Are you the right person to run your own business?

Can you run your own business?

This is one of the questions we get asked most often by people thinking of starting their own business. It’s an excellent question.

If you think about it, you are the most important asset of your business. You’re also going to be the key reason the business succeeds or fails.

What people are really wondering is whether there is a type of person who is more likely to be successful.  Would you consider Steve Jobs and Bill Gates to be the same? No, of course not. But they have both been incredibly successful. So how do you know what it takes?

Our experience shows that there are certain things people do well when they run a small businesses successfully. Let’s look at some of them and then talk about what you should do.

a) Are you good with different types of people?

One of the great skills of a manager and leader is to recognize that there are different types of people and that despite their differences to yourself, they have real value. We tend to gravitate towards similar people to ourselves. For example, the extrovert often looks down on the introvert. Winners are able to work well with all types of people.  When I was leading a multi billion dollar business we spent a great deal of time helping senior managers understand the different types of people and appreciate the value they have. We can talk more about typologies and personality types in the coaching club. But for now, be aware that there are different types and your role is to value them all.

b) Are you a self starter?

When you work in another larger company you tend to become part of the process. there are established roles and plans and it’s pretty simple to get going.

Running your own business is different. Everything starts with you. I’m sure you’ve met people who need help to get started, but are great when they get going. The challenge you face is that there will be nobody to get you started. The winners in small business tend to be not only great starters but persevering as well.

c) Are you persistent?

Don’t believe anyone who tells you that running your own business is easy. It’s not. There are going to be days, weeks, even months when things do not go as expected. You’ll be tempted to stop, give up or throw in the towel. It’s amazing how often Angelique and I have seen triumph rise from the valley of disaster. We’ve been trying to get something right and missing the mark and it’s been our persistence (she would say hers!) that has got us through.

Look in the mirror and ask yourself how persistent you really are.

Don’t mistake persistence with bone headed stupidity. This is not about doing the same thing over and over again. Was it Albert Einstein who said that the definition of insanity is doing the same thing over and over again and expecting different results? We’re talking about adapting, testing, changing, but above all not giving up.

d) Are you organized?

This is an interesting one because we both know people who seem disorganized and are very successful. be careful here. Different people organize themselves in different ways. So if it’s not your way, don’t assume that they are disorganized. Remember part a!

That said, if you’re a disorganized person, always forgetting and missing things you’re going to find it harder to be successful. the devil is in the details and just because you run your business, it does not mean you can float along at the top. Ask a couple of friends or family members about this. the good news is that this is relatively easy to fix.

e) Do you avoid decisions?

We believe that this is a big one. During our careers in large businesses we repeatedly encountered people who did not take decisions. Don’t jump to the conclusion that they were scared to take a decision as that was not always the case.

You’ll meet two types of people here. The first is the person who has paralysis through analysis. They just love analyzing every aspect and trying to make the perfect 100% correct decision. They are lethal for a small business, particularly one that is in the on-line world. Claire and I test, fail, modify, retest, fail, modify, succeed. And we do it quickly.

The second type of person is simply scared of the consequences of being wrong. They too, are bad news for a small business. Face the facts, you’re going to be wrong. We are wrong more than we are right. But get this. We break stuff down, make lots of small moves and learn from our errors. We then get the big picture right. I keep saying this. Failure is a friend if you know how to treat him!

f) Are you driven?

You’ll need to be. We repeatedly see that successful small business owners have a drive to get there. In a way it’s linked to persistence and being a self starter, but it’s different. It comes from deep down inside people and we can always see when we’re dealing with someone who is half-hearted. This once again will help you hugely when things are not going well.

Do you see a theme emerging here? The attributes we are discussing really come into play when things aren’t going so well. Anyone can appear successful when things are going well. There’s a sports analogy here.  The best coaches always show their real value when the team has some mis steps. It’s how you respond to adversity that defines you. Being driven is a key factor behind it.

g) Are you a leader or a follower?

Look at your friends, your previous jobs and your family. If you rarely lead things you’re going to be challenged to run your own business. Leaders are less afraid of risk and failure as they believe in their ability to react and course change. Don’t confuse over confidence with leadership. That will lead you straight over the cliff.

Someone has to lead. that’s a truism. In your future business that person is you.

h) But do you listen?

One of the mistakes many people make is that they confuse leadership with volume. They talk and talk and talk.

I was given two bits of great advice at an stage of my career. The first is that you have one mouth and two ears. Talk half as much as you listen. The second came from an Italian general manager who was unusually quiet. “Tulio”, I asked, “You’re very quiet?”  He stared at me, thirty five years his junior and he thought, and then he replied. “I learn nothing when I talk”.

Good advice indeed as one of my personal failings is the love of talking. Seriously, the best leaders listen at least as much as they talk.

i) How’s your health?

One of the most ignored considerations. Seriously, stop and think for a moment. You’re about to take on a few years of potentially high stress work that can run long hours. 70-80 hour weeks were no strangers to Angelique and I as we set up our earlier businesses. Once again, please don’t believe those Get Rich Quick Schemes that promise you riches for no work.

Our hope is that you’re in good health. When did you last have a medical? You’re about to take on a big project that is likely to provide you with some stress and exertion.

Here’s the good news. This one is easier to address. If you’re driven and a self starter, you will!

Wrapping up

So there you have it. You need to be perfect!

Here’s the good news….. No you don’t. Nobody is.

So now you have everything you need to answer whether or not you are the right person to run your own business.

Look at each of these and assess your strengths and weaknesses. Talk about it with close friends and family. Get their opinion and listen. You will then have a development plan! Don’t be discouraged if you’re not perfect at everything. Nobody is. They key is that you understand your areas for improvement and do something about it.

One of the reasons our step by step coaching system has proved so successful is because it breaks the whole start up process into small manageable pieces. It helps you get organized. It help you take decisions in the knowledge that the wrong call will not be catastrophic.

Take action, go and discuss this with people and learn about yourself. The biggest downside is that you’ll learn something and improve!

Be successful

Rob