Do You have what it takes to start a business?

The terms “self-employed,” “entrepreneur,” and “business owner” describe “anyone who creates his/her earnings and opportunities in the form of a business, contract work or freelance activities.”

If you’re thinking of starting your own business, consider these six traits of successful entrepreneurs

  1. Know your personality! Successful business owners are: 
    • Self-motivated
    • Goal-oriented
    • Budget-minded
    • Resilient
    • Self-reliant
    • Solid practical knowledge of their business
    • Proactive
    • A ‘risk-taker’
    • Well-organized
    • Open-minded to different perspectives
  1. They understand why they want to be self-employed, including:
  • Flexible work hours
  • Greater control over their personal circumstances
  • Growing a hobby into a viable business
  • Supplemental income
  • Avoiding continual layoffs or business shutdowns
  1. They understand the BEST reasons to start a business:
  • They know they have the knowledge, skill and experience to turn their enterprise into a job for themselves and possibly, others
  • They have identified that there is a need for their product or service
  • They have seriously thought about the idea and considered all aspects of the venture
  • They have strong family/friend support to assist them through the challenging start-up phase
  1. They understand the WORST reasons to start a business:
  • They’re desperate and not able to find a job
  • They don’t want anyone else telling them what to do
  • They want total freedom of their time
  • They want financial freedom and the ability to make lots of money FAST!
  • They are already doing this for free and hope it will make them an income
  1. They understand the additional benefits of being self-employed:
  • The satisfaction of creating their job and potentially a job for others
  • Opportunity to do something that not only provides an income but appeals to their passion or sense of creativity
  • Variety – No day is predictable—new problems to solve, new customers, to find
  • A feeling of control – control over their schedule, where and how they work
  • Additional financial benefit – entitled to a wide range of deductions such as transportation, home office, travel, professional development
  • Flexible work hours – ability to adjust work hours to meet other obligations
  1. They understand the challenges to being self-employed:
  • Unpredictable hours – hours are often based on the needs of the clients
  • No benefits – no health and dental coverage
  • Loss of structure – it’s up to them to create the structure
  • Isolation – lack of support and socializing with colleagues
  • Paperwork – wearing all the hats, and that includes all the paperwork and filing
  • Unpredictable income – budgeting is vital and income likely not be as predictable as a paycheck
  • Sales, sales, sales – every day is a marketing day
  • Potential for loss – all businesses require some kind of an investment that may take a long time to recover

If you think self-employment is an option for you, before you start:

  • Determine your marketable talents
  • Identify the specific skills and knowledge you need to operate and manage your business
  • Assess your business and personality type
  • Think long and hard about WHY you want to be self-employed
  • Look at your competition – everybody has it!
  • Talk to other business owners in your field and in other businesses
  • Sit down and prioritize the things you need to do next
  • Explore ALL the resources that are available to help you make your decision

 

Job Skills has been assisting new entrepreneurs for more than 30 years and has programs and resources that can help you assess and develop your business ideas.  Register for the ‘Is Self Employment for You?’ online workshop on Thursday, Feb 4th at 10:00 am to speak with our Business experts, learn about our programs and get more details!

Leave a comment

X
X