CEO of Frannexus, award-winning franchise consultant and author of “Profits are Better Than Wages.”
As we move into the second half of the year, many are finding that a dollar isn’t stretching as far as it did a year ago. One of the best ways to start securing a financial future and accumulating wealth that goes directly into your pocket is to become a business owner. Business ownership comes with advantages like freedom, control over your earnings and the ability to make your own decisions. But it is not for everyone. Before you decide to quit your 9-to-5 and start a business, make sure you know yourself and whether you are cut out to be the boss.
Self-Discipline
Some people have an internal drive that is set at “go,” and others are set more at “coast.” Although not many people like to be told what to do, some people need a little push periodically to get the ball rolling. It takes a lot of self-discipline to be the boss, which means you have to have direction, be responsible and go full speed ahead when needed—which sometimes means “constantly.” The difference between a successful business owner and a not-so-successful one is in the commitment to do things that neither they nor anyone else wants to do. Before you put on the boss badge, make sure that you are willing to get your hands dirty.
Integrity
When all is said and done, all you really have as a business owner is your integrity. One of the most respected and valued qualities that a business owner should have to succeed is honesty—doing what you say and saying what you do. If you taint your integrity along the way, that stain can cause irreparable damage. When it comes to business dealings, your word is the bond that keeps your business together. Successful business people and brands usually have the trust of their intended audience. You should establish relationships and ties based on trust for everything from lending opportunities to brand loyalty. Those who live their lives never breaking ties are the ones who can weather any storm.
Persistence And Tenacity
Business owners should have a “don’t take no for an answer” attitude and the persistence to keep at it. There are going to be days when things look impossible, but being successful is about always finding a new path. Where others see roadblocks, the successful business owner sees opportunities. It takes a willingness to continue pounding the pavement on those days when you just don’t feel like it. Never giving up or giving in is one of the most important qualities you can have. After all, if you don’t believe in yourself and your business, it’s difficult to get others to believe in you.
A Clear Path And Direction
The world is moving at a faster pace than ever before. Due to technological changes, inventions and alterations, learning to think on your feet and pivoting to adjust for whatever comes your way is a must. Business owners have to tackle problems as they arise. If you don’t see the big picture, it is easy to lose focus and direction. When that happens, you get caught up in short-term situations that distract you. Be very clear about what you want and where you are headed or you could get stuck. Purpose-filled individuals believe in their cause and continue to persevere and be successful.
Action-Oriented And Decisive
There is no room in the business world for wishy-washy. Business owners must be able to make decisions, sometimes hard decisions, and make them fast. You don’t always have time to sit and mull things over. A successful entrepreneur makes a choice and doesn’t second-guess it. They don’t wait on the sidelines to see how things shake out. Make sure that you are ready to make the hard choices, stand behind them and act when you need to.
The Ability To Try, Try Again
Although most people think that successful people always do the right thing and take the correct steps, that is not the case. If you want to be a successful business owner, you have to be okay with failing. The only way that we really learn is through trial, error and, yes, failure. Are you willing to put yourself out there, potentially looking bad, falling on your face and dealing with the consequences? It is important to take risks even if the outcomes aren’t ideal at times, and you need to decide if that is something you can do—again and again.
There are many advantages to being a business owner, like having more control over your schedule, a better work-life balance and accumulating wealth. But it is important to look deep inside to find out if you have what it takes or want to do what it takes. How much are you willing to sacrifice for success, and how willing are you to put yourself out there to fail? Not everyone is built to be the boss, but if you are, the rewards are well worth the risks.
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