Some of the necessary traits of the person who is pursuing a small business startup are passion, attitude, character, willingness to learn, their skills and talents and adhering to test key business principles. You must have a strong combination of these traits. If you don't, failure is more likely.
Passion for a particular industry or business is important, yes, you you can't do it on that alone. You have to have the aptitude and skills. Your natural talents that have been enhanced through experience and education and skill development are required to build your business. Then you must find the under-served market that you can cater to.
Character does involve honest but also the patience to get through those first, often long, years to get your small business running. You'll need to face it with confidence and courage. To avoid undue frustration and stress, your character must involve a calm center.
Today's small business owner is faced with constantly new technology and theories. You must be prepared to be learning things like marketing, accounting, human resources theory, communication and technology. Basic software like Quickbooks, PowerPoint and basic web design are areas you will likely need some proficiency in.
Your small business startup will have an impact on everyone you love and your friends as well. With a proper plan in place, it shouldn't be like this but in the first year or so, you can expect to have minimum spare time and more stress.
Your spouse is the person who is likely to be the most impacted by your startup. It can be a financial and emotional strain. You have to set expectations in advance, have extra support on hand for child care and transportation, and address fears and concerns up front about how the two of you will spend time together.
To preserve your significant relationships, you need to set up expectations ahead of time. You, personally, must set boundaries around how much time you spend on the business and encourage others to express themselves when it it too much. Communication and time management are the keys to making this work.
One major lifestyle issue to get a handle on in advance of a business startup is your personal spending habits. Starting a business often drains your cash reserves and it can be easy to get into financial trouble if you don't stay aware. You will have to curb your personal spending until your business starts to turn a profit.
Watching spending habits involves your spouse or partner too. You must help them understand the difference between, and accessibility of, business accounts versus personal. People often manage their business accounts like they do their personal-poorly. Have a plan for this in advance to prevent problems down the road.
It doesn't mean you won't have a life. It just means that your business will be a big part of your life. So, if you're married, don't forget that your spouse should be involved at some level. Many very successful small business owners tell me that their spouse is a big part of their success. I know it's true for me too.
Passion for a particular industry or business is important, yes, you you can't do it on that alone. You have to have the aptitude and skills. Your natural talents that have been enhanced through experience and education and skill development are required to build your business. Then you must find the under-served market that you can cater to.
Character does involve honest but also the patience to get through those first, often long, years to get your small business running. You'll need to face it with confidence and courage. To avoid undue frustration and stress, your character must involve a calm center.
Today's small business owner is faced with constantly new technology and theories. You must be prepared to be learning things like marketing, accounting, human resources theory, communication and technology. Basic software like Quickbooks, PowerPoint and basic web design are areas you will likely need some proficiency in.
Your small business startup will have an impact on everyone you love and your friends as well. With a proper plan in place, it shouldn't be like this but in the first year or so, you can expect to have minimum spare time and more stress.
Your spouse is the person who is likely to be the most impacted by your startup. It can be a financial and emotional strain. You have to set expectations in advance, have extra support on hand for child care and transportation, and address fears and concerns up front about how the two of you will spend time together.
To preserve your significant relationships, you need to set up expectations ahead of time. You, personally, must set boundaries around how much time you spend on the business and encourage others to express themselves when it it too much. Communication and time management are the keys to making this work.
One major lifestyle issue to get a handle on in advance of a business startup is your personal spending habits. Starting a business often drains your cash reserves and it can be easy to get into financial trouble if you don't stay aware. You will have to curb your personal spending until your business starts to turn a profit.
Watching spending habits involves your spouse or partner too. You must help them understand the difference between, and accessibility of, business accounts versus personal. People often manage their business accounts like they do their personal-poorly. Have a plan for this in advance to prevent problems down the road.
It doesn't mean you won't have a life. It just means that your business will be a big part of your life. So, if you're married, don't forget that your spouse should be involved at some level. Many very successful small business owners tell me that their spouse is a big part of their success. I know it's true for me too.
About the Author:
With 30 years of consulting experience, Steven Schlagel offers training and coaching for startups, entrepreneurs and small business owners. Check his site for more articles to increase your success!
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