It’s not hyperbole to say that pretty much anyone can be a business owner these days.
From college dropouts and stay-at-home moms to those with some serious business savvy, today’s startups come from all sorts of backgrounds. In short, there is no “one-size-fits-all” requirement for getting your company off the ground.
That said, nobody should dive blindly into the world of startups without doing some serious soul-searching. Beyond the validity of your company, one of the most overlooked aspects of running a startup is your personality and personal habits.
That’s why we’ve outlined five questions any prospective business owner should poise to themselves before getting started.
“Would I Make a Good CEO?”
As noted by FlaskMarks’ four common blunders CEOs make, it certainly takes a special type of person to run a company effectively. From delegating tasks to being proactive, there’s a distinct difference between someone being a leader versus a follower.
Bear in mind that you don’t need to be a textbook “boss” to run a company. It’s not necessarily about being likeable or even a “people person,” truth be told.
Instead, being a good leader requires a certain sense of intuition and drive to be successful. That means confidence in decision-making, knowing when (and how) to delegate responsibility and surrounding yourself with people you trust. If you possess these sorts of qualities, chances are you’re on the right path.
“What’s My ‘Big Idea,’ Anyway?”
No matter what your industry might be, competition is fierce and there are tons of businesses out there fighting for the same customers. As such, you need a “big idea” or unique selling proposition that makes you stand out from the crowd. Whether it’s your product, stellar service or approach to problem-solving, you can’t just be another face in the crowd.
“How Are My Networking Skills?”
Networking is the missing puzzle piece for many businesses looking to take themselves to the next level. While online communication certainly matters, nothing can replace the value of making a strong impression in-person. A sort of magnetic, go-getter personality will always make you more approachable at industry events rather than being a wallflower.
“Who’s Going to Help Me Out?”
Simply put, no business owner can be an island.
You need to be able not only to spot people who can help you grow, but also nurture relationships and loyalty for the long-term. This rings true when talking about hiring talent, finding a lawyer or even securing a potential joint venture. Also, bear in mind that there’s no weakness in asking for help as a business owner.
“Can I Keep Things Thrifty?”
Anything you can do to save money as a small company is a point in your favor. Rather than have pie-in-the-sky ambitions that will cost you an arm and a leg, it quite literally pays to keep yourself grounded financially. If you’re the type of person that values self-sufficiency and seek cost-effective solutions to problems, you’ll likely keep your business in the black.
Getting involved in the world of startups may be the ultimate thrill, but leaping head first can be a struggle depending on your personality. With the answers to these questions handy, you can go into business with a newfound sense of confidence with less second-guessing about “what-if” scenarios.