Do you have the qualities to become an entrepreneur? Do you have the skills, experience or knowledge to start in a business? Are you motivated enough? Are you off the right frame of mind to become a successful entrepreneur?
While some people are extremely sure that having your own business is the right thing for them, many people do and should in fact question whether they have what it takes to become an entrepreneur.
In most cases if you are motivated enough, you can overcome the hurdles in your path to start your own business.
However, it is a very prudent thing to consider what you are getting into and whether you will in fact be happier and more fulfilled running a business. Here we go.
Qualities Of A Successful Entrepreneur
- Are you problem solver? Becoming an entrepreneur is usually means that you have to have an hands-on approach to solving problems.
- Do have the determination and the motivation? You should have enough determination and motivation to carry yourself through the ups and downs of running a business.
- Are you prepared with a sound business idea? You should have the patience to do enough preparation for your business idea to make sure that it is a success.
- Do you have good reasons for doing this? Different people can have different reasons for starting their own business. Maybe they are they un-satisfied with the kind of growth that they see in their personal jobs or they have the deep-seated urge to become independent and master of their own destinies with their own businesses while most entrepreneurs succeed, there are many that fail as well.
- Can you afford to quit your full time job? Before you quit a full-time job to start your own business, you should also ask yourself if this is indeed the right time for you. Do you have enough financial backing and is your family ready for this change.
- Do you have the ‘entrepreneur’ personality? While some experts put great emphasis on the kind of person you need to be in order to be successful in running a business, the truth is that all kinds of people can be successful as entrepreneurs.
- The need to start something. If you feel a certain kind of urgency that you need to be in business for yourself, then the odds are that you can make things work out for you. If you are at that point where no other kind of an arrangement will satisfy you then starting out on your own, then perhaps it is time that you took the 1st steps to becoming an entrepreneur.
- It’s not just about the money. Starting a business and making something for yourself is not just about money for most of the entrepreneurs. It is connected to the deep-seated sense of fulfillment and satisfaction. This kind of fulfillment either comes from utilizing a certain skill set and knowledge to the best of your ability or it comes from reaping the kind of rewards that you feel that you deserve both monetarily and in your personal life.
- Are you ready to learn? Not everybody is born with a business mind. Nor is everyone is born to be an entrepreneur. But with the motivation, skill, patience and frustration, you can succeed at starting your own business.
- Do you have a special skill, knowledge or education? Most of the people who start out with their own business to it in their field of expertise or knowledge. So if you possess a specialized knowledge in any particular field, you have an upper hand.
Your Strengths And Weaknesses As An Entrepreneur
It is not necessarily for a single person should possess all purported qualities of a successful entrepreneur. Rather, it is rare.
However, focussing on your strengths and weaknesses will help in making decisions such as the kind of business you should start, how you tackle business problems etc.
To analyse your strengths and weaknesses, start by evaluating your skills, qualifications, knowledge as well as the experience that you have had in a particular field.
The following steps are helpful in deciding your strengths as an entrepreneur.
Create a Resume
- Create a resume for yourself as if you are applying for a job.
- Make a list of your qualifications, or skills. List any prior experience as well as the expertise gained in previous jobs.
- Describe the duties that you have performed in the past.
- Include your educational background, accomplishments, hobbies and any knowledge that is pertinent to your business.
Making a resume about yourself and your professional skills will give you a good idea of where your strengths lie. It will also help you decide the field that you want to start a business in.
Analyse Personal Traits
Analysing your personal qualities is helpful in deciding the kind of business that you want to be in. For example, are you a problem solver? Are you patient? Do you prefer to or not to interact with people?
You should also analyse personal qualities such as whether you a good management and organisation skills.
If you find lacking in any particular area, you can devote more time to becoming better at it. You can take part time courses, read-up on the subject, or decide to hire better qualified people to handle things better.
Analyse Professional Capabilities
Running a business will require taking care of several facets of the business such as marketing, sales, promotion, business developer, customer service, utility, management, hiring, expanding etc. Your own professional capabilities in these fields means you will be in a good position to make the overall decision as well.
A good quality of a business owner is the ability to delegate the right work to the right person. You do not have to be a person who can do everything but you must have a cognitive recognition of what you can and cannot handle. You should be able to get the job done, even if you are not going to be the one doing it.