At some point or another everyone has entertained the idea of running their own business. Being your own boss, making more money, developing the business exactly as you want it from the inside out, what’s not to love?
That being said, being an entrepreneur takes a certain type of personality to not only succeed - but to thrive and truly be happy. In this article, I will go over the top 4 personality traits that you should have, to ensure taking the leap to running your own business is right for you.
Be Fiercely Independent
As much as your boss may drive you crazy sometimes, it’s still nice to know that you have someone to turn to when sh*t hits the fan. As an independent contractor, the buck stops at you. You alone must figure out all problems - big and small. You also don’t have coworkers to ask questions to or receive a helping hand from.
Be Financially Savvy
Remember how you clocked in and out everyday and then a week or two later money was just deposited straight into your bank account? Yeah, it’s not that easy anymore. You will be the one negotiating pay and ensuring you receive that pay, on time. Even if you run a larger business that uses a POS system, you will still most likely have to work with vendors and other outside clients, where the exchange of money and contracts won’t be as straightforward. You will need to be prepared to negotiate pay or costs, ensure everything is properly documented, and ensure payments are made on time. Depending on your industry, people don’t always stay on top of payments as they should. There may be times when you will have to professionally, yet assertively, ensure that you get paid for your work.
Calculating your own taxes is another thing you will need to be prepared for. As an independent contractor, you no longer fill out a W-2 for the IRS. Your taxes will not be automatically taken from your earnings, but you will still owe them. It will be up to you to ensure that you put enough money away to be able to pay your taxes either quarterly or annually. Also, if you have always loved getting that big tax return paycheck every year, be prepared to not receive one. You most likely won’t be getting any money refunded to you.
Have a Thick Skin
When you worked for another company and a customer didn’t like a product or service you may not have taken it personally. When the business is yours, everything is personal. You must be prepared to receive criticism that you must take seriously. Receiving bad reviews, a bad reputation, or unsatisfied clients are things you can’t just ignore or brush off when you own the business. You can’t make everyone happy but if you start to notice a trend, you will need to address it for the the health of your business.
Be Very Self Disciplined
Running your own business requires to have a great deal of self discipline. You will no longer have a team of bosses, supervisors, and managers keeping you on track. You will need to create schedules for yourself and your employees, if you have them. You will need to learn to manage your time very effectively. Some things can’t just be put down at 5 pm. If important things aren’t completed, you could find yourself working all night or on weekends to catch up. You will need to stay on top of emails, appointments, and messages from clients, customers, and vendors to ensure your business runs smoothly. Even if you have everything under control, depending on your type of business, you may need to be available and alert 24/7, should an emergency arise.
Final Thoughts on Becoming an Entrepreneur
So, you’ve gone through the 4 Key Personality Traits, and you check all the boxes. What’s next? The road to being self employed is not easy but it’s definitely worth it. Prepare yourself, do your research, and arm yourself with knowledge before you get started and you will be ahead of the game.
Like this blog? Leave me a comment and share your thoughts about becoming an entrepreneur.
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