I get asked the following question a lot – “I am thinking about starting my own business, can you give me some advice?” My initial response is always the same – “Are you sure?” Most (50% +) small businesses fail in the first five years. That’s the good news.
Unfortunately, just because a business lasts for five years, doesn’t mean that it’s providing the benefits that most entrepreneurs hoped for when they hung out their first shingle.
The bad news is that “making it work” often involves a business owner working tons of hours, earning very little, and accumulating a bunch of debt.
After working with hundreds of successful and not so successful business owners, I have developed a list of the sixqualities I have seen in every successful entrepreneur.
- Belief – You have to start with the belief that your product/service will make positive impact in the marketplace. Unless you are a dirt bag, you’ll struggle to sell something you know stinks.
- Short Memory – You will screw up a ton – especially in the beginning. When you do, you’ve got to learn and move on.
- Sales – You don’t need to be Zig Ziglar, but you’ve got to be able to sell your product/service. It’s extremely difficult (if not impossible) to hire and lead an individual when you can’t sell your own idea.
- Accounting – In case you’re wondering, business is built upon numbers. You have to learn how to read a financial statement, develop a budget and understand the difference between cash and accrual accounting.
- Work Ethic – While I believe this probably goes without saying, I feel the need to mention it. Be prepared to put in the hours necessary to be successful.
- Support System – When I started my business, my wife Nicole, had more confidence in my abilities than I did. And, when I stumbled in the beginning (which I did a lot) she was the first to say “Don’t worry – you’ll figure it out.” We all need someone to lean on when times get tough.
If you have qualities listed above or you are committed to acquiring them, then I’ve got some really great news.
Being an entrepreneur is extremely rewarding and definitely worth all the effort.