ARE YOU READY TO BE A BUSINESS OWNER?
How adaptive to change are you?
Can you take the input and feedback from others and effectively integrate those new ideas into your business? If you have a tendency to always defend your ideas or shooting holes thru other’s constructive feedback, then business ownership might not be right for you. To be a successful small business owner, you will have to be open to feedback and constructive criticism from your employees, customers and key suppliers. Even in situations where you may feel you are 100% right, if customers or employees don’t feel their opinion matters then you may find yourself with neither (customers or employees). The ‘My Business Coach’ slogan says it best: “The voice of the customer silences all assumptions, opinions and perceptions.”
How comfortable are you managing your finances?
Regardless of your business, financials are at the core, and you are either profitable or you’re not, and the only way to know whether your business is headed in the right direction or getting closer to going out of business is to understand your numbers (finances). Yes, you will need a reliable bookkeeper & accountant but as the business owner it will be 100% your responsibility to understand your numbers (finances) and determine how well your business is performing financially. High performing day-to-day operations do not outweigh poor financial performance; without the financials and profitability, you will end up owning a ‘hobby’ not a business.
How organized are you?
Tidiness in and of itself may not generate revenue but lack of it will surely cost your business lost time and money, and affect your company’s ability to operate consistently. Disorganization within your business will be noticeable to your customers and frustrating to you and your employees. Every minute or hour that you or others spend looking for lost or misplaced items deters from your small business’ ability to generate additional revenue. So remember: A place for everything and everything in its place.
Are you self-motivated?
Do you have a tendency to delay making tough decisions or procrastinate difficult tasks? Business ownership is filled with difficult decisions and challenging situations, so you will need to be self-motivated to successfully operate your business. If you’re unable to make tough decisions or tackle difficult tasks, then owning your own business will be a struggle with countless frustrations. ‘Look before you leap’ but you will need to face business challenges, decisions, and tasks head-on if you intend to be a successful small business owner.
Do you strive to be the best?
Do you find yourself settling for ‘good enough’? Mediocrity and the inability to motive yourself and others to strive to be their best, can have a dramatic impact on your ability to lead a successful business. The distance from Good to Great is small but the effort to get there is substantial, so unless you’re fully committed to achieving excellence with your business, you will likely give-in to being ‘good enough’. Unfortunately, ‘good enough’ organizations are susceptible to slowly fading away, or being overrun by their competitors. Remember, your biggest competitor may be the one you haven’t heard about yet. The best way to never succumb to the competition is to flat out outrun and outperform them.