Advertising
Advertising

6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

Initially, it may seem to the inexperienced that running your own business would afford you plenty of financial freedom and clear out your schedule so you can focus more on other things. This idea of being “the boss” and relaxing while others work for you and the money just roles in is what causes most entrepreneurs to fail really quickly. Entire books can be written about the psychology behind this phenomenon, but let’s just say that being greedy, delusional and lazy is the worst combination of traits for an aspiring businessman to have. You’ll need to sit down and ask yourself a few very important questions if you want to avoid grossly overestimating your capabilities and coming up with an unsustainable business model that will leave you buried in debt.

1. Do you have a somewhat original and marketable idea?

The precursor for any sort of business venture is an idea. Good ideas are born out of understanding the principles of supply and demand, knowledge of the latest market trends, a desire to stand out from the crowd and plenty of ambition. An entrepreneur’s vision may not be entirely novel, but it should be somewhat unique.

If your plan looks something like this:

Advertising

  • Step One – Open clothing store
  • Step Two – Make a ton of money
  • Step Three – Live out the rest of my days without any worries

Then it is safe to say that you don’t have what it takes to survive your first year, let alone earn enough money to live comfortably and grow your business. A good plan would look more like this:

  • Step One – Research the local market to check if clothing store is a valid option
  • Step Two – Market research shows that there is a lack of elegant and stylish plus-sized clothing options in town, even though there are plenty of plus-sized shoppers, which means a shop catering to these needs would be well-received
  • Step Three – Look for creators, designers and skilled labor that could help you produce your own clothing
  • Step Three – There is enough demand for the product that you can manufacture at a reasonable cost with the right tools, and the skilled labor would be willing to work for a reasonable salary, it’s time to determine a budget
  • Step Four – With the available budget we can hire a small, but skilled and dedicated team, buy the necessary equipment, secure a location and have enough to cover the costs for the first six months even if we make no money
  • Step Five – Find a good location that fits the planned budget
  • Step Six – Find the right vendors and try to negotiate a good deal
  • Step Seven – Fix up the place and set up shop
  • Step Six – Evaluate the time it will take to break even and formulate a coherent and realistic business plan

Make sure that you can bring something new to the table, putting a unique spin on tried and true ideas and basing your decisions on supply and demand in your local area.

2. How good are you at what you do?

Advertising

Employee of the month

    Want to open a restaurant or coffee shop? Then you better have some experience in those industries and make sure you are able to cook up a tasty meal or at least partner up with people who can. Want to open a clothing store? You’ll need at least some working knowledge of how things work and plenty of people skills. You may be more of a thinker and organizer than a doer, but you’ll need to make sure that you are one hell of a negotiator. There are many avenues and a huge variety of niche markets that a successful entrepreneur can focus on—as long as he or she possess the right skill sets and is confident in his or her abilities, they can go on to create a great career. However, you’ll want to be objective when judging your own skill level and capabilities if you want to avoid becoming overambitious and burning through your budget.

    3. Do you have enough courage, motivation, determination and focus?

    Courage, focus and determination

      There are plenty of characteristics in common among successful entrepreneurs and it is clear that it takes a certain kind of person to succeed in the business world. Now, you may have some of these qualities without being aware of it, simply because you were never in a position that required you to use them—you won’t know how you handle a situation until you find yourself right in the middle of it. That being said, you’ll need to dig deep within yourself and try to find enough courage, determination, discipline and a laser-like focus on the goals you set. If you don’t have at least some of these traits in spades, you will be better off looking for a different career.

      Advertising

      4. Can you stay level-headed under stress?

      Businesswoman frustrated at work

        As an entrepreneur, you will need to take certain risks, and you’ll find yourself far out of your comfort zone a lot of the time. A big part of running your own business is being constantly under pressure and dealing with tons of problems as they present themselves. You will need to prioritize and deal with the most pressing matters first, and in the beginning, it can be like a barrage of things going wrong and situations not playing out quite according to plan. The ability to keep your head cool under stress and think clearly is incredibly important, as you will need to improvise on the spot, make quick decisions and choose between the lesser of two evils. If you lose your temper too often and make impulsive decisions, you won’t last very long. Luckily, this is one aspect you can work on and improve through exercises like yoga. A quick boxing session on the heavy bag or going for a swim can be a good way to manage stress and blow of some steam, so keeping in shape can be beneficial.

