The first part of this series got you thinking about some of the key characteristics you need to survive and thrive as an entrepreneur. You’ve got to be able to work without a playbook, take rejection in stride, handle the stress of the financial risk, and put in some long days and nights. It might sound tough, but the rewards of doing things your way are well worth it.
But before you tell your boss to shove it and burn every bridge on your way out of the office, there are a few more traits to consider for being a successful entrepreneur. Here are four to keep in mind:
1. Being able to balance multiple tasks
If you’ve been used to working as an employee in a company, the lack of support services will be a huge adjustment. If your printer stops working, it’s up to you to figure it out, at least until you hire an office manager or IT help. When you launch a business, you’ll need to lots of different hats. In many cases, you’re wearing all the hats. Before you strike off on your own, make sure you’re comfortable and willing to play all the roles needed to get your business off the ground.
2. Being able to delegate
While you might be playing multiple roles at first, you can’t do everything on your own.
For some entrepreneurs, delegating is the toughest challenge.
After all, you probably decided to start your own business because you knew you could do things better. And, at the beginning it’s natural to tighten the purse strings by trying to do as much as you can yourself. However, a successful company requires a team, not just one person. Consider some of the tasks you could hand over to contractors, employees, interns, and even family members. This will free up your time to focus on the important stuff.
3. Don’t need to wait for perfection
A good entrepreneur knows that sometimes it’s more important to act than wait until everything is “just right.” The longer you wait to perfect every detail, the slower your business will move. And as an entrepreneur, your livelihood is tied to launching a product, service, website, blog, application. If you don’t launch, there’s no business and no paycheck. As an entrepreneur, you need to learn to let go at times. So what if there are little glitches here and there? Just go with what you have and improve things on the fly. As the poster at the Facebook® headquarters states, “Done is better than perfect.”
4. Have some kind of safety net
While you don’t need to be a millionaire to launch your own business, you do need to realistically look at your finances and the anticipated profitability of your business. Some product-based startups can take three to five years to become profitable while they build out their product, while a consultant can theoretically start bringing in revenue on day one. How will you support yourself and your business while you ramp up? Do you have enough saved up to cover this period or should you keep your day job while you prep your business?
Think about these issues before deciding to start your business. If you are weak in an area or two, it does not mean that you shouldn’t follow your dream, but you should be mindful of them as you go forward.
To learn more about starting your own business, join me on September 17 for an exclusive GoDaddy Google+ Hangout called “Are you ready to become an entrepreneur?”
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