Characteristics of a Successful Entrepreneur

We have outlined some of the key aspects you ought to consider and put in play before kick-starting your entrepreneurship journey.

⦁ Have a strong desire of owning your own business. Do you have dedication? Are you completely devoted towards your goal?

⦁ Brainpower. For this, you need to have a working experience about the kind of business you are planning to begin. Also, pay attention to detail before implementing your strategies.

⦁ Sufficient money that will maintain a positive cash flow, especially when starting out. (Although this doesn’t apply to every business, having what it takes in terms of resources and capital is essential) You might start as a small scale, as a moonlighter or even a sole proprietor, and as the work increases, you can hire more people and delegate work to them.

When starting out the business, you need to have a step by step approach that will help you foresee some challenges and resolve them earlier without facing their consequences.
For instance, before you make a single step on investment, ask yourself “do I really want to be in business?” As a business owner, you’ll be forced to make tough decisions, like working overtime, sometimes being away from your family, handling stress, hiring and firing employees, handling invoices and orders from/to suppliers….etc It’s very important that you do a soul-searching test on yourself before operating as an entrepreneur.
Other important strategies to consider before starting out include,
⦁ Identifying what business and where. Is it a virtual online business, or a store with goods and services? Which is the best location within the town or the place you want to open the store? If you haven’t selected a business yet, take your time. Remember, you have to plan, gain experience and complete knowledge in a particular business so as to succeed.
⦁ Are you going to operate full time (working as a 9am-5pm job) or part time (maybe 3 or 4 hours a day) or as a moonlighter (start in your off hours, after the day- working on your current job)?

Tips:

When choosing what kind of business to begin, identify a business that has long-term economic potential. i.e. look for a business that will grow in both today’s and tomorrow’s market.
Secondly, don’t diverge into general practices – you’ll face overwork issues; instead limit yourself into a given specialty area.

Things to watch out for, when starting out a business.

Over-confidence – Never fail to analyze your business carefully. You might encounter some negative aspects and also criticism, don’t fear! Face the reality
Lures of high reward – Don’t start a bakery business simply because a friend of yours is making a six figure income from the same venture. My advice, if you have selected the right venture and you understand every aspect before opening doors to public – then the business will reward itself!

Don’t be afraid to step out there and build a business that you love. Hope this article helps you know which direction to take, before setting out.