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Is Starting a Small Business Your Cup of Tea?

Last Updated: 03-Sep-2013

Starting a small business is not everybody’s cup of tea, careful analysis of your strengths and weaknesses is required before you decide to embark on this new venture. There are several risks involved with starting a small business, therefore a careful assessment of the following points is needed.
Do you possess all these?
Along with assessing your strengths and weaknesses also check whether or not you possess the following qualities -
  • Self-motivation: A small business owner is his own boss with no one to tell him how to go about developing his business, planning projects, time management. So, a high level of self-motivation is necessary.
  • Decision making ability: Owners of small business must be good at taking their own decisions all the time and often swiftly and under pressure.
  • People management skills: It is necessary to have good people management skills as small business owners have to deal with people from several walks of life such as employees, customers, bankers, vendors, and professionals including accountants, lawyers, or consultants.
You have to be ready to deal with an untrustworthy vendor, an ill-tempered employee and a difficult customer to ensure that your business runs smoothly.
  • Organizational skills: Ask yourself if you have the required organization skills for managing inventory, financials, production and schedules as these are vital in running a business effectively.
  • Marketing skills: Marketing is a broad aspect to pursue, but knowing the basics of marketing is highly essential for every business owner. Because, it is marketing alone that can make you different from your competitors.
  • Computer skills: Almost every business today uses technology. From writing an email to running complex enterprise management systems, people are mostly depending on technology. So, for small business owners having the minimum knowledge of operating systems, office suites, softwares that improve productivity, etc., is important.
  • Be a self-starter: Business owners may feel burdened with obstacles they face in running their business. Therefore, it is necessary for them to be self-starters with a strong focus to overcome slowdowns and exhaustion.
  • Financial stability: The initial years of a business can be tough on the family. Also, a small business requires anything between months and years to generate profits. Therefore, one may have to put up with poor economic standards or risk family assets.
  • Be ready to work hard: Although owning a business can be thrilling, it also involves a lot of hard work. Sometimes, work hours can extend up to 12-hours a day six or seven days a week, so careful consideration is necessary in this regard before starting a small business.
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