10 SKILLS YOU NEED TO BECOME YOUR OWN BOSS

Everyone has his/her reason  for wanting to go into business for yourself may be legitimate. You may have a life-changing product that no one else has ever conceived, or a unique twist to a service that makes all others pale by comparison. But do you have what it takes to make that product or service a success?

At the very least, becoming an entrepreneur requires guts. Effie Booker, co-owner of Cabana Car Wash and senior vice president at Wells Fargo Bank in Houston, Texas, will be the first to tell you that it takes more than courage to keep a business afloat. Thinking back to when she opened her second location, she says it also takes
commitment. “On the day we opened up the second car wash, I happened to go down on my lunch hour to see how things were going and when I got there the guys had cars lined up. They said to me, ‘Ms. Booker, we have all these cars that we have to have ready. Some customers want them by noon and some by five o’clock, but there’s no way we can do it because we’ve only got three people,’” she recalls. “So I called my office and told them that I was taking the rest of the day off. Well, I didn’t have time to change my clothes and although I was dressed in a spring suit, with pearls and high heels, all I could do was stand there, swing the pearls behind my neck, grab a high-speed bus and go at it. By the time I finished, my hair was all over my head, my pearls were behind my neck, and I had ripped my pantyhose from one end to the other, but you do what you have to do to run your business. And there’s not one role within my company that I won’t get out there and do if I need to do it, high heels and all, from cashiering to being in the pit changing plugs, because I love my business and I’m committed to making it a success.” Guts and dedication are two traits that you must possess in order to become a successful business owner. In addition, you need the right mix of skills and personal qualities. One of the more common reasons why businesses fail is because the owner does not have business experience in or knowledge of the field he or she wants to enter. Before you get started, assess whether you have the right talents and attributes to run your own shop.

Let us go through this list of ideal mix of skills and personal qualities that entrepreneurs should possess:

SKILL 1. LEADERSHIP SKILLS.

It’s one thing to be a good manager, but another to be a strong leader. Managers know how to do things right, but leaders always do the right things. As an entrepreneur, you will be called on to do both. You will have to solve a myriad of problems, both big and small. Your employees will look to you for guidance and direction on how to grow the business, and you must be able to deliver. If you feel more comfortable having others tell you what to do, am  sorry  entrepreneurship is not for you.

SKILL 2. BUSINESSES EXPERIENCE.

Whether it’s in bookkeeping, market research, advertising, or customer service, most soon-to-be entrepreneurs have some knowledge about what it takes to start a business, and some experience in the field they hope to enter. If you have neither, don’t panic. Having business experience is not a prerequisite to starting your own company. To compensate for any skills you lack, you can take business courses at a local university or college, talk with professional consultants about particular issues, or volunteer to work at an existing business in your chosen field.

SKILL 3. A SACRIFICIAL ATTITUDE.

One of the first things that you will be forced to give up, particularly during the fledgling years of the business, is the 9-to-5, Monday-through-Friday work schedule. Becoming an entrepreneur can require working ten to twelve hours, seven days a week. You could also end up working on holidays (particularly if your business is in the retail industry). So say goodbye to much of your free time, as well as those coveted three-week vacations you had grown accustomed to. You will also have to sacrifice a regular paycheck. Many business professionals advise paying yourself first, but this may not be the best move. Your employees and suppliers are important to the survival of your business. Without

them, you would not have a business, so you may want to pay them first.

SKILL 4. STRONG INTERPERSONAL SKILLS.

As an entrepreneur, you will have to deal with customers, employees, suppliers, accountants, lawyers, advertising executives, technicians—the list goes on and on. To be successful in business, you must be able to work with a variety of people and personalities.

SKILL 5. INTELLIGENCE.

Forget about what you scored on your national examinations and your degree class. To be a successful entrepreneur, you will need more than just “book smarts.” You will need good old- fashioned “street smarts” and common sense. Successful entrepreneurs can effectively deal with real-world business experiences. They can foresee problems before they occur and have the ability to devise workable solutions.

SKILL 6. STRONG MANAGEMENT SKILLS.

You will have to manage a series of relationships with your banker, clients, customers, and any family members who may decide to join you in running the business. However, one of your most important managerial duties is overseeing your employees. Can you deal with firing as well as hiring workers? Are you able to handle reprimanding staff when they are consistently late, or are stealing from the company, or are insubordinate? If you cannot deal with personnel problems, are you comfortable with assigning that authority to someone else? Successful entrepreneurs can control employee–employer relationships and delegate authority where needed.

SKILL 7. GOOD ORGANIZATIONAL SKILLS.

When you start your own business, organization is essential. You must keep track of everything that goes on in your operation, or face doom. Don’t get caught beneath a stack of papers a mile high when someone comes calling.

SKILL 8. COMPETITIVE ATTITUDE.

No matter what type of business you start, you’re bound to face competition, either directly or indirectly. You can’t give up when several similar stores open just a few miles away. You have to come out fighting and find ways to promote your product or service as the best, not one of the best.

SKILL 9. HIGH ENERGY AND OPTIMISM.

Starting your own business requires long hours and a lot of hard work, so you must be energetic. People who are starting a business while they are maintaining a full-time job must develop ways to muster a few extra ounces of strength. If you find yourself getting run down, look into changing your diet or starting an exercise program. Successful entrepreneurs are upbeat  and always able to go that extra mile.

SKILL 10. SELF CONFIDENCE.

Many people make the mistake of starting a particular type of business only because of its profit potential. You must like and believe in what you’re doing, or it will be impossible to convince customers and other clients to use your product or service. If you don’t like kids, don’t start a toy store. If you can’t stand working around food, don’t open a restaurant. Make sure that you have a passion for your business.

Assessing your skills for entrepreneurship is not an elaborate process. Begin by simply making a checklist of your strengths and weaknesses and your likes and dislikes. Then match them against typical entrepreneurial qualities like those listed above. Be honest in determining what you can and cannot do. You will only hurt yourself if you fake your abilities. Don’t worry if you lack some of the characteristics of an entrepreneur. No one is perfect. Besides, good business owners accept their shortcomings and find ways to compensate for them.