Becoming an entrepreneur is no easy task. It’s risky and scary, but it can be rewarding. In the beginning it may seem like a daunting task. You might have hundreds of questions and feel like you don’t know anything. So here are some frequently asked questions about being an entrepreneur that we’ve answered to help make your entrepreneurship a little easier.
How can I tell if I have what it takes?
There are definitely common qualities among all entrepreneurs. Most don’t get intimidated easily. If they experience a setback, they won’t stop, they will keep going. You should be able to enjoy competition, be a self-starter, be able to adapt to change and have the ability to assess risk when making business decisions. Take Tracy Rawle the CEO of Check City for example. He was able to assess risk when deciding to switch from a successful family business to his new career of being an entrepreneur. He made the big decision to move forward and knew with hard work and dedication to a solid mission, it would be worth it.
What are the biggest mistakes new business owners make?
This is a good question. There will always be little mistakes made but the biggest are these three:
How do you balance your long hours with the rest of your life?
When starting a business, you need to let go of perfectionism. Granted, you will spend most of your day working and you will have to put in long hours but you need to be able to unplug, relax and spend time with people you are close to. Tracy Rawle makes sure to always set aside time to be with his family. Even when he couldn’t spend time at home he took his sons to work with him to teach them about the business. Spending time with loved ones has extreme benefits. In addition, always spend at least one hour relaxing and refreshing your mind.
What causes a small business to fail?
There are so many factors that can cause a business to fail, but if you don’t have good experience and management capability, success could be hard to achieve. Undercapitalized businesses also don’t succeed very often. Remember that you are starting from scratch and you need to build supplier relations and financial security.
How do I turn my small business into a success?
To be successful you need to choose your business carefully and see if it’s something consumers would find interest in. Set goals and find support in a network of friends and family that will help out and give advice. Design your office so that it’s efficient, listen to customers and what they want, and don’t forget to stay flexible and responsive to your employees.