In today’s economy, many people are thinking about taking the leap from their corporate job to starting their own business, and taking control of their own destiny. Job security is no longer assured, and many companies are outsourcing their workforce to other countries. Before you fire your boss and go on your own though, there are certain things you must consider. Not everyone is suited to be an entrepreneur. Do you have what it takes? Here are some personality traits and attributes you need to have in order to be successful on your own.
- Self-Discipline: There will be days when you’d rather be on the golf course or at lunch with friends than get the work done before your deadline. Maybe you want to put off that difficult task that keeps nagging at you. When you are self-employed, you will need to show up every single day, whether you want to or not. You won’t have anyone looking over your shoulder, or calling you to see where you are.
- Positive Attitude: Like anything else in life, you will have good days and bad days. Maybe that sale you were really counting on didn’t go through and you want to pack it in. Your positive attitude will help you get through the tough times, and keep you going when you want to give up.
- Savings: You will need some savings to get you through the first few months of starting your business. Whatever business you choose, you will probably have more money going out than coming in when you first get started. Make sure that you have enough to cover all of your expenses for at least a year.
- Money Skills: Depending on what type of business you start, you may have an income stream that is irregular; some months you may make more and some months nothing at all. Make sure you handle your money and budget to carry you through your lean months.
- Penchant for Learning: Entrepreneurs never stop learning; they stock up on books, DVD’s and webinars to hone their skills and learn new ones. The more skills you learn, the better you’ll become.
- Support: Make sure you have a support system in place; your family and friends are a good place to start. You may also want to find a mentor to teach you what you need to know in order to be successful.
- Independent: Being an entrepreneur can be lonely; no co-workers, no boss, sometimes you go through a day without talking to anyone at all. Make sure you can handle being independent.
- Pay for Your Own Benefits: You won’t have a company behind you to pay your benefits and stock options; you’ll have to pay for these out of your own pocket. Make sure you purchase enough term life insurance to cover you and your family in case of illness or disability. You’ll have peace of mind knowing that your family is taken care of.
There is nothing more rewarding than becoming an entrepreneur and being your own boss. If you have the traits above and think you can handle starting a business, then go for it. Don’t let naysayers and fear stop you!
Johnny Guyzer writes in daily columns for industries in the finance, business, and insurance sectors. Visit www.kanetix.ca for comparison services on a cheap life insurance quote, car and travel insurance.
