Either you are planning or you are running your own business already, this article will benefit you a lot.
Often time, I have been confronted with such a question as ‘What Makes an Entrepreneur Successful?’, ‘What Does It Takes to Run Your Own Business?
Truth be told, there are lots of factors that determines if a business will fail or succeed. But one thing that cannot be substituted is the variety of qualities and skills possessed by the founder.
To be successful in running your own business the desire to win is one thing that it takes above all else.
You will find, many entrepreneurs who will tell you ‘I try hard.’ some will explain to you how they try their best. But it takes more than that. It takes determination to run your own business successfully.
Whenever someone asks me; ‘what does it takes to run your own business?’
I simply replied; the ultimate is how badly you want to succeed. If you want it badly enough. Surely you will find a way to overcome every problem and challenges that comes your way and make yourself successful.
Your passion can be defined as things that get you emotionally caught up in your actions and reactions to certain things or issues. Passion is one of the key attributes budding entrepreneurs need to succeed.
Either you are running with a vision, going on a mission or burning with a passion. Where none of these is the case, frustration becomes the order of the day.
How passionate you are about your business determines how far and fast you go. You need to really love the product or services you business is selling, and to learn as much as you possibly can about it. You need to spend vast amounts of time thinking about it and really caring about getting it right for customers
Mike Murdock said, “Your passion is a pointer to the problem you are created to solve.” I have seen many budding entrepreneurs trying to convince investors to invest in their ideas. The high percentages of those that get the funding required are those that are passionate about their business idea.
When you are passionate about your business or idea, it resonate within you voice and radiate through you face.
2. Street Smart
Are you well educated? How many time do you top you class?
In the real world of business you need to be very smart. Well, not that smart in mean, not rocket-scientist smart, but street smart.
There are four types of business school. Of which you must attend at least one in other to make it in business.
- The Traditional Business Schools – these schools are run by universities, accredited colleges or business schools. They basically offer various degree programs, such as an MBA program.
- The Family Business School – if you belong to a family that run a business or two. You are in to get some business education.
- The Corporate Business School – This are run by big businesses inform of internship programs for young students. This also includes training for employees and rotation within the various department of the company to get practical experience.
- The Business School of the Streets – No one can be called an entrepreneur without attending this school. This is the school every entrepreneur attends when they leave the security blanket of school, family, or the corporate world. This is the toughest business school. It does not grade you in As and Bs, you grade are measure in dollars earned or dollars lost. Your report sheet is you bank statement.
One fine attribute budding entrepreneurs need to succeed is street smart. You need to be comfortable with simple numbers (basic accounting), and able to pick up on trends, gaps in a market and people’s reaction to your products.
You need to be able to work on customer’s feedback for improving your product or services.
3. A Risk Taker
Recently, my wife saw a quote online in which entrepreneur is define as someone who jump off a cliff and build a plane before hitting the ground.
She came to me and said do you support that? I said; Yes!
What if he could not complete the plane before hitting the ground? She ask.
Nothing much will happen, just a few broken bones if he is lucky enough to wear helmet and other protective gears. I answered.
And then what? She asked
He goes back climbing the mountain to jump off the cliff once more. If he truly has the entrepreneur spirit.
This might not be what you really want to hear now. But, the truth is that you will face a lot of rejection, setbacks and criticism every now and then. It is your ability to be resilient, otherwise known as bounce-back-ability that will help you to cope with all the challenges of running your own business.
There is no doubt you’ll face a lot of tough times, even when you less anticipate it. You need to be resilient and remain positive in order to scale through.
When you work for others, it’s very easy to push forward or procrastinate on the task ahead. But the case is totally different when running your own business. Believe me, you’ll have more to do than you can think of, and in most cases you will be running against time. 80% of your task will carry the time frame tag ‘NOW’.
So, be prepared to work your butts up. Be prepared to get up early, work hard all day and go to bed still working on their objectives.
I have found myself in situations that I worked for 72 hours straight. No break, no sleep. I eat on the move.
This I’m saying not to scare you but to prepare your mind towards the task ahead. In his book, “Starting Your Own Business” – David Lester had this to say; “forget any ideas about taking extra holidays or time off during the day – your life will be more 9am – 9pm (if you ’re lucky) than 9am – 5pm.
6. A Self-Starter
If you observe your PC very well, you’ll observe that some programs automatically runs once you boot you computer, some automatically connect to the internet and begins to operate and yet there are many that requires you to prompt them into action.
Just like the computer software, entrepreneurs need to be a self-starter. Entrepreneurs are those that are always on auto play mode. The moment your start running your own business, you are on your own.
You are the boss! And no one instructs the boss. If you are used to being told what to do and quite happy with that, setting up your own business is probably not for you.
Once you have decided to start, nobody is going to tell you what to do and when to do it. That is now your full responsibility.
7. A Multi-Tasker
Many years back when I started my first business; I handle virtually every aspect of the business. The key to get people to do business with me is to present the business to clients like an established business. I serve as the Sales Manager, the Accountant, Customer Care, CEO and every role you could think of.
That is the picture of what most entrepreneur encounters. When you’re running your own business, initially you, and any partners, will have to do everything. You will need to keep lots of different issues in your mind, and work out your priorities to ensure that everything gets done on time to make the business happen.
As an entrepreneur, you do not have the privilege of having fairly specific, narrow roles as it is with most established businesses. In fact the feels strange to most founders who have worked for a while for other companies before starting.
Wrap It Up!
Running your own business is like riding a Tiger. You either keep running or you get swallowed. Starting a business is by far easier than quitting. Only those that have been there can explain. I had open many and closed many. Each with its own merit but the truth is that closing down a business is one of the worst feelings any entrepreneur wants to experience.
That is why I always encourage budding entrepreneurs to validate their business idea and plan before jumping into the water of uncertainty.
There are lots to be learnt. Don’t let anything discourage you. Every challenge as a benefit attached to it. So look up straight, roll up your sleeve and get to work.
Over To You
So, what are the other advises, tips, strategies, techniques or methods that have worked for you? Please share with us in the comment below. Believe me; I sincerely value your opinion more than mine.
And don’t forget there is love in sharing!