Have you got the commitment and determination?

You will need commitment and a determination to succeed in order to start a business. Those personal traits will also need to be complimented by passion, innovation, courage and the ability to set yourself goals.

Passion

Are you totally passionate about your business idea? Do you absolutely believe in what you are selling, or the service you are providing? Have you got an in–depth knowledge of your product, your competition and the market you are entering? And, once you’ve got your venture up and running – do you have the passion and the energy to keep going when others are feeling tired and want to give up?   Passion is an essential trait in any entrepreneur.

Innovation

While not necessarily ‘inventors’, entrepreneurs are highly innovative and creative individuals with the vision and insight to spot opportunities and act upon them. They have the ability to carve out a new niche in a market where others might not have seen it – and turn ideas into a solid business strategy.  

Commitment

Have you got the commitment and determination to make your venture a success? Planning, setting up and running a business requires endless hard work and 100% of your time. Your family, friends and leisure activities may have to take a back seat, while you’ll have to give up security such as a monthly salary or a pension. Are you sure you’re willing to make this commitment?

Courage

A successful entrepreneur is prepared to make big decisions and take on tough challenges. There will be times when things are not going so well – when the sales aren’t coming in and bills are overdue – so you’ll need the courage to dig deep and not crack under the strain (no matter how much you feel like turning your back on it all!). Having courage also means making the right decisions for your business, no matter how unpopular they may seem at the time.

Ability to set goals

An entrepreneur will set specific and realistic goals and have a clear plan of how to achieve these. Your venture won’t be a success if you don’t do this as you won’t have specific targets to aim for or measure your performance against. Further, having clear goals will enable you to formulate a sound business plan.

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