5 questions to ask yourself before starting a small business

Posted by Chetan Bharadwaj | Posted in Management | Posted on 19-09-2009

fiveDoes the idea of starting your own business seems like a dream come true?

Although being self employed and owning a business provides one with several financial and personal freedom, but these paybacks only kick in when the business you are running gets conventional and established. Starting your own business requires lot more than what one has always thought or heard of — to just get your business off the ground, you will find yourself probably spending more time than you had ever imagined or spent on anything else. This phase of the start-up business is very critical for it takes an entrepreneur through an assessment of his acumen and well positioned endurance. As we think that quitting a 9-5 life and starting own business is a relaxation, let me bring to the knowledge of all that it’s not uncommon for the new business owners to undergo compounded hardships while working to build a successful business.

Before you run out and decide to be your own boss, there are 5 questions to be answered for yourself. Although it would be tempting for one to lie to all these question, but it’s essential that you be brutally honest with yourself.

1.  Are You Self Motivated?

Starting your business means you act as your own boss and there is no one above you getting the things done on the right time. In such a case to do well as a small business owner it is necessary to be self driven to succeed. When so many people wish not to have a boss, there is a reason that most people do have one – it is just because they need someone in order to get work done. You may have a wonderful business concept, but that doesn’t ensure you of possessing the special mix of leadership, drive, persuasiveness and keen intuition needed to turn an idea to a lucrative business.

In order to be an entrepreneur of a successful business it takes years filled with setbacks, hardship and little reward. A startup has to face a lot of discouragements from repeated rejections from clients to potential customers not returning calls and obviously various business sours. There’s no other way striving over these problems until you become your own inspiration or a self motivated personality.

2.  Are you backed with strong communication skills and can get along with people well?

In most of the job, an employee has only to interact with a group of people. Hence it makes easy to work as one may adapt himself, over a period of time, to the specific personality. Conversely, an entrepreneur, who is a link between all the functions of a business, has to constantly work with groups of people that may see things differently than him/ her. From the company point of view the owner got to have a personality that facilitates him to get along with his co-workers well.

Having a view of a structural business from the perspective of its goal (i.e., revenue earning), nearly everything relies on selling capability of the entrepreneur.  It requires strong interpersonal skill to make people feel as strongly as you do towards your vision. When it comes to sell your idea to the investors, sell your mission and vision to your team members and ultimately selling your product/ service to the consumers; proper communicating tools play a deciding role. Therefore, it is necessary that you get along people easily to embrace infinite business prosperity.

There are 3 more questions yet to come, until then wait for my next post soon 😉

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