The idea is there, capital is guaranteed. You even found the best place for your new business. What could go wrong? Have you considered that you could be the weakest link for that new, promising business? You need to test yourself. See whether you have the qualities of a business owner. There are personality traits that will determine whether your new business will stand or fail.
You must be a leader and have a “hard” backbone to run a business. You must be able to make hard decisions almost on a daily basis. Although it is sensible to seek opinions or even receive unwarranted ones it is your decisions as a business owner that will set the agenda.
Boldness To succeed you must be ready to dive into the deep end from time to time. You must be a risk-taker to even start a new business anyway. Why not ride the risk train to the end. Playing it safe will mean you lose opportunities for growth. Like WixBlog puts it, remember that boldness is not identical with foolhardiness. As a business owner, you are expected to think things through and take calculated risks.
Communication is key if you are going to run a successful entity. As a business owner, you will find yourself in contact with a large variety of people, and you want them to think highly of you as a professional and as an approachable person.
Often times you will find yourself facing a situation that requires practical thinking. You will need to be able to show pragmatism. Remember the famous saying, change is the only permanent thing. If your plan clashes with reality, please abandon ship or take a new course. You can always make a new business plan. Interacting with your business stakeholders will also require a level of flexibility. Who knows, they might just give you an idea that will propel your business.
Just like a newborn baby, your new business will require you to devote significant amounts of time and effort into keeping operations running. Don’t be hard on yourself if some important things fall by the way side, with time you will be able to strike the work-life balance. Make sure you stay focused on achieving daily, weekly and monthly tasks you set for yourself.
Business owners don’t have the luxury of living entirely in the moment. You must be able to look into and strategise for the future. You know how a good driver is the one who keeps their eyes on the road ahead. These skills are not inborn and can always be horned. Before you set up that new venture, make sure you have these qualities as well as honesty, resourcefulness and creativity. – Rose Muthoni