        5. Are you prepared to stay focused and work every single day?

        Advertising

        Working on vacation

          There are no sick days, weekends or quiet afternoons when you are an aspiring entrepreneur. Many people complain about the soul-crushing monotony and lack of career options of their nine-to-five jobs, but once you are on your own, you’ll come to miss the simplicity of such jobs. You work during the morning, then you come home and kick back, and you have your weekends free to do whatever you want—even if you bring your work home occasionally, it really isn’t that big of a deal. Running your own business means that you will be on vacation with your family and instead of going swimming, you end up setting up shop in a corner and staring at your laptop the entire afternoon. That’s if you have enough time for a vacation in the first place. Countless hours will be spent working on different ideas and projects, sometimes up to 12–14 hours a day. You need to be passionate and dedicated if you are to survive the sheer workload on top of the stress and sleep deprivation.

          6. Do you have a good level of leadership and management skills?

          When you are your own boss, there is no one to look to for leadership and advice, and no one to help you manage your employees. For a small business, it can be beneficial to look for freelancers and outsource some of the work instead of permanently employing a large team. Outsourcing can have different effects on your business as well as the local economy, but it is generally a fairly safe bet that if you find the right people, it can save you a lot of money. It’s here that your management, negotiation and people skills need to kick in. Managing a small and dedicated team plus a few freelancers, all while keeping your finances in check and handling any unforeseen setbacks takes a lot of concentration and the ability to jump from one task to another quickly and efficiently. Make sure you work on these crucial skills before making any serious plans for the future.

           

          It is said that the path to success is covered in the sweat and tears of those who weren’t afraid to give it their all and make the necessary sacrifices. Although the business playing field is wide and open, there are some fairly strict guidelines for developing winning strategies, so it is best to take plenty of time to think about your plans for the future before committing to a serious, life-changing project.

          More by this author

          Ivan Dimitrijevic

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

          40 Amazing Date Ideas for Valentine’s Day 50 New Year’s Resolution Ideas And How To Achieve Each Of Them 8 Fun and Unique Birthday Party Ideas for People in Their 20s 50 Cleaning Hacks for Your Home That Will Make Your Life Easier 9 Unexpected Benefits Of Foot Massage That Make You Want To Have One Now

          Trending in Work

          1 36 Important Resume Skills (For All Types of Jobs) 2 25 Important Investment Books Every Entrepreneur Needs to Read 3 How to Find Your Entrepreneurial Passion and Purpose 4 How to Quit Your Unfulfilling Job and Lead Your Dream Career 5 9 Powerful Steps to Achieve Career Advancement

          Read Next

          Advertising
          Advertising
          Advertising

          Published on August 4, 2020

          36 Important Resume Skills (For All Types of Jobs)

          36 Important Resume Skills (For All Types of Jobs)

          Most jobs require specialized skills. At the same time, there are a lot of resume skills that apply across the board.

          If you’re on the hunt for a new job, give your resume a refresh. Employers want to know: Can you communicate effectively? Are you easy to get along with? Can you manage your time effectively?

          Remember, you may not get a second look. Use your resume to make a great first impression.

          Holistic ability is what employers want to see when hiring. These resume skills can make you a top pick regardless of what role you’re applying for.

          Communication

          Being properly understood is critical. On any team, you must be able to relay and interpret messages with speed and precision. How you describe yourself, the concision of your phrasings, and the layout of your resume are great ways to showcase these skills.

          1. Writing

          Whether it’s emails or official documents, writing skills are essential for candidates in any industry. Clear, concise phrasings minimize misunderstandings and save the recipient time. This is probably one of the most important resume skills.

