You did it! Your baby is born. Months, even years in the making, your business has entered the world; you are officially an ENTREPRENEUR. Business plan…check!
Financing…Check! Location…Check! Staff…Check! Self Analysis…Check? Have you stopped to consider whether you are actually cut out to run a business and if your character and personality are actually suited for this journey?
If there is one thing I have learnt in years of working with, counseling, observing entrepreneurs and unsuccessfully trying entrepreneurship myself, is that long-term success is very much tied to who the owner/operator is at their very core. This element is not often considered, but careful review of many successful businesses can be traced to the basic character/personality of its owner. Not everyone is cut out for this, but for some…they were born to do it!
THE BASICS
Business ideas are as varied as individuals, but whether a service, retail or manufacturing entity, there are certain basic traits that are commonly needed for all:
Patience – There are those rare occasions when everything goes smoothly from the get go but in the vast majority of cases, it takes a while for you to establish the specific needs of your clients/customers, effectively train employees and meander through your learning curve. You need Patience.
Tenacity – There will be days or situations that you encounter which require you to dig your teeth in and press on regardless. If you are one to give up at the first sign of resistance from customers/clients, competitors or society, this may not be the path for you. You need Tenacity.
Energy and Drive
As with a newborn child, the physical demands at the start can be trying. There may be long hours and physical labour demands as you get established. You need Energy.
Passion
Most significantly, it is your passion for your business that will keep you going when you encounter resistance. It is your passion for your idea that will enable you to sell it with the utmost confidence and convince others that you are offering the best thing since sliced bread. You need Passion.
THE SPECIFICS
Apart from these basics, you need to determine if you are the right fit for your specific concept. For example if your business is labour intensive, leadership traits will help. If your business involves direct sales and you are not good at interacting with people and can’t sell a snowcone in a desert, that may not be the venture for you. If you are NOT detailed-oriented and your business requires lots of spreadsheets and accounting, this is an issue. If you are EXTREMELY passionate about your concept but don’t possess a managerial bone in your body, this is a problem! Figure these things out.
If you have done your Self-Analysis and discovered that maybe your personality and character are not aligned to run your business, all is NOT lost.
- Don’t be afraid to work on yourself; don’t let intimidation stop you from developing those aspects of your character that need some If you really are determined about your idea, it may be well worth your time and dedication to invest in some Personal Development! It’s never too late to become a better you, especially if your livelihood depends on it.
- We were created for relationships and some of life’s journeys need human help, so seek out those partners, advisors and mentors that possess the traits that you don’t There are many who have to be ‘the chief cook and bottle washer’ of their business, but for those of you who can afford to do so, surround yourself with those who bring the other personality puzzle pieces to your business.
This brings me to another important point.
As you evaluate yourself, PLEASE do this with the others involved. Not everyone is meant to work together, so be careful who you yoke yourself to. Your business partners or top managers may have five business degrees and have worked at the top establishments in the island, but if their value system is not aligned to yours, there may be trouble on the horizon; or if you are a big picture sanguine person and your partner is a meticulous perfectionist, you need a plan to work together.
There is PLENTY to consider on ‘Entrepreneur Drive’ but there are some of us that simply have to do this. There are some that are born to conceptualize, develop and run one or multiple businesses. For those of you that know without hesitation that this journey is who you are, I encourage you to carefully evaluate everything and give it your all.
My advice is simple… Know your Business, Know your Associates and Know Yourself!!
