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Don’t Start a Business if You Don’t Have these 7 Things

Don’t Start a Business if You Don’t Have these 7 Things

Startups emerge constantly, and many young entrepreneurs are encouraged to start their own business and invest a great deal of time and money into them. However, there are some things no one tells you at the beginning, and are related to your skillset and abilities. Let’s go through the most important traits and abilities you need to possess in order to successfully start your own business.

1. Grim determination and willingness to sacrifice

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    Starting a business isn’t easy, and the fact that many businesses and startups emerge constantly on the market, doesn’t mean you should rush into becoming a business owner. You might think you are determined enough and prepared to make sacrifices, but the question is will you feel the same way when problems start to occur.

    Problems will occur, and you’ll make mistakes, and there’s nothing wrong with it. However, if you fall to pieces, then your business will fail as well. The most important thing is to learn to benefit from your mistakes, and stay motivated and determined no matter what happens.

    As a young entrepreneur, you belong to the millennials who are taking over the market. However, according to many studies conducted, millennials will face a lot of challenges in their career journey. When it comes to sacrifices, the hardest ones will be those related to private life and your family. Others are related to taking the right business opportunity, risking and making decisions, of which not so many will be the right ones.

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    2. A financial safety net

    As a business owner, you will need to make a lot of investments, but still make sure that you don’t suffer a huge loss that can lead your business to fail. If you aren’t familiar with bank systems and investments, consult with a professional, or several of them. If you consider their advice in the same matter, you will be able to make a good decision.

    Sometimes, whether you will profit or lose your money is a risk, which you need to take. However, at the beginning don’t make rash decisions and risky investments.

    3. Understanding of modern business technologies

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      Startups usually focus on technology helping them to be noticed on the market, which is the right move, but shouldn’t be the only one. You need to develop your professional profiles and gain followers.

      But, small businesses and startups need to focus on technology that will make their work hyper-productive by helping employees to work efficiently, and creating a great experience for the customers. There are many types of software made to improve CRM and track your goals, and you should definitely find the right one for you.

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      Depending on your business, go through different reviews to find great small business software and see if it suits your needs. Ask other business owners which they find the best, and why.

      4. People skills

      One of the most important must-have skills for every entrepreneur, and business owner are people skills. You need to have good verbal communication skills and you have to be friendly. These will help you make the great first impression that can land you a lot of good deals. Everyone will want to have a meeting with you, but the point is that they want to have a second meeting with you and work with you.

      Therefore, if you don’t have much experience working with people, call your friends and start practicing. Also, you can apply for different job interviews, even if you don’t want to work there to practice introducing yourself, and don’t be nervous when it comes to your meetings.

      5. A talent for haggling and problem solving

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        Problem solving is most important for business owners, as you will face many problems, and you shouldn’t point out all the problems, but try to find a solution to them. Don’t focus on the problem, but on finding the solution. Many people fail, because they don’t know how to deal with problems, and just become discouraged. If you are one of them, you might want to consult with someone who faced many problems and how they solved them.

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        Also, haggling is one of the things you will need to perfect. You might not love it, but it’s the key to getting some things at a reasonable price, as you are new on the market. For this one, you will also need people skills, and some help from people who are doing it for some period of time.

        Don’t be ashamed to ask for help, because it’s better to see their mistakes and successes in order to learn how to perform certain task.

        6. An idea that has something truly unique

        Your business and your idea must be different from others, and it’s up to you to find something original. You aren’t the only company that does offers certain products or services, and because of that you need to come up with a unique approach. Your customers need to know why they are choosing you, so you need to have a truly unique idea.

        If you don’t know how to make yourself differ, do a good research on different companies, and see how they made themselves unique. This way, you’ll certainly get a grasp of it.

        7. Great attention to detail

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          The whole business deal and project can fail because one small mistake. In the business world, it is something that shows your true value. Don’t let your talents go unnoticed or even decrease your value as a professional because of one small error. Also, it may happen that small detail ruins your whole effort in developing your business. Therefore, make sure you have your eye on every little detail and not make small errors.

