Common Traits Startup Business Owners Share
Starting a business is not always as easy as it seems. Before you think about jumping in any kind of business, carefully consider if you are ready to take on your responsibilities as a business owner. Below are some of the most important questions that you should ask yourself before making the big decision:
- Handles Stress Well: How Do you deal with stress. Everyone is excited for you when you start your business. And encouraging when you first open your doors. But what happens after 30 days and you haven’t made any sales? Your business plan projections have been thrown out the window? If you cant deal with this sort of stressful situation, you may want to rethink opening your own business. Its rarely smooth sailing and you need to be able to deal with the stress and keep moving forward.
- Extremely Organized : This is a good trait to have, but also one that you can buy! Running a startup business requires a lot of organization. You need to keep everything organized from your marketing plans to your taxes. If you are not an organized person, one of the first things you should do is hire someone who is! Don’t let things go out of control and you need to call in a specialist help untangle the mess. Being disorganized isn’t just counter productive, it can get really expensive to have to call in specialist.
- Can You Multi-Task? Ideally, it would be nice to be able to hire the people you need and you, the business owner just be the idea man! But realistically many startup business owners find themselves wearing many “hats”. You are the business owner, you create your products, buy your own supplies; market your business; answer customer inquiries; tally your sales; track your customer orders, etc Until your business is profitable, you are responsible for the day to day running of your business.
- They “pounce” when opportunities present themselves? In a typical office setting, there is a marketing team who are in charge to look for new opportunities in the market. As a small business owner, you need to be observant about the changes in the trends and the response of your market. You need to be able to know whether you should grab the opportunity or let it pass. And you have to be willing to ACT! A lot of small businesses get stuck perpetually in the research phase, unable to make a decision when opportunities arise.
- Have an eye for talent Can you spot someone who can help take your business to the next level? Employees can make or break a company. Bad employees produce poor work output and can poison the work environment. Especially if they are in a position of power. A good business owner is constantly looking for new talent to hlep the business. But they are also always on the look out for bad employees and will quickly let go of “bad apples”.
- Never Satisfied with just being part of the crowd – a good business owner will constantly look for new ways to improve their business and make their business stand out from the crowd.
Starting a business can be IMMENSELY rewarding, but at the same time very stressful. You may have a great idea, but running a business may not be where you shine. If you don’t have the above traits, perhaps you should partner with someone who does! Just because you don’t have those traits doesn’t mean you should let your dream of business ownership die! Some very successful businesses have 1 partner who is great with the day to day running of the business, while the other is more the “ideas” person.