YOU

Are you ready to be a Business Owner?
You probably already know that starting a business requires extensive research and analysis of many factors. But the one requiring the most critical assessment is often overlooked by many people and that is you. Here are some things to think about and to consider, because if you are not ready to be a good business owner then it doesn’t matter how good your product is, I guarantee you that your business will not work.

Are You a Self-Starter?
Nothing in business happens by itself. As the owner, you’re responsible for everything from establishing your vision to setting the daily work schedule. If something needs to get done and you don’t have anyone to do it then that is your job.

Are You Disciplined?
Running a business requires a continuous commitment to quality and detail. You cannot afford to cut corners, miss deadlines or make promises beyond your capabilities. You will not be working from 9 to 5 anymore, because a business owner is never done working. I have heard a business owner say that “it is nice being the owner and in charge of my schedule, because I can work any 12 hours of the day that I want to”. If you are a hard worker, it will definitely not guarantee your success, but you will definitely not be a successful business owner without it.

Are You a Lifelong Learner? Entrepreneurs who continually seek information, new ideas and sound advice have the best chance for success. Being attuned to market trends and issues makes it easier to adjust products and services to customers’ needs and preferences. You’re also in a better position to enhance your competitive advantage and efficiency, and address potential problems before they harm your business.

Can You Market Yourself and Your Business?
Some people have trouble with this one because of the negative connotations associated with being a “salesperson.” No business, no matter how good, will succeed without some kind of marketing. The good news is that promoting your business is easier than you may think as long as you know what to do and how to do it. Everyone is in the sales business whether they think so or not. You are selling yourself everyday.

Can You be Objective?
You might think that your ideas are the greatest but reality may be far different. Is there really a need for a particular product or service in your area? Are the hours of operation fair to your employees? Is renting equipment better than owning it? A good business owner knows how to examine an issue from many perspectives and understand the strengths and limitations of each, as well as seeking good advice and not getting your feelings hurt if you are not in agreement with the advice.

Can you handle Problems?
The greater you are at handling problems is a big factor in how you will do as a business owner. If you are an employee and there is a problem that you can’t fix, most of the time you have someone else that can solve that problem for you, but as an owner you are that someone. The greater the problems that you can handle will determine to what level of success you will have.

If you can answer yes to all of these questions then you are on your way to being a business owner. If some of these questions might give you some trouble, that doesn’t mean that you are out of business, what it means is that you might need to work on yourself a bit to refine some of your skills, or you can consider a business partner that has some of the skills that you need.