business

3 Things That Will Help You Know If You Have What It Takes To Own A Business

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It is hard to tell for sure who is cut out to succeed in business and who has a less chance of success. There are many determined, hardworking, educated and smart people who end up struggling in business. On the flip side there are timid people, jokers (or people who look like they’re not serious) who venture into business and deliver amazing results.

So, what really makes a successful entrepreneur? You may not find all the answers to this but here are some three worth pondering upon.

1.The Ability To Be Many Things Rolled Into One

You may be a successful accountant, project manager, engineer, sales person or any other profession. Unfortunately in business, being good at one thing is not enough. Success in business requires an all rounded individual who has a vision and is keen to stick by it.

To be specific you need to be good with people including your employees, clients, suppliers, service providers, business partners and many more business stakeholders. On the other hand, you need to sharpen your communication skills, keep track of trends and know a bit of accounting.

While at it, you must know how to identify, negotiate and seal deals, how to talk with suppliers and your bank. That’s quite a plateful!

Related: Never Do These 4 Things When Negotiating

2.How Fast Can You Get Going?

It doesn’t matter how educated or trained you are…if you don’t have the ability to make decisions fast, then you will struggle scaling the heights of entrepreneurship. There are people who brood on a business idea for years still waiting for the right timing or for a clearer picture of everything.

In as much as some of these things are important, at times, excessive analysis can be a source of perennial procrastination that will simply kill any would-be entrepreneur. So, if you are convinced of an idea and want to get going, just do the very necessary and get started.

You can adjust your business and scale it as you progress. In fact, once you step out into business, you will discover that a lot of your thoughts and plans were not actually practical.

3.Keep On, Keeping On

The other very important aspect of business is consistency. Once you have done your research and settled on a business idea, stick to it long enough to break through. This is one of the major missing factors in many failed businesses.

Be consistent, open to learning and researching. The reason so many local businesses fail is because we don’t have a habit of learning and researching. And even when we research, we end up merely copying what others are doing.

In order to succeed in business, you have to be in a position to bring fresh ideas on the table. Most importantly, be consistent. Don’t get started just because you want to get short-term gratification.

Final Word

Whether you are a full time employee seeking a side hustle or you are without employment and are venturing into business, the basics remain the same. Reflect through these concepts even as you prepare to step out into business.

About Author

Alex Kibebe is an investment consultant and business coach. He works with small businesses and startups. Check out his websites Siran Solutions and Rubiani Wealth.



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About Kuza Biashara

About Kuza Biashara

Starting a business is a leap of faith even in the best of circumstances. We at Kuza Biashara are focussed to encourage these daring small business owners who have the potential to innovate and change the world by contributing to the nation’s economy and livelihood.