Jobs Working From Home
Deciding to start your own business is unlike applying for a job in one very important respect.
While selection for a job usually depends on filling in an application form and attending for interview, no-one else chooses you for self-employment - you must decide for yourself whether you are suitable. Just as it is important to look at your reasons for starting a business, therefore, it is important to examine the qualities and skills you possess personally. These are not simply the specific product- or service-related skills needed for the business you intend to start (essential though these of course are). Rather, they are the general skills and qualities everyone starting in business must have.
So what are the personal qualities you need to succeed in business?
(1) Determination
Many people talk about starting a business, but only a small proportion do anything about it. Starting a business is a major decision which will change your life and that of your family. It is essential that you are committed to your new career before making such a move; and that once you have started the business you are determined to see it through to success.
(2) Willingness to work
We all think we are willing to work hard, but if you start a business you will soon find out what this means in practice! In the early days at least you are likely to have to work longer hours than the average employee. Although as your business becomes established some of the pressure may ease, you must still expect to work longer and harder than most people in paid employment.
(3) Persistence and perseverance
Successful business people let nothing get in the way of achieving their goals. If they encounter problems, they try to find ways to overcome them. If their first attempt does not succeed, they try a different approach; and, if this doesn't work, another. They are not put off by pitfalls, or discouraged - other than temporarily - by failure. They persevere in their efforts until, eventually, they do succeed.
(4) Stamina
In view of the hours you are likely to have to put in, stamina and at least reasonably good health are important. People running businesses have to avoid taking time off for sickness if at all possible. As a self-employed sole trader in particular, if you are not working you are not generating any income. And if you let down a customer, next time he is likely to go elsewhere.
(5) Self-discipline
If you are in a paid job the chances are you will have a manager or supervisor, part of whose duty is to ensure that you fulfil your obligations to your employer. Your reasons for wishing to start a business may include escaping from such individuals! However, while as a business owner you will have no-one standing watch over you, you will still have obligations to customers, suppliers, employees, officials, and so on. If your business is to go on running successfully, it is important that you have sufficient self-discipline to fulfil all your responsibilities and see a job through to the end.
(6) Willingness to take risks
All business people have to take calculated risks. Whereas in a job you have the relative security of a regular wage or salary, as a self-employed person there is no guarantee what your income will be from one month to the next. You will constantly find yourself having to make decisions about where and how to advertise, which areas to specialise in, when to invest in new equipment, and so on. Although this constant decision-making can be stressful, it can also be satisfying and enjoyable. Solving problems and making decisions can give you a sense of power and confidence.
(7) Ability to cope with stress
Starting and running a business inevitably imposes a range of stresses, both on the businessman himself and on his family In the beginning at least, long hours, hard work and disruption to family life can cause tension. To be successful in business you need to be able to cope with, and even thrive on, this kind of pressure.
(8) Enthusiasm
Enthusiasm is an essential ingredient of every businessman. If you are half-hearted about your new venture you may have difficulty summoning sufficient determination to overcome problems when they arise. If you are enthusiastic, on the other hand, you will relish the challenges your business presents. What's more, your enthusiasm will rub off onto customers, employees (if you have them) and other people you have to deal with. Most of us would far rather work with or buy from someone who is enthusiastic and enjoys his work, rather than someone who is permanently depressed about it.
(9) Ambition
Most business people have a driving ambition to achieve the best they can for themselves and their loved ones: as well as money, this may include financial security and a better way of life. With such ambitions they can cope with any setbacks along the way, because in their mind they have a goal or vision which drives them on. Ambition and determination together can overcome many obstacles. In business, as in most others aspects of life, if you know what you want and are determined to achieve it, the chances are excellent that you will succeed.
(10) Honesty and willingness to give good service
Every business depends for its continuing survival on a circle of satisfied customers. If people are pleased with the service they have received from you, they are likely to recommend you to others as well as keep coming back themselves. By contrast, if you give poor service then, even if they do not complain at the time, they will not return; and rather than recommend you to others, they will warn them off. If you have a good reputation this will ensure that more people keep coming to you. For this reason, successful business people go to great lengths to obtain and keep a good name for themselves.
Friends and Family
Just as it is important to have the right personal qualities yourself, you will also need a supportive family and friends. If you decide to start your business from home, this will inevitably cause changes and disruption in the family routine. Even if you use separate business premises, your friends and family will still have to come to terms with your working long hours and having less time and energy for leisure activities. If you are married or living together, it is especially important that your partner understands the implications of your setting up in business, and supports what you are trying to do.
There is also a positive side, of course. Your family may be a valuable source of help in all sorts of areas, from answering the phone and writing letters, to book-keeping and assisting customers. Having others closely involved with the business can assist when problems arise, as they will bring different ideas and perspectives to the situation. Although it is not absolutely essential to have a supportive family, there is no doubt that you are much more likely to succeed if you have discussed your plans with them and have their wholehearted support.
Your Skills
To run your business successfully, as well as the right personal qualities and a supportive family and friends, you will need a range of skills. These are described in general terms below. If you lack any of these it does not necessarily mean that you should not set up in business. However, if you feel any of these areas is going to present serious problems, you may need to consider taking on a partner or employee to handle that aspect of the business, or using a specialist adviser or consultant. You might also consider taking other courses to acquire the skills you need.
(1) Technical
These are the skills that you need to actually make the products or deliver the service you are offering. For some types of business you will need to have relevant experience (probably gained as an employee) and perhaps some professional qualifications. For instance, no-one today would set up as a car mechanic without at least some relevant training and experience. On the other hand, for other types of business, specific qualifications and experience may not be essential. Whatever your business, however, if you expect people to pay you for your work, you will need to have the necessary technical skills to deliver a good quality product or service.
(2) Financial
To run a business successfully you will need a range of financial skills. These include skills in such matters as book-keeping, negotiating credit terms with suppliers, invoicing, credit control, estimating, drawing up budgets and controlling cash flow (the flow of money into and out of the business).
(3) Marketing
Marketing is the process by which you identify potential customers and persuade them to buy your products or services. It includes selling skills, and also such matters as pricing, advertising, sales promotions, public relations, and market research.
(4) Management
If you are going to employ others, you will need a variety of management skills in such areas as recruitment, motivating staff and team building. You will need a knowledge of employment law and health and safety requirements. You will also need to be able to fulfil legal requirements in matters such as deducting tax from employees' pay.
(5) Organisation
Whether or not you intend to employ others, you will need organisational skills to ensure that every aspect of your business runs smoothly. This includes setting up systems for dealing with orders and enquiries, keeping customer records, and so on. It also includes time management, i.e. ensuring that your time is used as efficiently as possible.
(6) Planning
Every businessman also needs planning skills. Good financial planning is crucial to the success of a business. Planning skills are also needed to take best advantage of new opportunities which may present themselves, and to avoid any problems due to changing market conditions. Good planning can avert many problems before they happen.
