It has become easier than ever to run a business. However, it’s also as easy as it ever was to fail. Too many people tend to have a romanticised view of what it means to actually run a business and end up falling flat on their face when the training wheels are off. Not only do you need a basic understanding of business when starting, but you also have to know if you actually have the disposition needed to be a business owner.
You’ll have to be able to deal with a certain amount of uncertainty, have basic people skills, and be able to sell yourself. But there are other things you’ll have to know or learn if you want to be competitive. Here are some of the traits and skills you’ll need to have to be a successful entrepreneur.
Humility may not be the first thing people have in mind when it comes to business people, but the great ones out there are aware of their limits, and know how to surround themselves with people who are better than them. So, you’ll have to be ready to delegate when you can’t do something, and be ready to seek advice from others.
Good business owners are also able to increase their bottom line by both increasing profit and limiting costs. You’ll need to be able to identify waste in your processes, and find ways to save. For instance, tools like Utility Bidder could help you save on electricity by allowing you to compare between multiple providers at once. Entrepreneurs who understand how to cut better deals with suppliers will always have an edge on the competition and will be able to pass down these savings to their customers.
Tolerance to Stress
If you can’t deal with stress, then you’ll struggle as an entrepreneur. Some entrepreneurs had to spend years not knowing if they’ll be able to pay themselves, let alone keep their businesses running. You’ll have to be able to deal with strict deadlines, juggling clients and contracts, dealing with employee disputes, changes in your industry, etc. So, unless you can stay calm under pressure, you might want to consider another path.
You also have to be a good communicator if you want to be a successful business person. You have to be able to give criticism to your employees while still making sure that they realise their value and your appreciation. You are nowhere without your employees, so making sure that they improve with constructive criticism and clear communication will make sure that you get the best out of them. Having good communication skills can also help you in other areas, such as when trying to pitch an idea, or get financing for instance.
Starting a business is much more than registering a business name and an office space. It’s also about managing a team, making quick decisions, solving problems, and being able to stay calm in the eye of the storm.