Starting a small business is not easy. For many people, starting a business means leaving the comfort and security of a regular “day job” to pursue a passion or dream. So how do you know if you have what it takes to be a successful entrepreneur? Through careful and honest self-examination, you can determine if you possess some of the beneficial qualities.
Entrepreneurs inevitably face challenges, even setbacks, during their quest for business success, according to PowerHomeBiz.com. You may have difficulty obtaining the financing to get started or your initial marketing efforts may prove unsuccessful. You may have to face starting all over or even declaring bankruptcy. Successful entrepreneurship requires that you persevere and pursue your idea even when your situation appears bleak.
Entrepreneurs must possess a high level of self-discipline. Unlike the typical work environment, there’s no boss leaning over your shoulder, and nobody forces you to get out of bed in the morning and go to work. As an entrepreneur, you need the discipline to work even though it might be a beautiful, sunny day or a ballgame is on television.
You are likely spend the majority of your waking hours working at your chosen business enterprise. Therefore, possessing a passion for what you're doing is an important entrepreneurial quality. If you don't enjoy or feel strongly about your pursuit, it may begin to feel like just another job. You may lose interest in your business, which makes achieving success much more difficult.
As an entrepreneur, you alone are responsible for your own success. Therefore, you must be able to promote yourself and your business on a continuing basis. According to the Entrepreneur website, self-promotion is one of the most underutilized marketing tools available to entrepreneurs. You need to possess the confidence in yourself and your business idea to tell the world about it through relentless marketing.
Unless your business concept is completely unique, you'll likely face a host of competition in your chosen enterprise. You’ll need to possess a competitive spirit to beat your competitors, much like an athlete who attempts to defeat her opponent. You also need to take the time to study the competition to understand what they do right and wrong, which results in a beneficial learning experience.