Don’t start that business until you are sure you have these seven qualities:

It takes a lot of effort to start a new business in this part of the world. This effort is not only in terms of the financial requirement but also in terms of the actual determination to start a business in the face of various challenges that others in the industry had faced. The decision to go into business is therefore a very vital one, which must be taken with utmost care. it could be disheartening to put so much time, energy and financial resources into setting up a business only for it to pack up within a very short period. Although the Australian Bureau of statistic says that about 90 percent of first businesses fail within five years, there must be reasons for that. And if these reasons are known and prevented, the statistic would be better.

Really, a number of people get involved in certain businesses, not because they know all it entail or have taken time to find out if they have the qualities that could make it succeed, but because they have stumbled on some money and they think that they have to invest in some-thing. it good to invest, but there is a problem when enough research is not done about the field you have chosen and you do not take time to find out if you have the necessary qualities to make it work.
According to Dr. Mike Uzoma, a psychologist, a lot of businessmen fail because they feel that going into business is a child’s play. He said, “There are certain qualities that a prospective business owner must possess to make his business succeed. If one can detect early that he does not have some qualities that are important for the well being of his business, he could go for psychological or professional training in that area instead of thinking that that he could develop all of that on the job. It does not make sense for one to rush into a business only to rush out of it a few months after.”
Therefore, anyone who wishes to start a business must not do so unless he is sure that he has the following qualities, which will enable him to withstand the challenges of running a business successfully.

*Confidence in your ability to succeed. If you don’t have confidence in your ability to succeed in the line of business you have chosen, it is better not to go into it at all, because you will probably get nothing out of it. Dr. Uzoma said, “If you do not believe in yourself, it is difficult to achieve any goal. Goals are achieved when the person who set them is sure of himself. When you have confidence in yourself, you can achieve those things you would not have thought were possible. So, it is better to develop your self-confidence so that your resource are not wasted.”

*Ability to tolerate uncertainty. According to Dr. Idowu Shuaib, a business administration expert, the business environment, particularly in this part of the world, is uncertain. So, anyone going into a business should not plan on certain. Terms, he must leave room for unforeseen challenges, which can come in different forms. He said, “But if you are the type of person who believes that all must work for you the way you have been told, it is better you think twice because you might find yourself in serious trouble that could even result in mental imbalance. To delve into any area of business in this part of the world, one must be able of business uncertainty and be able to find a solution to every problem that was not envisaged.
Nothing is certain until it happens, which is economists add celeris paribus to every assertion.”

*The ability to take risks. It is said that the higher the risk, the higher the returns. So, every business owner must be prepared to take certain levels of risks to succeed. This does not, however, mean that one should delve into shady businesses that promise high returns with high risks. The business must be clear and well documented, and the persons or companies involved must be reputable companies with good track records. Once these are ascertained, a new entrant into the business world must be able meaningful risks or he would not be able to go beyond a particular level if that happens, it means that the end is near for that business.

*Readiness to take expert advice. So many people believe that they do not need to go through expert to make the best out of their business. They believe they would be wasting their hard earned moneys by doing so. But at the end of the day, the businesses will not achieve its objective, because there was no expert touch at the beginning. To Dr. Uzoma “if you have to do anything that involves the commitment of money, you have to seek expert advice to know how to ensure maximum use of your resources in order to get the best. So, if that you do not have the ability to seek for and take expert advice in an area you are not versed, do not delve into it, because you will likely fall”

* Drive for accomplishment. For any business to succeed, the owner or owners must have the drive to succeed no mater the problems in the environment. According to Dr.shuaib, it is not possible for a person to get fantastic result from his business by just folding his arms. Success comes with hardwork., so any one who wants to start a business in this part of the world must be sure that he has that drive to make what seems impossible happen. In our country for example, a lazy person, who gets discouraged by every little setback, must not venture into any business at all, because he will fail. Said he, “there are lots of hurdles to be crossed before the business succeeds, so if you do not wish to waste hard earned resources, you must have the drive for accomplishment in the roughest of times. Apart from this, businessman must have enough to succeed when the times are bad.”

*Flexibility. A lot of people who succeed extremely well in their different fields are those that have the ability to thrive in any area they find themselves. When you are rigid, it poses a lot of problems because you naturally are unable to take on other challenges apart from what you are used to Dr, Rele Badmus, an economist, said, “Everyone in business must be ready to take on new challenges or techniques, different from what he set for him self at the beginning of the business, to succeed. For in-slance, new government policies may warrant him to change his ways of doing business, so he must be flexible so that he does not just give up when he feels that certain policies do not favour him. This means that before any one goes into a business, he must be sure that he has the ability to be flexible in the event of a change that can drastically affect it.

*Desire for immediate result. Any hardworking person would always wish that he gets immediate results for his efforts. Although this is not always the case, it goes a long way to ensure that the business succeeds after all. According to Dr. Uzoma, psychologists usually say that it is always better to set a shorter deadline than the actual one, so that at the end of the day, you can meet the actual deadline. He said, “The zeal to get immediate result from investment naturally encourages the owner to work extra-ordinarily hard and explore all avenues to make sure it works if you work with the aim of getting a feedback after a long period, it is most likely that you will relax and end up not achieving your goal.