If you’re planning to set up your own business, you’re sure to be rearing to go, with all sorts of ideas up your sleeve. But take a moment to stop and think — not about the business, but about you. Are you sure you’ve got what it takes to be an entrepreneur? Many people in your position give up their ventures within the first few months, unable to face the challenges involved. Entrepreneurship requires a gritty determination to carry on through thick and thin, so think carefully whether you have this key quality. Here are some typical situations where you’ll need it:
When you’re under the weather
There will be days when you’re feeling tired or unwell, but you’ll still need to see to your business. Sure, if you’re really ill, you’ll have to take some bed rest and put your own needs first, but you’ll still need to oversee any major issues that crop up, or delegate them to someone else until you’re better. As for hangovers and late nights, those are your lookout — the work still has to be done.
When problems arise
Running a business is like sailing uncharted waters — there’s no knowing what trouble may lie ahead. You can anticipate the likely problems and prepare accordingly, but there may be times when none of them apply and you will have to think on your feet. With a calm, steady approach, you’re sure to find a way through eventually, but are you capable of such perseverance?
When you’re missing out on fun
Who wants to work on their birthday? Not you, probably, but you may find you have no choice in the matter when you’re running your own business. You’ll probably have all manner of things to do, including some that can’t wait. If you manage to put everything on hold, all the better, but you’ll still need to keep tabs on events as you celebrate your special day.
When boredom threatens
Entrepreneurship involves a wide variety of tasks, and you’ll probably enjoy most of them. But there are sure to be a few tedious ones, too. If you can’t delegate or simplify these, you’ll just have to knuckle down and get them done, however long they take. But are you committed enough to face up to hard grind?
When you’re feeling alone
Entrepreneurship is a solitary role. You’re the head of your business, and in that sense, you’re on your own. That may hit you at times, such as when you’re working through the small hours to resolve a dilemma that’s cropped up. There may be no one to turn to for advice or even company. Could you keep your chin up and stay positive in a situation like that?
If you’re sure you have the staying power to ride the storms and tides you encounter, you should be fine. Keep one eye on the horizon and the other on the here-and-now, and your gritty determination will see you through. You’ll need a few other skills, too, but you’ll pick them up along the way like all great entrepreneurs do.
About the Author Glenn Sandler: Glenn Sandler has over 30 years of public accounting experience. He is licensed as a CPA in Florida and Wyoming and holds a Master’s Degree in Forensic Accounting. He continues to invest time and resources into professional continuing education. As a result, Glenn Sandler has gained recognition as a Certified Valuation Analyst (CVA), Certified Fraud Examiner (CFE), and Certified Financial Forensic Accountant (CFF).