Running your own business is very rewarding but it can also be risky. You need to make sure you understand all the challenges because it is not enough just to have a good, viable idea - you also need to have adequate resources and the right skills and temperament to make a success of the opportunity.
You need to make sure you understand all the challenges because it is not enough just to have a good, viable idea - you also need to have adequate resources and the right skills and temperament to make a success of the opportunity.
Whatever your personal starting point, there are some fundamental issues you need to assess relating to your business idea, your personal aims and your own business ability.
Key things to consider when starting up your own business
- Do you have the necessary capital and financial resources to start your business?
- Can you pay your general living expenses while you go through the start-up phase?
- Will you be able to deal with fluctuating demand your product or service may generate?
What makes a successful entrepreneur?
There is no single 'type' of entrepreneur but there are some characteristics that successful ones tend to have in common such as:
- Gets things done
- Good with customers
- Able to communicate effectively (to staff, suppliers, financiers)
- Single minded, but able to take advice
- Flexible and adaptable
- Quick to identify opportunities (and ready to take calculated risks) Hard working, committed and determined
- Tough-skinned and able to handle failure
- Creative, imaginative and always coming up with new ideas for the business.
Skills, experience and qualifications
Customers and lending institutions may be more comfortable if you have the right qualifications. For certain businesses you are actually required to have specialist qualifications or accreditation with trade associations
Business skills are essential if you do not already have them. It is important to understand the principles of running and managing a business, including marketing, strategic planning, accounts, personnel management and so on.
If you expect the business to grow, you will inevitably have to employ people and your leadership and management skills will be vital. Many promising enterprises fail to grow because their owners do not have these skills.
If your still interested in starting up your own business visit our start-ups page for more information.