People toy with the idea of starting a small business at various stages of their lives. Some think of starting a small business after their educational career is over while others think of starting a small business because of unpleasant or unhappy situations they have encountered in their workplaces. There are also others who think of starting a small business because that is the only way they will be able to work again following a break from work for reasons such as health.
One major blunder made by many small business entrepreneurs is that they make a fixed business plan which get them stuck in a limbo. Unplanning your business doesn't mean that you have no plans at all. Instead of having fixed plans, what you have are series of goals. You put more energy into the areas that mattered most and changing it up on a daily basis.
For new business entrepreneurs, it is important that you do a self assessment first to find out whether you possess the following qualities and capabilities that are necessary to operate a successful small business than get so bogged down with hypothetical and revenue projections that can make you suffer from analysis paralysis:
1. You must be of sound health.
2. You should be able to work on your own most of the time.
3. You should be self motivated and dedicated.
4. You should possess an outgoing personality and have the ability to get along with other people.
5. You should have the ability to work under pressure.
6. You should preferably have some knowledge about your business.
7. Failure is no option to you.
Success does not come overnight. There could be disappointments and failures during the early months.Those who cannot withstand these pressures should not contemplate starting a small business.The ability to withstand all these pressures and remain motivated is absolutely necessary to succeed.