If you are planning on starting your own business, you need to be prepared. The fact is, not everyone is equipped to run or own their own company. They do not have the right skills or personality traits. This is the main reason most startup companies fail before they are even out of the gate. It all depends on who is behind them and how ready they were to begin this venture. You may think you are excellent at your current job, and that is why you think you can start your own business. But, working in a company and owning yours are two completely different things. Here are some of the skills you will need to a run a business; and, we are sure you can develop them:
Media Savvy
Before your company begins, it’s important you know your way around all the social media networks. You need to know how to use them for business, not just personal reasons. In the beginning, you will not have a product or service to sell, the commodity you are pushing will be yourself. Investors need to see you as a reliable source of profit and customers need to see you as someone they can trust; a household name. This has a lot to do with social media. Build a name for yourself before you ask for funding in your business. We suggest you start on Twitter; set up a feed as a news resource on your chosen industry. You can then move on to building a website and a blog.
Frugality
You may be thinking, that you don’t need these skills because you can hire teams to do all this for you. Well, that may be possible, but remember, as a new business you are going to need to save money. You will have to keep costs as low as you can to stay profitable; particularly in the first couple of years. If you want your company to survive, you will keep it small until it is ready to expand and grow. That means it would be best if you knew how to do this yourself rather than spending money on a team, for now.
Leadership
Being a leader is not just about taking charge and maintaining control. It is not about having the stomach for firing and hiring people when necessary. That’s just a part of it. Leadership is closely related to likability and charm. If you look at some of the most successful leaders in history, you will see they all had the trust and support of their followers. If you don’t have your employees respect, your company will fail because they will not work hard to keep it successful. Remember, you rely on your employees. If they fail, you fail. Before you begin your company, you may want to take a course in leadership skills training. This could benefit you as a potential business owner.
Determination
Finally, you have to be determined to succeed. As a new business owner, there will be hard times ahead, but if you persevere with the support of your workers, you will get through. Ready to get started?
Photo by Alejandro Escamilla
Mia Guerra
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