What traits do you need to start your own small business?

When it comes to starting your own venture, there are certain character traits that are essential. Here are five traits you need to successfully start your own small business...

Work Ethic:
You’re going to need a solid work ethic for two reasons: First, if you’re smart, you’ll begin your small business while still working at your current career. That takes a ton of pressure off of you in the beginning regarding revenue generation. Many businesses take some time to turn a profit, so it helps to keep cash flow coming in from another source until that happens. And second, starting a small business requires a ton of hard work – regardless of any overnight Internet sensation success stories you may have read about.

Time Management:
Again, if you start your business while at your current job, you’ll need to maximize each and every minute of your working day. Create a to-do list, cut off all Internet distractions such as social media or fantasy sports leagues, and take care of personal errands like grocery shopping or dry cleaning on your daily trek to and from work. Proper time management is crucial, as every minute you can free up is one more minute you can devote to your small business.

Passion:
If you don’t truly believe in what you’re doing, your chances of success are minimized. If you’re not supporting a cause you truly feel enthusiastic about, you’ll have a hard time staying motivated. Often, the joy it brings you is the only thing you’ll have to fall back on when times get hard.

Ingenuity and Flexibility:
Being creative and ingenious are also parts of small business success. You might think about starting a landscaping business, but later find that organic gardening is more popular than landscaping with ornamentals. If you thought your ticket to success was social media marketing, but that hasn’t worked out, you might have to branch out into other advertising options. Being willing and able to change is a key asset in small business success.

Perseverance:
Unless you’re extremely lucky and find success rather early on, you’ll need to be patient. Realize that patience is a virtue when it comes to launching your small business idea. It’s a stellar strategy if you want to get into small business ownership while still working at a traditional career, and you never know what might come of it.

Still on the fence of whether or not you should make the leap into being a business owner? IES can help you with a professional website, marketing, and social media plan. Give us a call at 781-816-9437 or email contactus@iesadvisors.com.

1. Work Ethic

You’re going to need a solid work ethic for two reasons: First, if you’re smart, you’ll begin your small business while still working at your current career. That takes a ton of pressure off of you in the beginning regarding revenue generation. Many businesses take some time to turn a profit, so it helps to keep cash flow coming in from another source until that happens. And second, starting a small business requires a ton of hard work – regardless of any overnight Internet sensation success stories you may have read about.

2. Time Management

Again, if you start your biz while at your current job, you’ll need to maximize each and every
minute of your working day. Create a to-do list, cut off all Internet distractions such as social
media or fantasy sports leagues, and take care of personal errands like grocery shopping or dry
cleaning on your daily trek to and from work. Proper time management is crucial, as every minute you can free up is one more minute you can devote to your small business.
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