Nibletz Staff
If you have decided to start your own business, you have taken a huge step into independence and adventure in your career. There are many exciting aspects of starting your own business venture, including the ability to set your own schedule, having no boss to answer to, and the ability to control the direction of your dream business. However, running your own business isn’t easy. There will be challenges that lie ahead that you will not anticipate, and you will have to overcome them on your own, if not by the help of your team beneath you. Here are a few of the skills that every small business owner needs to operate a high functioning business.
1. Leadership
You may or may not have any employees, but you still need to exercise leadership. If, for example, you sell services to your client that entail that you need to stay in touch with them, you must demonstrate leadership by being prompt with any questions, and keep them up to date on current information. You must also communicate effectively and confidently to your team, your clients, a supplier, and so on. Leadership demands assertiveness but also an ability to connect with people and bring them together. Earn the respect of your clients and colleagues by being a firm team leader. There are many resources out there if you would like to improve your leadership skills, including the critically acclaimed book, Lincoln on Leadership, by Donald T. Phillips.
2. Discipline
Discipline is a critical part of owning your own business. When you are your own boss, you have the freedom to create your own schedule, but you are also responsible for the success or failure of your venture. With that responsibility on your shoulders, you will have to stay on top of your schedule. In addition, you will still have to do many things you may not want to do. Nobody is going to discipline you if you do not do your job, but it is you alone who has to stay on top of any commitments to keep your business growing.
3. Creativity
Creative thinking is key—after all, it is probably what gave you the inspiration to start your own business to begin with. Bringing fresh ideas, either from yourself or from members of your team, will keep your business fresh. If you need some inspiration, consider reading Creativity, Inc., by author Ed Catmull. This book will guide you through how to bust through creative roadblocks to keep your business current.
4. Organization
As master of your own domain, you will need to keep account of all of your records. Be advised to keep all of your financial information carefully organized and in a safe place. This way, you will be prepared for tax season. Start your business on the right foot by filing appropriately to gain maximum returns and avoid financial pitfalls. If you are too busy to handle these duties yourself, make room in your budget to hire a professional. A tax professional such as an accountant will be able to help you with your finances all year long, or just around tax season.
5. Critical Thinking
Not every problem will be easy to solve. Many issues will require you to critically think about how to strategize, find the best and most efficient path, and execute that plan. In order to best equip yourself to move forward in any situation, you must be willing to learn. For example, if you know little about finances and tax law, it may be wise to take enrolled agent courses to discover the best ways to manage your business’s finances. If you’re looking to get better at managing your business and seeing products or processes from conception to completion, you may consider getting an online degree in project management. Learning these tools now will help you remain financially independent in the future and make the right financial decisions for your business.
6. Flexibility
When you are your own boss, you will realize that not everything will go your way. Unfortunately, even the most intricately laid out plans will sometimes have to change at the last minute. Deals will fall through, clients will pull out, and suppliers may not deliver. Hopefully, these issues will not happen to you, but it is likely that you will have to strategize around these obstacles at some point in your career. Effective bosses have the ability to keep a cool head under pressure so that he or she can find the best course of action. Many bosses will not rely on plan A—they will also have a plan B, C, and D.
Owning a business isn’t an easy task, but with the right skillset, you can better ensure success.
