Have you got what it takes?

Many people wonder whether they have got what it takes to make it on their own. It never ceases to amaze me the different types of people and ideas that they have to make a living. However, there are certain key factors that successful business people bring to their business.

Below are some of the key qualities

Positive – If rejection makes you depressed then working for yourself could be bad news.

Proactive – Sitting waiting for things to happen rarely makes a successful business.

Hardworking – 9 to 5 Monday to Friday is a dream in the early years for most small businesses.

Resourceful Being able to turn your hand to many jobs, administration, bookkeeping, etc. can reduce the need to employ expensive assistance and gets the job done when the pressure is on.

Opportunistic – Entrepreneurs can spot gaps in the market, new complimentary products and better ways of getting the job done.

 

Family Values.

It is often a lonely way to make a living being self employed with limited opportunities to bounce ideas off your peers or employees. It is therefore vital to to make sure that your family are with you 100% and that you are able to discuss ideas and problems with your family. If they resent that you are at work for long unsociable hours or that your standard of living has fallen in the early days of the business, then you may need to consider what the consequences may be for your family life and if you are willing to take the risk.

 

Money

Many businesses are highly seasonal (including accountancy) with money fluctuating from month to month or even day to day. For sole traders, their first large tax bill payment has to be made on 31st January, just as they are paying for Christmas. It is extremely useful, if you and your family can accept living on limited funds at times and that you realise what is at risk if things go wrong.

 

Advice

Do you realise when you need to ask for advice and do you have good instincts when you receive advice. Many new businesses portray an air that they know what they are doing and then stumble straight into the traps that experienced entrepreneurs are taking action to avoid. They say that experience is what you have 10 minutes after you needed it! Professional advisors, mentors and friends in business are there to help you to miss the putfalls that only come with experience.

 

If you would like to discuss any of these matters or any opportunities that you have, please call Brian Russell on 01661 872004.

About the Author

Brian RussellBrian Russell FCA is a Chartered Accountant with over 35 years of experience working with owner managed businesses in North East England. He formed Russell & Co in 2000 to build upon his experience to provide high quality part time financial directorships for smaller companies particularly in Newcastle upon Tyne and Northumberland. Russell & Co is based in Ponteland.View all posts by Brian Russell →