Like millions of Americans, you may dream of quitting your current job and starting a small business. Before you can do that, though, make sure you have the following entrepreneurial traits.
You’ll Need to Be Good With Money
It never hurts to be good with money, but if you’re going to be self-employed, you’ll need a lot of discipline in this regard. Small business finances can be tricky, too, so you may want to hire help. Nonetheless, even with the right people watching your money, you still need to be smart about how and when you spend it.
Loving What You Do Won’t Be Enough
You’ve probably heard the expression that if you love what you do, you’ll never work a day in your life.
Many people take this advice and start a small business that they think will allow them to do whatever it is they love.
The problem is that a small business usually demands more than just passion. As we just mentioned, you have to be good with your money. You’ll also probably have to learn how to market your business at first. If you have to hire people, you’ll be managing them, too.
This isn’t to say it won’t be worth it in the end. It’s just that, at least at the beginning, successful entrepreneurs are willing to work hard for it.
Self-Promote Without Shame
We just mentioned that you’ll have to try your hand at marketing, but that was a bit of an understatement. One of the successful entrepreneur traits that always shows up amongst those in the top ranks is that they were shameless self-promoters. From P.T. Barnum to Richard Branson to Tim Ferris, none of these successful business people shied away from getting in front of their markets and making a lot of noise.
If you’re a shy person, this is going to be tough. Fortunately, many introverts are able to adopt this and other entrepreneurial traits when it becomes evident they can’t have a small business without them.
A Supportive Family and Group of Friends
While this doesn’t technically belong on a list of successful entrepreneur traits, it’s worth bringing up because you’ll definitely need it.
Starting a small business is hard enough when you have a family who supports you 100%. If yours doubts you, something is going to have to change. We’re not saying you should choose a small business over them, just that you’re going to need to figure out how to bring them around. They might need certain assurances or proof of your genuine desire to start a small business before they get behind you.
At Mooney Lyons, we love supporting people and their small business dreams. If you’d like help learning how to manage your business’s money or getting your financing together so you can fund your idea, contact us.