Do you have what it takes to run your own business? Have you already tried and failed or are you on the verge of starting your own business and wondering whether you have the ability to succeed or not? Well, the question of who is fit to run his or her own business is obviously a very tricky one and equally obviously people disagree whether there is a 'formulaic person' who cannot fail in his private business ventures.

However, the experts, the successful business people and psychologists are not completely at odds with each other. There is broad agreement that intelligence is not the main factor. Moreover, there are many factors involved and the disagreement is the proportion of each quality that is better. The real answer is probably that the qualities I will list below are the important ones, but that different sectors of business require larger or lesser proportions of each of those skills, depending on whether you are dealing directly with the public, other professionals or are handling a manufacturing workforce.

The following then is a list of the chief characteristics that researchers have deemed are more likely to help a business owner succeed than fail:

<u>Motivation: this is the drive both mentally and physically to succeed at what you want to do; to accomplish the tasks of your own choosing to the level that you deem necessary and on your own terms.

<u>Confidence: this measures your firm belief in your own abilities and your likelihood of success. An unshakable self-confidence will encourage motivation.

<u>Willingness To Take Risks:: this involves the readiness to sacrifice your own security, if need be, in order to accomplish your goals and objectives.

<u>Ability To Make Decisions: this is the talent to analyze complex business and financial and maybe even political situations and draw the conclusions that will enable your business to succeed.

<u>Human Relations Skills: this is the ability to get along with others and to inspire them into giving you their co-operation, loyalty and confidence. This is the ability of the true team leader.

<u>Communications Skills: this is the ability to express yourself clearly in terms that others can understand and the ability to listen while others, perhaps less gifted in this area, attempt to do the same.

<u>Technical Ability: this is the expertise to produce the goods that your business will sell and without which you have no business whether the goods are physical products or services.

Your next step should be to rate the business sector you plan to enter. You will need to be objective or you are wasting your time. Get friends and family to help, if necessary. All of the above seven characteristics are necessary in every business, but which are the most important to your proposed business? Make the total equal 100%.

Next sit down and rate your ability in each of these characteristics. Give yourself a score for each category and then multiply those figures by the category percentage. So, if you rate 'technical ability' as worth 30% to your business and you personally score 50%, then your business is getting 15 (percentage) points. Is the total of the even categories enough for you to risk your time and money? Only you know.

To your success

Austin Ezeodum


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