Here’s the thing about starting a business. Anybody can do it.
From stay-at-home moms looking to make an income, to startup whizkids with the next new idea, new businesses are starting every day. In fact, according to small business statistics, there are now 28.8 million small businesses currently running in the US. And you, my friend, could be the next person to step up to the mark to venture out on your own and become your own boss.
But (and there is always a ‘but’ isn’t there), it’s not always plain sailing. While there are millions of people setting up their own business, not everybody is guaranteed to succeed. You see, going back to published statistics, just over 50% of new businesses are still open after five years in business, and that means many startups have failed by the time they have hit the 5-year mark. In fact, 30% of businesses according to the stats don’t even make it to the third year.
So, while anybody can start a business (and chances are, many will have popped up into existence while you have been reading this article), not everybody is going to make it.
The question then is this:
Do you have what it takes to successfully run your own business?
Chances are, you might not be able to answer that question fully. Nobody does; unless, of course, they are in possession of a time machine. However, there are some positive signs to suggest that you might have what it takes, and we will list some of them below. We can’t guarantee your business will succeed, but if any of the following apply to you, then you probably have a better chance than many new startup owners who don’t have our listed credentials.
#1: You have a business idea you are passionate about
Do you have a business idea already? You need one; you aren’t going to start a business without one (duh!). However, it has to be something you are passionate about; an idea that will get you out of bed in the morning to head into the office and put the work in. With passion, you will have a higher incentive to keep going, even when you have obstacles to overcome when running your business. And with passion, you are more likely to win over investors and customers, as your enthusiasm should come across when you are talking to others about your idea. You see, your business needs to be your baby; something you have a love for. The USC Online talks about this as one of the driving forces towards success. Therefore, don’t start a business on a whim. Don’t have a half-assed business idea that barely stirs your passions. Think about what you love in life, perhaps in terms of a hobby you enjoy, and let that be the instigator for a business idea that will steer you towards success.
#2: You can get along with other people
You don’t need to be an extrovert to be a business owner. As a matter of fact, some of our greatest leaders, including Bill Gates and Elon Musk, are introverts. However, you do need to have an understanding of people if you are to market yourself successfully to them, and you need to have the ability to communicate to them on a personal and a professional level. Your business might falter if you don’t. You will be dealing with clients and customers on the phone or through email and social media, and so you will need to have the ability to win them over to your side in the way you talk to them. You might have employees to look after too, and to ensure their productivity; you will need to have the ability to motivate and teach them. And you will need to network occasionally, and that might mean attending local business meetings where you will need to introduce yourself to others. You can, of course, train yourself up in people skills, perhaps through leadership training, but if your natural instinct is to avoid people, or if you simply don’t like other people, then you will struggle in business.
#3: You have a strong work ethic
Sorry, but if you have a tendency to stay in bed way past your alarm clock, and if you care little about the quality of the work you put in, then you aren’t going to cut it as a business owner. To be successful, you need to invest both time and effort into your business. You will have a lot to do in the day, from dealing with paperwork to managing your customer relations. There will be phone calls to answer, emails to reply to, invoices to file, and many other jobs that will go hand-in-hand with the tasks centered around your core business idea. Therefore, you need to plan your time effectively to accommodate your daily duties. And you will need to focus on quality to ensure your clients and customers don’t migrate over to your nearest business rivals. Of course, there are things you can do to make your life easier. You can outsource or delegate some of your most time-consuming tasks, and there are software tools available to simplify some of the things you have to do. However, you might still need to turn in 12-hour days occasionally, and you still need to have the drive to push forward to improve and grow your business. So while you might outsource and use software to help you in business, these are still no substitutes for the work you will need to put in to turn your business into a success.
Final words
Do you have what it takes to successfully run your own business?
Answer ‘yes’ if you have a business idea that you are passionate about, and that you think will fill a gap in the marketplace.
Answer ‘yes’ if you are able to get along with other people, even when they drive you a little nuts occasionally.
And answer ‘yes’ if you are prepared to put the work in to make your business succeed, even if it means getting out of bed at the crack of dawn to start your day.
We don’t know the future, and neither do you, but if you have related to the facets of running a business that we have listed in this article, then your future in business might be a bright and long-running one.
