Do you have what it takes to start a business?

Understand if you have what it takes to start a business in less time than it takes to stack the dishwasher.

In the time it takes to rinse the muesli from your breakfast bowls and spill dishwashing powder everywhere, this article will help you realise if you have what it takes to start a business.

That’s about four minutes of reading time.

After the buzz of the lightbulb moment wears off, you might find yourself thinking, ‘Do I have what it takes to start a business?’

While the road to success is a walkable one, it can also be a long one, and you’re the only person who can decide if it’s the right path for you.

When it comes to the question of ‘Do you have what it takes?’ we’ll help you understand what things to consider before slamming the door shut and pressing ‘start.’


Know what you’re good at


We’ve all got a talent. Understanding yours will be vital to your ongoing success in business.

Identifying your strengths will help you understand the role you should play in your future company and keep you away from the areas you’re less adept at. If you’re great at arranging flowers, but not so great with people, pick up the secateurs and stick with what you know.


Passion counts


It’s often said that if you do something you love, you’ll never work another day in your life.

Most successful business people are passionate about their business. They love it. Do you love yours?


Be clear on what success means to you


Success means different things to different people. For some it’s money, for others it’s flexibility.

To make sure you build the right business, it’s important to always keep this in mind. As an example, if spending more time with your family is your goal, do you really want to start a business that means you are on call 24/7?

Probably not.

Be clear on what the end goal is and ask yourself if the business you’re building will get you there.


You can’t do it all


Lots of people start a business thinking ‘I’m awesome at plumbing,’ but forget that plumbers also need marketing, accounting, legal services and a website.

Your potential new business will demand skills that you may not have, so consider which areas you’ll need help in and who might provide that help.


Consider using other peoples’ money


Your bank manager may need to become your new best friend.

Starting a business costs. To begin with, your old job will no longer give you the income you’re used to and your new business may take some time to find momentum.

You’ll need to work out whether you can carry that burden or need financial assistance to get things going. That’s where a solid business plan will help.


Success is not a destination, it’s a journey


Even the most successful people in business rarely stick with just one thing.

A little bit of flex in your thinking will help you adapt to changing tastes and conditions. Your chauffeur service may be the best around, but then came Uber, so be prepared to tweak your model as the conditions and environment change.


There’s no such thing as an overnight success


It’s easy to look in from the outside and think The Beatles were instantly famous. But that overlooks the thousands of gigs they played before their breakthrough.

Starting a business will require all the resilience and self-belief you can muster. You need to be prepared to ride out the tough times in order to be an instant hit.


Top 3 takeaways


  1. When it comes to your new business, be honest about what skills you have and where you might need the help of others.
  2. Start thinking about how much money you’ll need to get your business started and where that might come from.
  3. Be prepared to put in the hours and the effort.

 

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