According to the U.S. Small Business Administration, more than 60 percent of U.S. adults say they would like to be self-employed. Yet only about ten percent are.
What does it take to successfully launch and build your own business? Though many abilities and attributes of successful entrepreneurs have been identified, there are a few that have been singled out as key to creating a successful business.
Successful small business owners are self-starters. They don’t depend on anyone else to plan, begin, organize and follow-through on the many actions required to successful run a business.
Entrepreneurs are also able to establish and maintain strong working relationships with a wide variety of people. Additional, they can consistently make sound decisions, often quickly, under pressure and independently.
Self-employment can be highly rewarding, but it can also be physically and emotionally taxing. Until a business is well-established and running smoothly, hours can be long and stress can be high.
To make it as a small business owner, you must be effective at planning and organizing. Small Business Administration (SBA) research has found poor planning to be the reason behind the majority of small business failures.
Strong drive and high motivation are needed to get started and persist through stressful periods and setbacks. In any business, there’s a lot of responsibility to be shouldered.
Finally, there’s the family factor. At least at the start, you’ll have less time, energy and attention to share with your family. Financial demands may also mean a lower standard of living until your business becomes consistently profitable.
For all the demands and potential pitfalls, the rewards of self-employment can be tremendous: You’ll be your own boss. Also, potential earnings for the self-employed are far higher than for most.
Resources like the SBA stand ready to provide small business owners with free advice, tools and training on topics such as business strategies and planning as well as advice and direction on legal matters, such as licenses and permits, and on financial concerns, like bookkeeping, banking, credit, and payrolls.