          2. Verbal Communication

          Speaking clearly and eloquently is one of the first things a hiring manager will note in an interview. Communicating over the phone is commonplace in business. Outline this skill on your resume, and they’ll invite you in to listen for themselves. This is easily one of the most important resume skills in most industries.

          3. Presentation

          Sales pitches and company meetings may include presentations, which require special communication skills. Being able to spearhead and properly carry out a presentation shows organization and resolve.

          4. Multilingualism

          Knowing more than one language can open doors for you and the business you represent.[1] Being able to speak another language allows your company to serve a whole new demographic.

          5. Reading Comprehension

          At any job, employee handbooks, company newsletters, and emails will come your way. Being able to decipher them quickly and effectively is an important resume skill. This goes hand in hand with having excellent writing skills.

          Advertising

          Tech Savvy

          Technology is evolving rapidly, especially in the business world. Be sure to mention the technologies you’re familiar with on your resume, even if you don’t expect to use them daily.

          6. Social Media

          Almost everyone has some form of social media these days. Companies use platforms like LinkedIn and Facebook to reach new audiences, provide customer service, and build brand loyalty.

          7. Operating Systems

          Can you use a Mac? What about a PC? Most jobs today require the use of a computer. Prior experience navigating common operating systems will help you acclimate much more quickly. This has become an important resume skill ever since the start of the information age.

          8. Microsoft Office

          Of all the software in the world, Microsoft’s Office suite might be the most popular. Word, Excel, Powerpoint, and Outlook are widely used in the business world. Having this as part of your resume skills is very helpful especially in certain industries.

          9. Job-Specific Programs

          Did you get the hang of HubSpot in your last role? Is Slack something you’ve mastered? Be sure to mention them on your list of resume skills. These demonstrate that you can pick up new tools quickly.

          Interpersonal Skills

          Despite the rise in technology, businesses are run by people. Working with and for people means you need to be able to handle yourself with poise in different social settings. Highlight roles and situations on your resume that involved tricky conversations.

          10. Customer Service

          No company can succeed without its customers. Being able to treat customers with respect and attention is an absolute must for any applicant. Specific industries regard this as the most important resume skill their prospective employees should have.

          11. Active Listening

          Listening is an underrated skill, especially for leaders.[2] If you can’t listen to other people, you’ll struggle to work as part of a team.

          12. Sense of Humor

          You might wonder why having a sense of humor is a part of your resume skills. Humor is important for building rapport, but getting it right in the workplace can be tough. Everyone loves someone who is entertaining and can lighten the mood. On the other hand, people are turned off by immaturity and inappropriate jokes.

          Advertising

          13. Conflict Resolution

          A customer stomps up to your desk and starts yelling about a problem he or she is having – how do you handle this situation? The right approach is to work to resolve the situation, not to escalate or avoid it.

          Teamwork

          One of the best parts of any job is the bonds you build with your co-workers. Fostering healthy relationships can make the workspace more enjoyable for everyone.

          14. Collaboration

          Whatever your line of work, chances are good that you’ll be working with others. Being able to collaborate effectively with them is critical if the whole team is to hit its goals. You can use various apps and tools available to help you collaborate with your team.

          15. Leadership

          Even if the title of the job you’re applying to isn’t “manager” or “executive,” there will still be moments when it’s your turn to lead. Prove that you’re up to the challenge, and you’ll be looked at as a long-term asset. Listing this as one of your resume skills is certainly an eye-catcher for most.

          16. Reliability

          Work isn’t always easy or fun. You have to be willing to pull your weight, even when times are hard. Otherwise, your co-workers won’t feel as if they can count on you. Reliability is important in maintaining the cohesion of a team. You should let people know that they can rely on you.

          17. Transparency

          To work as a team, members must be willing to share information with each other. Are you willing to own up to your mistakes, share your challenges, and accept consequences like an adult? Let them know that you’re transparent and reliable.

