Personality traits for success
Here is our list of qualities we feel are vital to becoming a successful business owner and questions you need to ask yourself to bring out the best in you. Do you have any of these qualities?
Positivity – are you determined, passionate and enthusiastic to succeed?
Proactive – do you go out to get things or do you have a tendency to procrastinate?
Focused – have you set clear and attainable personal and business goals?
Hardworking – do you mind putting in the extra hours, being responsible for the business 24/7?
Leadership – are you able to get the best from your team and coach them when necessary?
Opportunist – will you see openings in your market and constantly develop to stay one step ahead?
Self–critical – are you able to review your own performance and take on constructive criticism?
Cash flow
You must understand that with becoming a business owner you may lose the comfort of having a regular income. There will be times when you will have very positive cash flow but may also face times when money is short. Therefore during times of shortage you must be prepared to do without some luxuries for both yourself, your family and your business.
Your support bubble
Starting a business is not easy and your partner, family, friends must be on your side and also lend you support. Initially, especially in the early days, you could often find yourself away from your family for long, unsocial hours. Their understanding and support can be invaluable. It can help to get your family involved in some aspects of the business with jobs that can be easily delegated to them. It may also help on the financial side that they understand why there may be a tight control of the family finances.
Identifying your skills
You may be considering starting a business to exploit your talents however running a business needs many skills. You should identify those things you are good at and those with which you will need help. You may need to employ people with the necessary skills or consider outsource certain tasks to an expert.
Researching your market
You must research as much as possible about the marketplace, your potential customers and competitors. It is vital to have knowledge of these areas when considering whether you have a viable business idea.
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Equal Accountancy Ltd offers Accountancy and Bookkeeping services in Hemel Hempstead and surrounding areas across Herts, Beds and Bucks. We offer a range of services for Limited Companies, Self-Employed individuals and Landlords including Year End Accounts, Corporation Tax returns, Self-Assessment Tax returns, Payroll services, VAT returns, Bookkeeping and Company Secretarial. Get in touch today for a free, non-obligatory quote for your business needs.