Starting a new business is an exciting adventure with the potential for excellent profits and more freedom. But it’s not the right choice for everyone. Too many business owners go into their ventures with total optimism. They have a great idea and make some money at first. But then, an unexpected turn arises, and they find they don’t have the stamina to get through it and come out on top.
Wade Fulton, entrepreneur and contributor at Forbes, has tried and failed like other entrepreneurs, and knows that not everyone has what it takes to succeed.
“I'm not saying I'm the world's most successful entrepreneur… I've tried my hand at this before and failed miserably,” he confessed in one of his Forbes articles. “The timing was wrong, I tried something I just wasn't good at, I wasn't passionate about the work, I didn't have the right help, and the timing was horrible. If you are considering launching a business of your own and pursuing this particular chapter of the American Dream, you need to figure out if you have what it takes to start a business. Hopefully, the timing is right, you have a good idea, and you have considered the obvious questions.”
Fulton goes on to say that being in the right place in your life with the right personality traits is paramount to a successful business venture.
There are dozens of unexpected turns in business, along with the need for constant evolution. Some people simply don’t have what it takes to see their business to fruition. If you’ve decided it’s time to ditch the nine to five and start your own business, keep these traits in your back pocket.
The drive to get things done is the first and arguably most important aspect of starting a business. Whether you’re starting an investing business, selling products online, or offering services to your local community, you desperately need the motivation to start and keep going.
“You know what people are great at? Talk,” says an article from the trading strategy organization Netpicks. “You know what people are not great at? Taking action. I’m talking about the hundreds of hours (10,000??) spent diving headfirst into accomplishing a goal.”
The article continues to say that without the sheer determination and motivation behind a business goal, you’ll leave disappointed and possibly broke. If you’re not passionate and driven by your business goals, you may not have what it takes to succeed.
One of the best ways to find your missing motivation is to develop a series of both long and short term goals. Then, most importantly, you need to follow through. The most successful entrepreneurs develop a system of S.M.A.R.T. goals every week, month, quarter, and year to establish success.
S.M.A.R.T. stands for Specific, Measurable, Attainable, Relevant, and Timely. Use this criterion to shape each goal you make. If you’re not able to actively work towards your goals immediately, there’s something wrong with your business motivation.
You might be able to do everything well if you had the time—but you don’t have the time. You need to rely on others in your organization to get things done efficiently and effectively.
Everyone should have a clearly designated responsibility for each segment of the project. This goes with knowing your team and letting them take responsibility for their work without your micromanagement.
“Knowing the strengths, motivators, and behaviors of the individual team members can help you put together a better team. Knowing the same about each other will enhance their collaboration,” Susan Lauer, certified business coach principal at Aspire Consulting, told Wrike. Their strengths will become your strengths, and together you’ll build a thriving business.
Another way to describe this particular trait is “constantly learning.” The curious entrepreneur recognizes their weaknesses and finds out how to turn them into strengths. They’re constantly subscribing to blogs, taking mini courses, and scouring the web for ideas on improving their business and its many functions.
A great entrepreneur won’t stop asking questions. They’ll release their pride and admit that they’re not the smartest person in the room, but that they’d like to learn from those people. As they do so, they’ll learn exactly what their business needs to thrive.
Keeping an eye on the future and constantly seeking betterment will be crucial for your survival. Business principles are constantly evolving, and savvy entrepreneurs will allow their business to evolve with it.
Jackie Nagel, of the Huffington Post, recommends strategic thinking for constant forward momentum. “As business owners, we need to make time to think strategically,” Nagel writes. “We can’t just be operationally busy all the time. Strategic thinking is not an after-hours activity. In fact, it needs to be a priority in your schedule before decision fatigue sets in. We need to escape the day-to-day business operations in order to achieve a strategic perspective.”
Moving forward with the future in mind is a key component in any business strategy. It’s an essential trait that will help business owners learn from their mistakes and embrace the changes as they come. Doing so promises a brighter future for the progressive entrepreneur.