Not surprisingly, numerous studies have indicated that many new businesses don’t survive beyond the first few years of their existence. Unfortunately, some of the reasons can be attributed to the skills and character traits of the business owner compared to what successful business people have in common. While the thought of having your own business is an exciting endeavor, not everyone is cut out for business ownership. Robb Misso, the innovative founder of Dynamic Manufacturing Solutions shares some ways to determine if being a business owner is the right decision for you.

Self-Assessment of Your Abilities:

While an evaluation of your abilities won’t necessarily predict success, it can offer a good idea of whether you have what it takes to run a business. To that end, compare your current skill set with those of successful business owners who usually have a strong work ethic, are passionate about what they do, have an unwavering commitment to overcome obstacles, and possess sound decision making. While every business owner does not start out with all of those traits, not having some of them might make it difficult for you to be successful.

Ability to Communicate Effectively:

Now more than ever, having good interpersonal skills is essential, especially since you will need to interface with a variety of people including customers, employees, suppliers, bankers, and other business associates. If you don’t like to converse with people, it will be a critical disadvantage in operating a business. On the other hand, if you enjoy talking with people, it’s a good quality to have as most folks like doing business with friendly and sociable people.

Level of Leadership Skills:

Simply put, being the leader of a business means that you have to lead. In that regard, you are the one who is accountable for all aspects of the business and the person who everyone will seek out for answers and decision making. Keep in mind that it’s not critical that you know the answers to everything, but rather it’s more important to know the right questions to ask. Likewise, a savvy leader should be able to get along well with people, have a friendly personality, and be responsive to suggestions and criticism from others.

Possess Good Business Acumen:

These days, in order to control your business destiny, it’s vital to have a basic understanding of financial statements, what are the start-up costs, who are your competitors, and how will you market your business to attract customers. While you can hire the talent to oversee those key business activities, you still need to have at least a working knowledge of them. Otherwise, it can be very costly and the added expense may make it difficult for continuing success.

Willingness to Sacrifice a Regular Work Schedule:

To a large degree, not many prosperous business owners experience a stable work week, particularly in the early stages of launching a business. In fact, many new business owners work long hours including countless weekends in order to maintain a thriving business. Therefore, if a consistent and steady work week is a top priority for you, then business owners may not be a good fit.

To sum up, taking the time to determine if you are capable of being a business owner is a worthwhile exercise and could be the difference between success or a business closing.

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