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You’ve probably heard them before. At a party, in the break room at work, at happy hour… People everywhere daydreaming and saying, “I’d love to start my own business one day…”
Lots of people would love to start their own business. But, as I mentioned last week, loads fail – something like 80 percent!
What’s the difference? What do those successful 20 percent have that the others don’t – and how can you get it?
The 5 Qualities You Must Cultivate to Be a Successful Entrepreneur
1. You need perseverance
As I talked about last week, starting a business – even an online business – doesn’t happen over night. It takes time, energy, lots of research and education.
Beyond that, it also takes an ability to try, try again, as the saying goes, because the first marketing message/website/approach you take may not be the best one.
That’s why it is so important you choose an idea you are passionate about. Whenever I’m coaching a client, I make certain that the ideas we generate meet at that intersection of what the market wants and my client’s passions.
2. You need to be prepared to work hard in the beginning
The pay off is not having to work so hard later. Whether you decide to run your new business as a side business for a while and keep your day job or take a leap and quit to work on your business full time – running a business is a lot of work.
Many people dream of working just a few hours a day, maybe from a beach somewhere sunny. That’s a great goal and truly attainable – but not right at first. For a while, you may find you’re working more hours than you did at your job!
You’ve got to be willing to put in that hard work. The good news is that doing the hard work up front makes that entrepreneur lifestyle you’re dreaming of possible later.
3. You need the strength to just do it
This is one of those intangibles that can be hard to quantify, but I recognise it in my clients when they can make decisions quickly, push past self-doubt, believe in themselves, and understand the importance of a support team.
All of these things can be scary, but remember: courage isn’t the absence of fear, it’s acknowledging the fear and doing it anyway!
A great support team, which might include a coach and a designer or web programmer when you’re getting started, can help create accountability and help you push past procrastination and doubt to get things DONE.
4. You need to be someone who enjoys working with people on some level
Think about it: every time you make a sale or get a client or do pretty much anything called business, there is someone else involved.
The foundation of any successful business is relationships—with customers, partners, vendors, and fans. This doesn’t mean you have to be an extrovert who just loves going to networking parties, it just means you need to be able to make friends (without expectation) and build relationships.
No need to stress about it; this is the fun part! At some level, everyone enjoys human connection :-)
5. You need to be comfortable with being uncomfortable
This is maybe the most important one, because building a business is way more challenging than going to a job every day, but also way more fun and rewarding.
When you start a business, every day will be something new, something to learn, something to do for the first time. Nearly everything you do will be an opportunity for growth – and growth only happens at the very edges of your comfort zone.
If you’re not willing to go there, you’re not cut out to be an entrepreneur.
What if I don’t have those traits?
Does any of that stuff up there sound a bit scary? Of course it does! I’m sure you already know: parts of being an entrepreneur can be scary. The point is not that you look at this list and laugh in the face of it, but rather that you consider each of these things carefully when deciding if the lifestyle is for you. You’ll be amazed how you grow if you decide to take the leap.
Are you willing to work on any of these areas where you might feel a bit lacking right now? If so, then I’d say you’re a great candidate to build your own business!
And, of course, if you’re interested in talking it out with me, I’d love to chat. Click here to book a complimentary 20 minute Skype session with me and we can talk about any questions you might have.
This was number 2 in the 6 part blog series – How To Start A Side Business
Here is the complete series:
1. why starting a side business may be the secret to your success.
2. 5 qualities you must cultivate to be a successful entrepreneur.
3. the single most important skill you need to run a side business.
4. why YOU are the weakest link in your business (and what to do about it).
5. the tools I use to run my online business.
6. starting your own business: not as hard as you think!
Now I’d love to hear from you…
What do you think is the most important trait an entrepreneur can have?
One of these on the list, or something I’ve neglected?
Let me know in the comments below!