’s always a case of too much to do in too little time. The only way to ensure high productivity is effective time management and knowing what tasks should be prioritised. It’s all about ‘working smart’ – about focusing on what will bring the best results. Successful entrepreneurs have to possess excellent time management skills as they will need to constantly juggle a huge variety of tasks across all aspects of the business.

 ....... need ‘Emotional Intelligence’.

This is a term that has been getting a great deal of attention in recent times. Coined by behaviourist and author Daniel Goleman, ‘Emotional Intelligence’ is the capacity to perceive and evaluate the emotions and behaviour of others and respond in an empathetic manner that creates a positive rapport between individuals. Emotional Quotient (EQ) is considered to be more important than Intelligence Quotient (IQ) as it determines how well a person will connect with their employees, investors, suppliers and target customers. It includes the ability to listen, to read body language, and also the art of subtle persuasion as opposed to overt negotiation. If you have high ‘Emotional Intelligence’ it can compensate to some degree for shortcomings in other areas, such is the perceived value of this attribute.

Final thought

So sit back and make an honest self-assessment. If you can identify with many of the qualities highlighted here, you potentially have what it takes to become a successful entrepreneur and are ready to take on the challenges involved in starting a business.  Whatever you decide we wish you the best of luck!

 

Ready to go and already thought of a name for your new company? Check if it is available.

 

Sources / Reading:

1. Huffington Post – Entreneurship skills

2. Wahm.com – 7 useful skills a new entreneur should have

3. Forbes.com – The top skills every entrepreneur needs

4. Alleywatch.com – Critical skills for entrepreneurs.