Prizes and pitfalls: do you have what it takes to succeed in business?

For many, the entrepreneurial driver shows itself from an early age – for example in school children who buy and sell sweets at a profit or teenagers who seek money-making opportunities in car-washing or selling unwanted toys.

Such people often go straight into business from leaving education, or try out a few jobs before going it alone in one way or another.

For others, the impetus is quite different.

A jaded outlook on employment is quite common: redundancy, mid-life crisis, a feeling of being trapped or becoming weary of office politics or the daily commute. These tend to be more negative drivers. If you’re experiencing these kinds of emotions as your reasons for entering into self-employment it’s important to turn them into positive levers for a different lifestyle: convert them into reasons to succeed, not reasons to run away.

Whatever your motives for entering into business, you will need certain characteristics. These will vary in relative importance depending on whether you are working alone in a freelancing capacity, or buying a franchise with a partner, or setting up a business which employs people – but they will be imperative nonetheless.

A willingness to take risks is, of course, the first characteristic which most people identify. Buying a franchise – the reason you’re visiting this site – can reduce the risks involved. Yet you still need to have the mindset and the determination to push yourself 1sometimes beyond your comfort zone.

Is this you? Some typical personal characteristics of a successful entrepreneur:

Vision This is perhaps the most important factor of all. Without vision – a picture of where you are going and what you want to do – you will be unlikely to achieve anything worthwhile.

Self belief If you don’t believe in yourself, no-one else is going to.

Successful entrepreneurs need a wholehearted and genuine belief in the product or service they provide and the ability to convince others.

Nerve A little nervous energy is helpful, but the ability to cope appropriately with stress is essential. It is rare for a business to run smoothly from day one and if you’re prone to excessive panic and sleepless nights, it will soon wear you down and those around you.

Determination You cannot give up easily if you are ultimately going to succeed. Self-motivation is essential – as is the ability to renew it time and time again.

Competitive You may have a new or niche product, or serve a particular geography, but if you’re successful you won’t be alone for long. You need to have the will to fight when contenders take you on.

Curious and adaptable The business world moves fast – and to remain successful you need to investigate emerging technologies, markets, ideas … anything which does or could affect your business operations or the way in which your customers view your offering relative to that of your competitors. Burying your head in the sand leaves you, literally, sightless.

Timely A sense of timing is imperative in two ways: day-to-day time management in order to achieve tasks but leave time for thinking and planning; and urgency in when it comes to making important decisions.

Willing to make sacrifices Uncapped earnings and the ability to manage one’s own time are often the most common reasons for going into business rather than being employed – but it’s unlikely to land in your lap. You may have to live frugally and put phenomenal hours into your business, particularly in the early years.

Copyright FranchiseExpo 2006

Prizes and pitfalls: do you have what it takes to succeed in business? - To learn more about this author, visit Caroline Jones's Website.

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