succeeding in business

What Type Of Personality Do I Need To Succeed In Business?

Nearly all of us have considered going it alone at some point? It gradually dawns on you that all your hard efforts in the workplace are making your boss wealthier and wealthier whereas your rewards seem tiny by comparison. But before you hand in your notice you must first find out whether or not you have the right personality.

Perhaps you're the one in the firm that keeps the clients coming back, you've already got all the business contacts you'll ever need, you understand the market back to front and you can raise the finance no trouble, so setting up on your own seems the obvious answer.

You will have the freedom to work your own hours; the flexibility to move the business in the direction you want it to go in; the control over who you work with; the prestige of being the owner; the potential to make a tidy profit; the job satisfaction; the flash car; the new house… but hold on. Are you really cut out for it all? Is it really what you want?

Have you really got what it takes to survive the troughs as well as the peaks? When the stakes are high, have you got the nerve to face down the competition and weather the storm when things go awry? Could you inspire and motivate your employees or be ruthless enough to sack some of your workforce if the need arose?

Running your own business successfully requires a wide range of skills and personal attributes and before going it alone you must be sure that you fit the bill.

Below is a list of questions you should be asking yourself if you're serious about taking the helm in your own commercial enterprise. Be honest with yourself when answering. The truth can be harsh but it's better to face it the truth now rather than six months down the line.

Do you really believe that you will and can succeed no matter what? Without absolute conviction that you are going to be able to withstand the pressures put upon you on those occasions when self-doubt creeps in.

  • Have you got sound judgement? Are you happy to follow your instincts and gut-feelings about situations? Are they normally right first time or do you often make a bad decision when acting on impulse?
  • What is your motivation behind starting up? Be clear what it is that you intend to achieve and use those objectives as your focal point.
  • Are you confident in your product?
  • Are you comfortable selling it and believe that it is the best product on the market at the price?
  • Have you got a ruthless streak?
  • Everyone likes to be liked, of course, but when push comes to shove are you prepared to bare your teeth. How do you feel about undercutting a competitor to land a contract or sacking staff?
  • Do you accept that success with not be overnight?
  • With ambition must come patience - can you live with that?
  • Can you keep getting up no matter how many times you are pushed down? There's no point in proceeding if you crumble at the first sign of trouble.
  • How much does your job security mean to you? Your income may not be regular and there is always the ever-present risk of failure. Can you cope in these circumstances?
  • Are you innovative and imaginative?
  • Are you open to new ideas and opportunities?
  • Are you willing to work harder than you have ever worked?
  • How do you react to criticism?
  • Do you learn by your mistakes or refuse to face up to them? To develop and evolve your business you need to be receptive and reactive to feedback, both positive AND negative.
  • Do you have the support of your family and friends? Are they prepared for you working longer hours at first and are they there to offer counsel and help?
  • Are you self-disciplined enough? Are you prepared to make sacrifices in pursuance of your goals? Are you willing to push yourself to your limits?

If you have answered no to more than a handful of these questions then you might be better advised to reconsider whether starting up a business is really for you.

It really is a massive undertaking and not having the proper attributes and character may well spell the difference between success and failure of your business.

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