          Starting a business is a risk you have to take, but also you can make sure you don’t fail after few months. Before you start your business, make a good business plan, consult with different business owners and work on yourself in order to create a successful business.

          Featured photo credit: https://www.flickr.com/photos/gato-gato-gato/ via flickr.com

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          Ivan Dimitrijevic

          Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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          Last Updated on December 3, 2019

          7 Powerful Steps to Achieve Career Success

          7 Powerful Steps to Achieve Career Success

          I often hear people say, “I want to be successful but don’t know where to start” or “I’ve achieved career success yet I’m not happy.” And then I ask, “what does career success mean to you?” And many have a hard time articulating their response with much conviction.

          It’s common that people lack clarity, focus, and direction. And when you layer on thoughts and actions that are misaligned with your values, this only adds to your misdirected quest to achieve your career success.

          A word of caution. It’s going to take some time for you to think about and work on your own path for career success. You need to set aside time and be intentional about the steps you take to achieve career success. In my opinion, this step-by-step guide is apart of your life philosophy.

          1. Define Career Success for Yourself

          Pause. Give yourself time and space for self-reflection.

          What does career success mean to you?

          This is about defining your career success:

          • Not what you think you ‘should’ do
          • Not what people may think of you
          • Not adjusting to friends and family’s judgements
          • Not taking actions based on societal or community norms

          “A flower does not think of competing to the flower next to it. It just blooms” – Zen Shin

          When you strip away all your external influences and manage your inner critic, what are you left with? You need to define career success that best suits your life situation.

          There’s no fixed answer. Everyone is different. Your answer will evolve and be impacted by life events. Here are a few examples of career success:

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          • Work-life balance
          • Opportunities for growth and advancement
          • Feeling valued that my contributions had an impact

          Now even as you reflect on the examples above, the descriptions are not specific enough. You’ve got to take it deeper:

          • What do you mean by work-life balance?
          • What do you consider to be opportunities for growth and advancement?
          • How do you like to be recognized for your work? How do you know if your contributions have had an impact?

          Let’s take a look at some potential responses to the questions above:

          • I want more time with my family, and less stress at work
          • I want increased responsibilities, to manage a team, a higher income, and the prestige of working at a certain level in the company
          • I’d like my immediate leader to send me a thank-you note or take me out for coffee to genuinely express her or his gratitude. I’ll know I’ve made an impact if I get feedback from my coworkers, leaders and other stakeholders.

          Further questions to reflect on to help narrow the focus for the above responses:

          • What are some opportunities that can help you get traction on getting more time with your family? And decrease your stress at work?
          • What’s most important for you in the next 12 months?
          • What’s the significance of receiving others’ feedback?

          Now, I’m only scratching the surface with these examples. It takes time to do the inner work and build a solid foundation.

          Start this exercise by first asking what career success means to you and then ask yourself meaningful questions to help you dig deeper.

          What types of themes emerge from your responses? What keywords or phrases keep coming up for you?

          2. Know Your Values

          Values are the principles and beliefs that guide your decisions, behaviors and actions. When you’re not aligned with your values and act in a way that conflicts with your beliefs, it’ll feel like life is a struggle.

          There are simple value exercises that can help you quickly determine your core values. This one designed by Carnegie Mellon University can help you discover your top 5 values.[1]

          Once you have your top 5 values keep them visible. Your brain needs reminders that these are your top values. Here are some ways to make them stick:

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          • Write them on cue cards or notes and post it in your office
          • Take a picture of your values and use it as a screensaver on your phone
          • Put the words on your fridge
          • Add the words on your vision board

          Where will your value words be placed in your physical environment so that you have a constant reminder of them?

          3. Define Your Short-Term and Long-Term Goals

          When writing your short-term and long term life goals, use the SMART framework – Specific Measurable, Attainable, Relevant, and Time-bound. Treat this as a brainstorming exercise. Your potential and possibilities are limitless.

          How you define short-term and long-term is entirely up to you. Short-term can be 30 days, 90 days, or 6 months. Maybe long-term goals are 4 months, 1 year, or 10 years.

