Examine Yourself Before Starting A New Business

13 May 2010 Start-Up


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You just came up with a great idea. You found out that there is no such product or service out there. You think there is a huge market for this and you’re going to pursue the opportunity. You’re going to start a new business. Before you jump into the process, do an assessment of yourself.  Ask yourself if you have what it takes to be an entrepreneur. Do you have the characteristics that make a good entrepreneur? If not, it’s OK. Why? Because you ARE an entrepreneur and you’re going to improve yourself in those areas where you’re weak.

Entrepreneurs find problems, view them as opportunities, take appropriate action in response to the needs, and accept a certain amount of risk in hopes of reward. Doing that requires a great deal of skills. The following is a good sampling of the skills required for an entrepreneur starting a new business.

Business knowledge: Do you know about business? Do you know the ins and outs of incorporating a company, writing a business plan, creating revenue models, etc?  In another word, do you actually know how to start a business business?  If not, then you will definitely need to find someone who does. This can be either an advisor or a mentor that you can go to for answers to your questions.

Determination: Can you stomach the ups and downs of creating something from scratch? There will be days when you’re feeling awesome and then days where you’re feeling nothing is going right. All entrepreneurs experience this. But the successful ones push through.

Energy: Does your idea make you want to work on it even after a long day of work or school? If yes, then you have the energy for it.

Ethics: Having good ethics will go a long way in adding to your reputation. In the end, no one wants to do business with someone who doesn’t have business integrity.

Good people judgement: Can you read people well?

Persuasiveness: This is so important. Successful entrepreneurs are likable people who can sell you anything. It’s because they can persuade you. Just starting out, you’ll need to persuade people to give you better deals, more work for less pay, join your team, etc.

This is just a starting point for you to think about. The point isn’t to discourage anyone. It’s to help everyone realize what they’re good at and what they can improve on because guess what, the characteristic an entrepreneur absolutely MUST possess is: a desire to grow.

[Image credit: lorenabuena]

Read Further

  • 25 Common Characteristics of Successful Entrepreneurs
  • 10 Traits Entrepreneurs and Einstein Share
  • Myers Briggs Personality Test
  • Ten Clues That You May Not Be an Entrepreneur
Created By:

Chief Community Officer at TeenBusinessForum. I believe that successful and ethical entrepreneurs make the world a better place. To make that a reality, I help empower teen entrepreneurs that will be the next generation of business leaders.

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