It’s probably true to say that most of us think we have what it takes to run a successful company. Particularly, if we have some experience in our chosen industry. But we would argue this isn’t the case. In fact, we would suggest that there is a specific mindset you need to have to be a successful business owner. Your personality needs to be formed out of certain traits. On this post, we’re going to look at some of these traits and see if you have what it takes to run and own a business. For some of us, it will forever be a dream. But for others, it could soon become a reality.
It should come as no surprise that you do need the experience to run a company. You need to make sure that you have not just knowledge of your industry but understanding of what it means to be a leader. That’s why if you do want to run your own business, we suggest you get a few years of experience under your belt first in your chosen industry. By doing this, you are sure to come across some of the problems a business owner will face. You can then learn about how they deal with them and how you could proceed in a similar situation. But if you’re in a lower position you’ll also understand how the business works on the factory floor as well. Essentially, you will understand the functions of a company on two levels rather than one. It’s part of the reason why people who work their way through a company make such good business owners. They know all the issues in the different sectors.
As well as this, once you have some experience you might be presented with an opportunity. You might be able to apply for the position of running a future branch of your current company. This will cut out the difficulties involved in setting up your own company. You will have an established brand that you can rely on. But experience isn’t all it takes to run a business.
A business owner, perhaps more than anything else, is a leader. They are the person that employees will fall behind and trust to run the company effectively. If people don’t follow your leadership, then your business will fail. Without the support of your employees, your company can not succeed. You might think you can just let the people go who are failing you. But if you can’t gain control, then you’ll never have a staff who will follow. It’s not just about having a firm hand either. Employees have more respect for business owners that do not have to rule with an iron grip.
A successful leader is likeable. Make no mistake here though; you’re not friends with your employees. You are in a position of authority. But at the same time, they should feel they can come to you with any issues they have. Otherwise, there could be a problem in your company, and you would never realise it.
It might surprise you to learn that experience in leadership might not have come from your employment. Indeed, it’s true that many parents generate the qualities of a good leader. They are the head of their family. Or, you might have learned the skill in your social life. For instance, you might have captained a team in university. If you did this, it’s highly likely that you’ll have the traits of a good leader. People will follow you but not because you tell them to. They’ll follow because they believe you are the right person for the job.
As a business owner, you need to know how to be productive. You need to know the importance of delivering a quality product at a fast and efficient rate. Successful business owners know that they can’t work their employees fingers to the bone. But at the same time, their office isn’t slacking off either. They’ve created the happy medium of a successful work ethic. That’s what you need to be able to do as a business owner. Think for a moment of your company as one person, you. You need to complete the jobs to make your company a success. There’s no one behind you telling you what to do or how fast to do it. Would your company succeed? Would the jobs be completed? If the answer is no, before you become a business owner, you need to understand how to get more done in the day.
We’ve already briefly mentioned about how a business owner needs to be likeable. But it’s not just about getting employees to fall in line. You also need to think about the other people important to your business who you will be meeting and associating with on a regular basis. Take investors as a prime example. As a business owner, you’re going to need to get funds for your business from people who support your company. But this will only occur if you can convince them they should be pouring money into your company. Part of this is having a clear business plan. But you also need to think about whether they like the person behind the company. That’s you.
A business owner people like is Richard Branson or perhaps Bill Gates. Both have found a way to make themselves likable to customers, employees and investors. Part of this is to do with how successful they are for sure. But you have to remember Microsoft wasn’t always a recognised name. At one point Bill Gates was just like you. He was trying to get his product onto the market and his company to a point of success. The only way he could do this was rubbing shoulders with the right people.
Are these traits a description of who you are as a person and the stage in life that you’re at? If the answer is yes, it sounds like you’re ready to start your own business. With the right model, we’re sure it could be a huge hit. If not, then you need to work on these issues and make sure you are ready to run a company.