Nearly every profession has its own “personality”; artists are creative, accountants are analytical, and sales pros are persuasive.
What about entrepreneurs? If you have been wondering about what traits make for good entrepreneurs or whether you have what it takes to run your own business, here are some ways to decide.
The first of a four-part series, "Top Questions from Entrepreneurs Part One: Do I Have What It Takes to Start a Business?" will look at some of the ways small business owners choose to make the leap. As seen in the recent article "20 Web Resources for Business Newbies", there is a lot of support available for those looking to accept the challenge.
Here are a few questions to consider before making the leap:
- What is your relationship with money? New small business owners need capital both for their business and for their personal living expenses. As the business scales, the pressure to take a smaller (or no) paycheck should alleviate itself. Living frugally at first may be a necessity, so if cash burns a hole in your pocket or you have difficulty managing money, those habits might migrate with you to the business world.
- Are you resilient? Resiliency is an essential trait for small businesses. There are bound to be setbacks, but it is not the challenge that matters. It is how people react to and respond to those challenges that indicates their aptitude to be effective business leaders. Small business owners need to be flexible and nimble, able to adjust as needed to the inevitable complexities.
- Do you have a support system? Entrepreneurs need support from friends and family members. They also need trusted business mentors and advisors to help navigate the legal, financial, and strategic waters as they launch and grow their business.
- Can you wear many hats? An entrepreneur needs to be a Jack or Jill of all trades, especially at first. In many cases, you will be the marketing, accounting, sales and operations departments, often at the same time. Do you like switching hats and gears and getting involved in many different aspects of the business? Or, are you more comfortable taking orders and doing the same kind of work each day?
- What is your passion? Most entrepreneurs choose to find the career path that fuels their passions. Do you know yours yet? People are generally a lot more satisfied if they do work in businesses whose mission, product, or service means something to them. Ask yourself about what matters to you and find a business that matches it.
- Are you comfortable with the unknown? Uncertainty is a basic component of a small business. For many people, that is more than okay. Working in the abstract for some is energizing, with the idea of solving problems as they arise a welcome way to work. Others prefer predictability and really do not like surprises.
At Benetrends, we help entrepreneurs discover how to make their passions a reality. Our funding method uses existing 401(k) or IRA funds to provide the needed capital for companies to secure the resources to start quickly. To learn how Benetrends can help you in starting a business, watch the webinar: How To Use Your Retirement Funds To Buy A Franchise Or Business.