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Learn Whether Starting A Business Is Right For You

Learn About The Characteristics of Successful Entrepreneurs

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But becoming a successful business owner requires thorough planning, organizing, motivating and controlling.

If you are considering whether starting a business is right for you, the first thing you need to evaluate is whether you have the following characteristics and skills commonly associated with successful business owners.

What Are The 7 Common Characteristics of Successful Entrepreneurs?

An Ability To Mange: You will be responsible for managing your own time, the quality of your product and or service, your employees, your customers, all the administrative requirements of your business, etc.. 

Risk Taking: Being your own boss also means you are the one making all the business decisions and taking all the risk. Business ownership involves a lot of uncertainty and risk. Are you the type of person that avoids uncertainty in your life? If so, starting a business  may not be the best fit for you. If you enjoy taking calculated risks, then read on.

Independent Decision Making: You have to make a lot of decisions on your own. If you feel you can trust your instincts, assume the risk for your decisions, you can accept rejection on occasion you could be on your way to being successful.

Generating Sales: You may have the greatest idea in the world, but if you can not sell your customers, employees and potential lenders and partners you will find business ownership a challenge. If you enjoy selling, public speaking, interacting with new people with ease and can make good arguments grounded in facts, it’s much more probable your business will succeed.

Negotiation Skills: As a business owner you will need to negotiate everything from leases to contract terms and rates with both customers and suppliers. Negotiation skills will help save you money and keep your business running smoothly.

Innovation & Creativity: Are you able to think of new ideas and think outside the box? Can you imagine alternative and/or unconventional ways to solve problems?  Business owners must be able to think creatively and innovate constantly

Peer Support: Before you start your business, it’s important to have a strong support group in place. As the business owner you will have to make the decisions. Do you have the support of your family? A support group of business professionals is also critical to your success . This could include a banker, an attorney, an accountant, an insurance agent and a business consultant

If you would like to speak with a business consultant to discuss whether Starting A Business is right for you, contact San Luis Obispo SCORE to Request A Meeting with one of our Business Coaches or give us a call at (805) 547-0779.

About the Author(s)

Lew Leichter

Lew Leichter is a degreed accountant with 50+ years experience. He has spent the last 20 years owning & operating his own business where he provides financial intelligence to small business owners.

Starting A Business