start a business

5 Essential Qualities You Need To Start & Run A Successful Business!

Although economically hard times can be tough and frustrating for many, some good can come out of a recession! One positive thing that can arise from a recession is an Entrepreneurial Spirit. Whether someone has been forced by circumstance or has simply just spotted a gap in the market, many brave and admirable people choose to start a business during a recession.

If you’ve made the decision to start a business and become your own boss I applaud you, but be prepared, it’s a lot harder than people think. Here are 5 important qualities you’ll need to possess in order to start up & run a successful business, and just for good measure they all begin with P!

Patience

I know it’s a bit of a cliche but when it comes to starting a business it’s good to keep in mind that ‘Rome wasn’t built in a day’! If you want to start your own business you’ll need a lot of patience. When someone decides to start a business they often have an emmence amount of zeal for their new business idea or venture. This enthusiasm is essential to growing a successful business and you should strive never to lose it. Even with all the enthusiasm in the world though it still takes time to build a brand, broadcast that brand to potential customers, build relationships with suppliers, build trust with new cusomers, for word of mouth to spread and I could go on! Now and again you find that a business or idea takes off and ‘goes viral’, but this is not what happens in the majority of cases. Usually you have to work hard at building your brand for years before it becomes established, recognised and respected.

Persistence 

Though similar to patience, persistence is slightly different. Patience involves waiting for your product or idea to take off and be recognised. Persistence is more about keeping the work ethic and enthusiasm for your idea, when others around you reject it or just don’t seem to see it. Persistence is vital in the early days of any business. In these early days or even years, you probably won’t see a decent financial reward for all the effort you’re putting in. This might be because you’re spending a large amount of time or money marketing the business, investing in machinery or vehicles, repaying start up capital or just paying the business rates, all whilst your client base is not as big as you’d like or need it to be! You’ll need a lot of persistence to carry on with your venture during these tough early years.

Pro-activity   

If you want to start and run a successful business, you have to be prepared to go out there and make it happen! This might involve investing in money management software, leaflet drops, putting up posters, attending networking or trade events, gaining the necessary qualifications or trade memberships or even just knocking on doors. There are so many things you need to do in order to get a business off the ground, nobody else is going to do it for you. You have to be proactive, go out there and ask for the business! Once you’ve established your business you’ll find that opportunities will come your way without you having to ask but this is rarely the case when you’re business is in its early days.

Personality 

Most businesses are built on a personality. Sometimes they outgrow the personality, but initially it’s you that will have to sell your business to others. This is why entrepreneurs are often outgoing, at times eccentric people. It’s often said that you either have charisma or you don’t. While I think there is truth in this statement, I also feel that many people’s charisma, personality and confidence have been overshadowed by events they’ve had to face in life. I’ve seen many people come out of their shell when they push themselves out of their comfort zone, discovering a side to themselves they never knew existed. If you want to start a business be prepared to push yourself out of your comfort zone and allow your personality to shine through.

Pride  

Personal pride is massively important in business! You’ll need to have pride in your appearance, product, service and reputation. Successful businesses place huge importance on training their staff to provide good customer service. They also put quality control systems in place to make sure their product is up to scratch. Occasionally a business sacrifices the quality of a product to make more profit. Though they might seem to get away with it for a while, in the end that business loses its reputation & customers, all because it didn’t maintain pride in its product or service.

pinit fg en rect gray 28 5 Essential Qualities You Need To Start & Run A Successful Business!
If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.

9 Responses to 5 Essential Qualities You Need To Start & Run A Successful Business!

  1. Great post! My wife and I run our own business and I can say for certain that these are all needed. I would also add that adaptability is a must as well. You need to have the ability to change and change quick in order to succeed.
    John S @ Frugal Rules recently posted..10 Ways to Stretch Your Grocery BudgetMy Profile

  2. Jason @ WSL says:

    These are all extremely true! I run a business (in addition to the blog) and it takes a tremendous amount of work, patience, and then more work. The flexibility of schedule is nice, but I often wish I had a guaranteed paycheck coming in.
    Jason @ WSL recently posted..US Bank FlexPerks® Travel Rewards Visa Signature® CardMy Profile

  3. Matt says:

    That’s all very true. Working for yourself, whilst always harder than working for someone else, is also far more rewarding. I also tend to think that you actually get paid what you’re worth when you work for yourself too.
    Matt recently posted..More About Money and HappinessMy Profile

  4. I’ve never owned my own business but my parents have so I’ve lived through it. My parents were persistent and very outgoing but that’s just them. They are still the same people today, only richer and retired now lol. Owning a business may mean giving alot up but if it’s in your blood and you are passionate you will do whatever it takes to get it to the level of success you want it to be. Cheers mate Mr.CBB
    Canadianbudgetbinder recently posted..CBB Net Worth Update~November 2012My Profile

  5. AverageJoe says:

    Not only do you need persistence, but you need to know when persistence isn’t paying off. There’s that old phrase about the definition of insanity….
    AverageJoe recently posted..The Worst Gifts Ever: Crystal Frogs, Re-gifted Candy and More Bad Holiday “Fun”My Profile

  6. Jason Clayton | frugal habits says:

    In the past (before having a side business) I thought that success was fast and easy. Now I’ve realized your points above are SO RIGHT!!! Especially patience and persistence. A lot of times people give up too early.
    Jason Clayton | frugal habits recently posted..50 Side Business Ideas – You Can Start TodayMy Profile

  7. Rachael says:

    Your right, those qualities are crucial for a business but I think they also apply to individuals seeking work, or trying to pay of debts etc.

    I think when you have that mentality towards anything you want to achieve you stand a better chance of succeeding. :-)

  8. I would agree with all of these after having owned a business for over 10 years. You might also add pills to deal with all the headaches! Nothing stronger than ibuprofen, though!
    Kim@Eyesonthedollar recently posted..Financial Lessons from Clark W. GriswoldMy Profile

  9. I would add, keep a good eye on your numbers. Put aside 30% for tax, and if it looks like you’re going to need to pay tax over £1000, then start saving for payments on account.
    Rosie Slosek @1ManBandAccts recently posted..3 Reasons Tax Returns Belong With CakeMy Profile

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge