Small business owners have traits that include character, attitude, passion, skills, talents and the dedication to gaining the necessary marketing knowledge and business principles. No on can succeed without a proper combination of these traits. They are imperative.
Passion for a particular industry or business is important, yes, you you can’t do it on that alone. You have to have the aptitude and skills. Your natural talents that have been enhanced through experience and education and skill development are required to build your business. Then you must find the under-served market that you can cater to.
When I talk about character, I do mean honesty but also extreme patience. It can take five years to truly get a business off the ground. You need courage and confidence as well. If you do not have a calm, but driven center in as part of your character, you are going to face undo stress and are likely to inflict your frustration and fears on others.
You must be committed to being a lifelong learner if you are going to be a small business owner. You must study marketing techniques, accounting principles, technology, human resources information and communication skills. You may have to learn Power Point, QuickBooks, basic web design in addition to staying on top of industry trends within your specific business!
Everyone that you love and interact with socially is going to be impacted by your decision to start a new business. When planned well, your new business should not always be all-consuming, but in the beginning (the first year, minimum) you can absolutely anticipate more stress and less time.
Your spouse or partner is the person most likely to be hit hard by this loss of free time due to your startup venture. It can impact your relationship financially and emotionally. It is imperative that you set up a strong support system for things like child care and transportation and to be open to listening to concerns.
You do not want to lose a marriage because of your business. It happens! So YOU have to be willing and able to set boundaries around the business as well while fostering open communication with those who are impacted.
One major lifestyle issue to get a handle on in advance of a business startup is your personal spending habits. Starting a business often drains your cash reserves and it can be easy to get into financial trouble if you don’t stay aware. You will have to curb your personal spending until your business starts to turn a profit.
Your spouse or partner needs to be involved in understanding the business’s cash flow and how it impacts personal spending. Many a business has gone under because of poor personal spending habits that were brought to equally to the business. Get these straightened out up front and maintain, regardless of what startup phase you are in!
Remember, you WILL have a personal life, but your small business is going to be a large part of it. Keep family as involved as they should or can be. A spouse or life partner is often the biggest part of an owner’s success! It was true for me.