Starting a small business is not for the meek. It takes guts, tenacity and long hours to make a small business successful. Most small businesses wind up closing down within the first two years. While you might have a great idea, you have to be ready to become a small business entrepreneur. It takes a long time to become a person who can sit back and earn money while they drink a cocktail in the afternoon. The reality is most small business owners work longer hours than full-time employees. Consider whether you are ready to take the plunge.
Are You Self-Motivated?
While people tend to dislike a nagging boss, they also know what they need to do all day. When you start your own enterprise, it is completely self-propelled. There is nobody around to give you a task list. You have to define your own responsibilities and fulfill them each day. It requires self-motivation to get your business off the ground. You have to create your own projects, have good time management skills and pay attention to detail. It is also crucial to define your strong and weak points. If you can’t do it, then get someone who can. For example, you might be excellent at product development but need a professional to take care of building your business website and blog.
How Are Your Relationship Skills?
With outsourcing in mind, you need to be able to get along with all different people when you own a small business. From vendors to accounts to clients, you are the one who deals with everyone. Even if you decide to have an assistant, the tough stuff will ultimately be yours to deal with. Diplomacy and assertiveness are necessary to run a small business. The stress falls on your shoulders when people are moody, unreliable or demanding. You have to handle things with confidence and understanding to remain in business.
Are You An Enduring Decision-Maker?
The hours are endless and the work is hard when you own a small business. Often small business owners work seven days a week. They might put in up to 10 hours a day or more. You have to be able to withstand this pressure emotionally and physically. It is imperative to exercise eat and sleep as well as be able to take time out once in awhile for pure enjoyment. These are decisions you must make with wisdom. In fact, you will deal with all the decision-making. You have to be able to make decisions quickly and in high pressure situations. Nobody wants to deal with a wishy-washy business owner. It is crucial to be definitive and have a succinct plan of action in all situations.
Can You Wear Many Hats?
When you get a job, your duties are defined. You know what your position is and what that will entail. As a small business owner, you need to wear a variety of hats. One day you might be an account executive or salesperson. Another day you could be a marketer and writer. There are also times when you could be anything from the cleaning crew to the accountant. From organization to financial stability, it is essential to wear many hats and remain organized along the way. Sometimes you even wind up wearing two or more hats at once!
How Badly Do You Want It?
The stress of owning a small business frustrates some people and they give up. Small business owners must be driven and really want its bad. Motivation fuels your efforts so you don’t wind up giving up the race. You also need to realize the first year or two are the toughest. You might lose time with your family and friends. Enlisting their assistance and support helps keep you moving forward. Sometimes you might not make any profits for a week, month or more. Your support network should be there as you work hard to build a business.
If you are ready to be your own boss and face challenges, you could be a great small business entrepreneur. Be aware you have to roll with the punches to get to the profitable times. Staying in the fight can definitely be worth all the effort. Small business owners need to think big to achieve their goals.
[box type=”shadow”]Main Takeaway:Many people like the idea of being their own boss but few can actually pull it off. It might seem glamorous but owning a small business involves long hours and hard work. You need to be motivated, organized and able to get along with others to be a success. It is also essential to wear several different hats along the way.[/box]