          Personal Traits

          Your resume is about selling yourself, not just your education and work history. The good news is, your “soft” skills are a great opportunity to differentiate yourself. Use bullets beneath your past experiences to prove you have them.

          18. Adaptability

          In any role, you’ll need to adjust to new procedures, rules, and work environments. Remember, these are always subject to change. Being able to adapt ensures every transition goes smoothly.

          19. Proactivity

          An autonomous employee can get work done without being instructed every step of the way. Orientation is one thing; taking on challenges of your own accord is another. Being proactive is an essential resume skill, especially if you’re eyeing for managerial roles in the future.

          20. Problem-Solving

          When problems arise, can you come up with appropriate solutions? Being able to address your own problems makes your manager’s life easier and minimizes micro-management. Problem-solving is an important yet often overlooked resume skill.

          Advertising

          21. Creativity

          Can you think outside of the box? Even roles that aren’t “creative,” strictly speaking, require creative thinking. Creativity also helps in your ability to solve problems.

          22. Organization

          Staying organized makes you more efficient and reduces the risk of mistakes. Organization skills make life easier not just for you, but also for other members of your team. This makes it an important skill to put in your list of resume skills.

          23. Work Ethic

          Every company wants hard workers on its team. You’re applying for employment after all, not a place to lounge around. Putting this on your list of resume skills is just as important as actually exhibiting it in the workplace once you’re hired.

          24. Stress Management

          How well do you work under stress? If you’ll be required to meet tight deadlines, you’ll have to prove you can handle the heat.

          25. Attention Management

          Whether you’re developing a partnership or writing a blog post, attention to detail makes all the difference. People who sweat the details do better work and tend to spot problems before they arise. Use Maura Thomas’s 4 Quadrants of Attention Management as a guide to managing attention.[3]

          26. Time Management

          Time is money. The better you are at using company time, the more valuable you’ll be. Show that you can make every second count. Managing your time also means being punctual. No employer wants to deal with a team member who’s constantly tardy. This is commonly included in most people’s resume skills, but not everyone lives up to it.

          27. Patience

          Things won’t always go your way. Can you calmly work through tough situations? If not, you’ll struggle with everything from sales to customer service to engineering.

          28. Gratitude

          When things do go your way, are you gracious? Simply being grateful can help you build real relationships.[4] This also helps foster a better team atmosphere.

          29. Learning

          Employers want to invest in people who are looking to grow. Whether you love to take online courses, read, or experiment with hobbies, make sure you show you’re willing to try new things.

          30. Physical Capability

          Many job postings have the classic line, “must be able to lift X amount of pounds” or “must be able to stand for X hours per day.” Play up past positions that required you to do physical labor.

          Advertising

          31. Research

          How easily can you dig up new details about a concept? Research skills are critical for marketing, business analysis, writing, account management, and more.

          32. Money Handling

          Being able to count bills quickly and accurately is important at any company with a brick-and-mortar storefront. Integrity and honesty are key when you’re running the cash register or reconciling bank statements.

          Commitment

          To employers, every new hire represents an investment. Are you worth investing in? Prove it. Employers need to see signs of commitment before they bring you on board.

          33. Longevity

          Hiring managers love to see long tenures on your resume. This suggests that you’re in it for the long haul, not just passing through for a quick buck.

          34. Fidelity

          For an employer-employee relationship to work, there has to be trust. Employers tend to find out when someone is hiding side gig or sharing information they shouldn’t be. References from past employers can prove that you’re loyal to companies that hire you.

          35. Obedience

          You won’t agree with every choice your employer makes. With that said, you have to respect your role as an employee. Obedience is about doing what your leader decides is best, even if you have a different perspective.

          36. Flexibility

          Life is full of surprises. A month into your new job, your role could change entirely. Flexible people can roll with the punches.

          Final Words

          Perform a self-audit: Which of these skills will your potential employer want to see? Add them to your resume strategically, and you’ll be that much closer to your dream job.

          Tips on How to Create a Great Resume

          Featured photo credit: Van Tay Media via unsplash.com

          Reference

          Read Next