          Here are a few self-reflection questions to help you write your goals:[2]

          • What would you want to do today if you had the power to make it the way you want?
          • If no hurdles are in the way, what would you like to achieve?
          • If you have the freedom to do whatever you want, what would it be?
          • What type of impact do you want to have on people?
          • Who are the people you most admire? What is it about them or what they have that you’d want for your life or career?
          • What activities energize you? What’s one activity you most love?

          Remember to revisit your core values as you refine yours goals:

          • Are your goals in or out of alignment with your core values?
          • What adjustments do you need to make to your goals? Maybe some of your goals can be deleted because they no longer align with your values.
          • How attainable are your goals? Breakdown your goals into digestible pieces.
          • Do your short-term goals move you towards attaining your long-term goals?

          Get very clear and specific about your goals. Think about an archer – a person who shoots with a bow and arrows at a target. This person is laser focused on the target – the center of the bullseye. The target is your goal.

          By focusing on one goal at a time and having that goal visible, you can behave and act in ways that will move you closer to your goal.

          4. Determine Your Top Talents

          What did you love doing as a kid? What made these moments fun? What did you have a knack for? What did you most cherish about these times? What are the common themes?

          What work feels effortless? What work do you do that doesn’t seem like work? Think about work you can lose track of time doing and you don’t even feel tired of it.[3]

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          What are your desires? Try it out. Experiment. Take action and start. How can you incorporate more of this type of work into your daily life?

          What themes emerge from your responses? How do your responses compare to your responses from the values exercise and your goals?

          What do you notice?

          5. Identify ‘Feeling’ Words You Want to Experience

          Do you have tendencies to use your head or heart to make decisions?

          I have a very strong tendency to make rational, practical, and fact-based decisions using my head. It’s very rare for me to make decisions using my emotions. I was forced to learn how to make more intuitive decisions by listening to my gut when I was struggling with pivotal life decisions. I was forced to feel and listen to my inner voice to make decisions that feel most natural to me. This was very unfamiliar to me, however, it expanded my identity.

          Review this list of Feeling Words. Use the same technique you use for the values exercise to narrow down how you want to feel.

          Keep these words visible too!

          Review your responses. What do you observe? What insights do you gain from these responses and those in the above steps?

          6. Be Willing to Sit with Discomfort

          Make career decisions aligned with your values, goals, talents and feelings. This is not for the faint hearted. It takes real work, courage and willingness to cut out the noise around you. You’ll need to sit with discomfort for a bit until you build up your muscle to hit the targets you want.

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          Surround yourself with a supportive network to help you through these times.

          “These pains you feel are messengers. Listen to them” – Rumi

          7. Manage Your Own Career

          Not to be cynical, but no one can make you happy but yourself. If you don’t take control of your career and manage it like your own business – no one will.

          Discern between things that you can control and what you can’t control. For example, you may not be able to control who gets a promotion. However, you can control how you react to it and what you’ve learned about yourself in that situation.

          Summing Up

          For many who have gone through a career change or been impacted by life events, these steps may seem very basic. However, it’s sometimes the basics that we forget to do. The simple things and moments can edge us closer to our larger vision for ourselves.

          Staying present and appreciating what you have today can sometimes help you achieve your long-term goals. For example, if you’re always talking about not having enough time and wanting work-life balance, think about what was good in your work day? Maybe you took a walk outside with your co-workers. This could be a small step to help you reframe how you can attain work-life balance.

          Remember to take time for yourself. Hit pause, notice, observe and reflect to achieve career success by getting deliberate and intentional:

          1. Define Career Success for Yourself
          2. Know Your Values
          3. Define Your Short-Term and Long-Term Life and Goals
          4. Determine Your Top Talents
          5. Identify ‘Feeling’ Words You Want to Experience
          6. Be Willing to sit with Discomfort
          7. Manage Your Own Career

          “When you stop chasing the wrong things you give the right things a chance to catch you.” – Lolly Daskal

          Good luck and best wishes always!

          More Tips on Advancing Your Career

          Featured photo credit: rawpixel via unsplash.com

          Reference

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