Why Start A Business?
At one time or another we’ve all given more than a passing thought to being our own boss, maybe to the point of pursuing an entrepreneurial idea that we’ve fostered for a few years.
There’s never been a better time to set up a business as the economy is gradually coming back to life; more human, financial and technical resources are available; and the stifled customer demand is growing.
Entrepreneurs come in all shapes, sizes, and colors. We don’t have to fit anyone else’s model for the “ideal employee.” As an entrepreneur we can make our own decisions, set our own work schedule, work with the people we like and most importantly, enjoy the sheer satisfaction of doing something we love to do every day.
As much as it is rewarding, starting a small business can be also very challenging. It is full of uncertainties, long hours and endless multitasking. As entrepreneurs we need to mentally prepare for the task ahead. We should therefore know:
- Why we want to run our own business
- What drives us
- What we want our business to do for us
- The advantages of starting a business
- Whether it’s the right time for us to become an entrepreneur
Do we Have What It Takes to Succeed?
As entrepreneurs we have to decide and define what success means in our business. The most successful business owners possess certain personality traits and abilities that help them realize their goals. These characteristics common to successful entrepreneurs are as follows but not limited to:
- Excellent communication skills
- Ambitious and goal oriented
- Willing to take risks
- Prepared to invest time, money and energy
- The ability to readily spot opportunities and take advantage of them
- Exceptional listeners and learners
- Problem-solvers
- Self-Disciplined
Remember, if we don’t possess all of these qualities as yet, we can outsource or partner with persons who are skilled in the area in which we need assistance.
Finding our Passion
We can find our passion among our personal hobbies, interests, day-to-day activities or even as part of a current job. It may be something we’ve dreamt about but never done before. We’ll know it because it will give us great joy. Once we discover our passion we can achieve any goal.
A new business is like a new born baby; plenty of joy, but a lot of work! So we have to take into consideration the impact, both negative and positive that a start-up will have on our lives. Any journey into the opportunity of entrepreneurship must begin with a thorough self-assessment.
Activity:
- List five (5) reasons why you want to run your own business.
- Share them with your colleagues, friends and family to gauge their reaction and level of support.
Sources: startups.co.uk, www.bbc.co.uk, www.success.com, Thriving Solo: How to Grow a Successful Business (Andrew Patricio & Roger Pierce).