Do You Have What it Takes to Start a Business? 

Lots of people dream of starting their own business. Who wouldn’t want to be their own boss, call the shots, set their salaries, work flexible schedules, and do something they love for a living? Be that as it may, starting a business isn’t for the faint of heart. In fact, statistics show that about half of the businesses started, fail within the first five years.

That’s because starting a company is about more than just having a great idea. Starting and maintaining a successful business requires passion, innovation, hard work, and much more. From the likes of Sam Walton and Richard Branson to Daymond John and Barbara Cocoran, here’s a look at some of the top characteristics of successful business owners:

Passionate

Those who get into business with the hopes of striking it rich and living a stress-free life will surely find themselves disappointed along their journey. There are financial ups and downs, obstacles to overcome, and trials and tribulations you’ll face on a regular basis. Those who succeed in business are driven by passion.

Take Jim Plante, for instance, was recently appointed by US Secretary of Commerce and US Trade Secretary to Industry Trade Advisory Committee (ITAC). Jim’s passion to develop his biotechnology, advanced technology, and manufacturing companies stemmed from his passion to find an effective treatment option for his father’s polycystic kidney disease. The love and compassion he shared for his father motivated him to beat the odds, overcome the challenges, and achieve success even when things were rough.

Self-Starter

As the head person in charge, it will be your responsibility to carry out the tasks necessary to make your company a success. There is no one over your shoulder telling you what to do, how to do it, when to get it done, etc. So, it’s totally up to you. If you’re not able to take initiative and motivate yourself to complete your goals, your company will fall by the wayside.

Risk Taker

Much of business is about taking risks. There are going to be times when you have to step outside of your comfort zone to reach a new level of success. From generating a new idea to hiring the right team of employees, there’s no guarantee that your decisions will generate success. Bill Gates, for example, took a risk on the idea that a computer could be personalized for home or office use. He dropped out of college to focus on his vision and, fortunately, it paid off in the end.

People Person

From your colleagues and vendors to your employees and customers, a true entrepreneur will need to possess good interpersonal skills to develop a strong network. To truly be successful in business, you will need to cultivate lasting positive relationships. That means knowing how to interact with others, communicate effectively, and develop strong connections with people from varying personal and professional statuses.

These are just a few of the characteristics required to be a successful business owner. On top of having such qualities, you must also be willing to make the necessary sacrifices and dedicate a great deal of time, effort, and energy into making your company a success. If this sounds like something you’re up for, then it’s time to start making an effective business plan.

Categories: Business

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