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Many people dream of starting a business, especially these days, but not everyone has the right stuff. It takes some specific personal qualities in order to start and succeed at being self-employed. Do you have the stuff?
I was reading the July/August 2009 issue of Inc. Magazine and the article entitled "Do You Have the Right Stuff?: Six Questions to Ask Yourself Before Starting a Business". In asking the first question: Do you believe you have what it takes? they say:
We don't mean personal characteristics -- or not just personal characteristics, anyway. Do you believe you have all the skills, energy, money, people, and knowledge to start a business? Founders who carefully identify and evaluate their resources in pursuit of a well-defined goal display "entrepreneurial self-efficacy," a trait many academics believe to be the best predictor of success.
What is interesting about this article is that it starts by saying it isn't going to focus on personal characteristics but then ALL the questions actually tie into a person's qualities like confidence, self-assurance, self-efficacy, resiliency, being unattached, and similar. Contradictions aside, the six questions are a good litmus test for assessing your readiness to start and go the distance as a small business owner.
As more and more people have started a business in this recession, the realities of self-employment are starting to appear as some time goes by. It isn't always a bed of roses and not the quick path to income. If you sat in your cube thinking -- I am really only working about 5 hours a day which means I could work 2 days a week for myself and make the same salary or more, and that was the only real research and planning you did, the awakening can be harsh. As Karyn Greenstreet shares on her blog, self employment is the hardest way to make easy money.
But it is hard work, plain and simple. After carefully studying and working with people who start their own businesses, my best estimate is that it takes at least a year to make a serious profit, and often it’s more like two years. I have yet to see a “quick fix” for small business marketing that will land a lot of cash in your pocket in 30 days. If your business structure and administrative process are not firmly in place, you’ll crash and burn eventually. If your business strategy and plan are not fine-tuned, you’ll spend an extraordinary amount of time running in circles trying to find the right customer and the right product or service to sell them.
Karyn follows this post up with an even more telling post which asks: "Are You Cut Out to Be Your Own Boss?". She lists 14 must-have personality traits to be self-employed. One that is very near and dear to my heart is:
Willing to do the personality “foundational work” to help yourself and your business.
I heartily believe both from my personal experience and what I've witnessed in others that the personality traits come first and then the skills. Sure you need to be skilled at what you do, but as any employer will tell you - it is easier to train someone on a skill or tool or technique than it is to change the underlying personal character of someone. YOU are the foundation of it all when you're self-employed.
Check out a few more articles to make sure you have the right stuff and where you might need to fortify your approach.
- Top 5 Tips for Starting a Business
- Starting a Business - 4 Simple Rules
- 10 Big Mistakes New Entrepreneurs Make
Love to hear your take on the right stuff, please share your startup stories in the comments...
Paula Gregorowicz, owner of The Paula G. Company, offers life and business coaching for women to help you gain the clarity, confidence, and courage you need to succeed on your own terms. Get the free eCourse "5 Steps to Turn Fear Into Freedom" at her website
Get the latest word on personal finances from an LGBT perspective and Paula's practical coach approach to the topic at Queercents http://www.queercents.com.
