It might be strange, but BusinessOpportunity.com dares to ask the question: are you meant to own a business opportunity, distributorship, licensee opportunity or franchise? Really. Though we’re in the business of selling businesses, we know, from years of experience that not everyone is and it is that percentage that some companies count on. So, don’t be a statistic.
How Do You Know If You’re Ownership Material?
You know that before investing your hard-earned money in one of the many a business opportunities, online / Internet businesses or franchises available, you need to research the industry, the background of the particular company and its financial status. But that’s not the end of your research. In fact it’s not even the beginning.
Even more important is figuring out, right at the start, if you have what it takes to run a startup, one of the Internet businesses that abound, a franchise or other business opportunity.
Important to remember: If you aren’t the right personality type, it doesn’t mean that you are lower on the vocation scale. It simply means that some people are a natural fit, while others flourish in a corporate setting, working for a company.
Your Entrepreneurial Personality
According to Entrepreneur Magazine, studies show that certain traits are the best indicators of startup success. They are more accurate predictors that education, experience, family help and specific skillsets. Spending time determining your personality type is a wise investment before you spend money and energy looking at opportunities.
According to Inc. Magazine, the single most important underpinning for success is a proactive personality. Overlaying that are a range of other habits, attitudes and attributes that ensure prosperity for a business owner.
How do you know if you have the right traits? Here are five questions to ask yourself before taking that big step to ownership.
Do I usually react to events, or do I take charge and influence them?
Most people are reactors. This can be from fear, social conditioning or just the way they were born. It starts young. Schools seldom encourage taking independent action. As a rule, children are taught to wait for instructions. This carries over into adult life.
This isn’t a negative characteristic. It is a powerful attribute, one that is essential in many businesses. Corporations, the military, healthcare providers and a range of other business models would shut down if there weren’t enough reactive personalities. If staffed solely with proactive workers, nothing would get done in a timely manner and following successful, established pathways.
But if you want to start a business, it is important that proactive behavior comes natural to you, that you enjoy taking charge of events. You must guide your startup right from the beginning, keeping it safe from naysayers and competitors.
Do I give up quickly?
Launching a franchise or business opportunity requires persistence in the face of hard knocks, financial problems, bad hiring decisions and the economy. And those problems are ongoing for as long as you own the business. With that said, Kabbage is an excellent resource for any business owner who may be struggling financially. Companies like Kabbage provide working capital to small business owners when they need it most.
An owner also needs stamina to weather the stress and pressure of getting a product to market. It requires high energy and good health over the long-haul. Being mentally centered and balanced is one key to long-term business success and you either have it or you need to get centered or you will end up having stress related issues at some point and you can fend off these ills by having a strong plan from day one.
Am I flexible?
Business owners need to be able to adapt quickly to market conditions, financial opportunities and difficulties and customer expectations. Staying flexible, called pivoting among entrepreneurs, lets you successfully stay on the playing field, whatever the marketplace throws at you.
In the game of startups, you need to be able to dodge financial bullets, dive for cover when the market tanks and duck when pressures get overwhelming. This adaptability lets you stay in the game for the long haul.
Do I hide from risks?
There is no question, being the owner of a business requires that you take risks on a daily basis. If this is counter to your nature, you are going to be unhappy every single day if you buy one of the franchises, Internet businesses or business opportunities out there.
Am I constantly worrying?
If even before you buy a business you spend much of your time worrying about what might happen, you probably don’t want to own your own company. The list of possible items to be anxious about is never ending. Don’t put yourself in a situation that requires can lead to high blood pressure, ulcers and constant worry.
Answers the questions honestly. If you aren’t cut out for owning your own business, don’t fret. Consider a sidelines business that requires less decision making, less pressure and less investment of time and energy. BusinessOpportunity.com offers a number of them. And choose to scale the heights in your chosen profession. Most definitely, give yourself credit for discovering your entrepreneurial personality before it was too late.