Small businesses are the lifeblood of any nations economy. The entrepreneurial spirit that drives people to create and grow new businesses has been an essential part of growth of an individual as well as a nation. Owning a business may be a personal dream for many. Nevertheless, managing a business may prove difficult to those who have lack of prior business ownership, experience or management skills.
If you are willing to take the challenge then evaluate yourself to see whether you have the necessary personal characteristics and determine your willingness to meet the demands of owning your own business (Startups resource guide,2015). First see whether:
- you have leadership qualities?
- you have confidence to win?
- you know how to take decisions generally on own and collaboratively?
- you know what kind of a person you are when it comes to handling your responsibilities?
- you, in general, plan given projects from start to end?
- you are self-disciplined and independent?
- you have flexibility in career wise to run a business?
- you are interested in reading business publications?
- you have managed to gain computer skills?
- your family and friends will support the business?
- you have any other income, to support your family?
It is a general fact to understand running business is like running a marathon. It requires careful planning, consistent effort and discipline, time and patience. I could simply remember the first days I ran a marathon in the village I’m used to live in. The ups and downs of training, the excitement of the race day, the horrors of mile 10, the sheer joy (and relief) of finishing all brought excitement and anticipation. Once finished, I always say to my self, “well, I’ll never do that again,” followed by, a few minutes later: “I know I can do better”. Even-though, I managed to win a few, I knew it was a test of body, mind, and spirit. There’s always something new to try, techniques to refine, training to improve, efficiencies to find etc. I can be stronger when I’m more focused and sometimes I want to give it everything I’ve got and see what happens.
Running a business is more like running marathons according to Hostpapa . The blog says, here, you can pick the race you want to run, and prepare for it, but when you get to the finish line, there would be another race to run and win soon.
As starting to become a business owner the feeling is similar or you are about to experience it. Running a business makes committed to long hours and most of the times reduced personal income until it is firmly established. Also, you need the emotional strength and good health to handle the work load. Moreover, your family’s and close friends’ support and encouragement when in need gives you adrenaline to achieve set goals. Therefore, knowing what skills require at the beginning prepares you for the race to win with no doubt.
If you discover you do not have the basic skills and knowledge needed for your business, then it is advisable you may delay your plans until you have acquired them. If you have previously worked in a managerial or supervisory position, this experience probably carry the skills that you really require. People and IT skills add further strength to you and if you have ever worked for a similar business organisation, sales and marketing with basic accounting knowledge would be key to the success.
Starting the business
Starting your own business is really a very exciting endeavor. It allows you great freedom and opportunity to explore and develop your own business idea. It is an opportunity for you to exercise your creativity and thinking ability. Once you have the viable idea and confidence:
- research your business idea;
- develop a strategy;
- determine your marketing approach;
- address key operational issues;
- make your own decisions;
- develop your business idea from the ground up.
Successfully starting your own business can provide a sense of accomplishment and satisfaction. However, if the business fails, you must assume all the liabilities and emotional strain that goes with it. However, there are many misconceptions surrounding owning one’s own business as explained in Start-ups resource guide.
“I will be my own boss:- Being your own boss does not mean you can play golf or go fishing anytime you want. The reality is the business and your customers become your boss and can demand 50-65 hours per week.
I can get rich overnight: – Small business and free enterprise provides a great opportunity to build wealth; however, it will take time. Studies indicate that more than a third of small businesses that grow significantly do so after 10 or more years of existence.
I can expect immediate income from my business:- This is not likely. Generally, it takes 6-12 months before a new business can start to pay the owner a decent salary. You should have a cash reserve or savings to provide financial support for you and your family during the start-up phase.
I can start my business with little or no money:- Poor capitalization is one of the major causes of business failure. Lack of capital results in negative cash flow, which can result in poor business decisions and serious credit problems.
I will incorporate my business and use other people’s money: – It is difficult to borrow your way to wealth as a new business. The corporate shield probably will not protect you in case of failure. Most banks today will require you to personally guarantee the corporate loans for start-up businesses”.
The suitable personal characteristics and basic skills are the main factors in small business ownership and successful management to drive ahead. Those who have weaknesses or a lack of willingness to make sacrifices that is necessary to run a small business had better have second thoughts before starting a business. However, starting a business according to a plan with a correct attitude and commitment will take you to success to bring you fortunes.