Being your own boss certainly sounds like a good idea but the experience is not always going to be rosy. Eight out of ten businesses fail within the first eighteen months.  Once you own a business, your lifestyle will change. You will sometimes have to dedicate less time to your personal life. You must be completely committed to your business and be willing to make a number of sacrifices along the way.

Here are some of the advantages of having your own business:

  • You have the opportunity to make a lot more money than to what you can make in a nine to five job.
  • You can make major decisions that will drive your business to success.
  • You can be your own boss and employ other people.
  • You can implement all your great ideas.
  • You will get an opportunity to know your clients and work with them directly.
  • You will have the personal satisfaction of following your dreams and passions.
  • You will have a good investment that can help your dependents in future.
  • You will have the chance to build a household name, create change and become a respected member of the society.

As much as owning a company can seem like a simple decision, bear in mind that it is also a huge financial risk. When you are starting out, you may not get much income from it and you will have to learn things like filing, advertising, inventory management and market research on your own.  You will need the true entrepreneurial spirit in order to succeed.

What is entrepreneurship?

Entrepreneurship is the art of taking risks and developing and managing a venture in a very competitive global market. Some people say that entrepreneurs are born while others argue that they are made; what remains true is that real entrepreneurs are pioneers, innovators and leaders. They are not afraid to invent or take risks. They are the leaders in their industries and have a forward thinking attitude. Entrepreneurs do not just dream, they act.

What personality traits should a business owner have?

Research has shown that more than half of the people who get into business fail. This happens because most people do not have the personality traits of a business owner.  Successful business owners think differently and they have the following traits.

  1. Passion: For you to run a successful business, you need to be driven by passion and not money. Have a passion for the product or service you are selling online. If you are driven by money, you will simply run when trouble comes your way.
  2. Persistence: Every type of business comes with many uncertainties and that’s why you must be persistent. You need to stick to your vision even when failure happens. Learn from your mistakes.
  3. Vision: A good business owner should be able to envision his business before it is even set up. If you have a vision, you will be determined to reach it. Some well-known entrepreneurs started out businesses in fields which no one knew anything about. They succeeded because they had a vision.
  4. Self-confidence: If you don’t believe in your business, no one else will. You need to be 100% certain that people need your product and service and that you can deliver it to them. You need to be confident that you can get the job done.
  5. Creativity: Entrepreneurs are very creative. Being creative can give you an edge over the competition.
  6. Trend setter: A true entrepreneur will not go ahead and do what every other business is doing. He/she will find the one thing that makes the brand unique. You can’t succeed if you only follow what the majority are doing.
  7. Adaptation: Business people will always make changes in order to respond to the market condition. The product you start out with may look very different from what you will have in a few years. You can’t offer clients the same product through the years.
  8. Intellect: Business people need to be well versed with the world of technology and other matters that can affect the brand. You need to be as hands on as you can in your business especially in its early stages.
  9. A people’s person: The greatest investment you can ever make is in people. A good business person should be willing to meet people and interact with clients from time to time.
  10. Reliable: To offer a reliable product or service, you must be unfailingly dependable. People should be able to count on you to make a positive contribution and get the job done.

When starting out a business, the goal is usually to succeed in it. However, if the business doesn’t work out, a good entrepreneur will move on to the next venture. Remember this, ‘’you don’t learn to walk by following rules. You learn by doing, and by falling over’’ By Sir Richard Branson.