Setting up a business online or even just setting up and ... a website requires similar ... ... as setting up and running a bricks and mortars company. Here are the 10 essent
Setting up a business online or even just setting up and maintaining a website requires similar entrepreneurial qualities as setting up and running a bricks and mortars company.
Here are the 10 essential qualities commonly required if you are to make it a success.
1. Vision and Leadership It means having clearly defined goals and an uncanny ability to use innovation as a tool to get there. An entrepreneur must, of course, be a competent manager, but, more importantly, must lead the way to success. It takes a leader to successfully start, run, and grow a business. Even if you are a leader of one at the start!
2. An Open Mind People who are uncomfortable in accepting uncertainties cannot be good decision-makers. You must never cease to learn and grow. You will need an open mind to review and weigh up the different decisions that you will be required to make daily. You will also need an open mind to listen to the points of view of others.
3. Quick Thinker The ability to take quick decisions is the key to success in this day and age of web cams, email, telephone and fax. You must be able to work under pressure and make sound decisions under such circumstances.
4. Energy Starting and running a business requires considerable energy and the ability to focus on your objectives. 70 or 80 hours a week will be required which, if you are already in full time employed, quickly takes its toll. Energy levels must be high. It is vital you are in good health or you will not see your business through its' first year let alone its' first 5 or 10 years!
5. Sacrifice If you wish to be successful you must initially give up a lot. Time, weekends, holidays and even money. In the first stages of a business you will have to forgo any earnings you may have received if you had stayed in full time employment. If you hold on to full time employment and start your own business you will soon find yourself working very long hours. For most people, there will be an overlap between employment and starting their own business. Are you able and willing to do this?
6. Organisation You will never have enough time in the day to achieve all you wish to achieve unless you are excellently organised. If you are a well-organised person you will breed confidence in those around you. Through organising and planning work, you will find your workload less burdensome. When you are in a position to employ others organisation complements the ability to delegate.
7. Determination You must be 100% committed to your plan or you will not reach you goal. Don't give up even when obstacles seem overwhelming. Most people will expect you to fail. You must be determined never to give your opponents the satisfaction of ever seeing this.
8. Family Support Trouble at home is the last thing you need when starting a business. The statistics in this area are grim ... a lot of break-ups occur during and immediately after a new business start up. Don't let this happen to you ... talk it over with those closest to you. Make sure you share common goals and objectives with your partner.
9. A Risk Lover Starting a business can be a big risk and you need to be able to make risky decisions and cope with the consequences. Taking risks is commonplace with the entrepreneur ... opportunity comes with risk. It's know as the "risk-return" model; i.e. the higher the risk, the higher the return. Starting your own online business, while less risky than starting a traditional bricks and mortar business, is nevertheless, still risky; even if its just in terms of pride.
10. A Winner A competitive spirit is almost mandatory. Are you competitive? Do you strive to be first or the best? Your hobbies and sporting interests can tell you a lot about your competitive nature. If you're a fighter, your chances for success is vastly improved.
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Richard Baker is author of:
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