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Are you qualified to run your own business?

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Are you qualified to run your own business?

Many entrepreneurs set out to run their own businesses without realising the full weight and responsibility that comes with being the owner and manager of one. And while it’s motivating to have a strong goal of “being the boss”, you need to make sure you’re qualified for the position.

Starting your own company won’t happen overnight, and the first few months will likely consist of you undertaking the Head of Department roles for every possible department in your company. This means you’re going to need the skills and knowledge to hold down the fort while you accumulate the capital to hire your teams.

It’s time to ask yourself if you are, indeed, qualified to run your own business.  

 

How are your management skills?

You can't expect to run your own business without any management skills. You will be the one your team looks up to and you will be in charge of making the final call. You will need to know how to handle every possible business situation internally and with clients and shareholders.  

You will need to be a leader who can delegate, reprimand, reward, mentor, hire, fire, promote and be fair to all who work for you and with you. Do you have the confidence and ability to undertake those serious roles as a manager? It will require brilliant communication skills and the ability to listen, understand and interpret various scenarios for the variety of people you hire.   

You will also need to be able to set attainable business goals (generally using the SMART goals system – Specific, Measurable, Assignable, Relevant and Time-based). You will then need to implement these goals and make sure the necessary employees are doing their part.  

Being the manager of a business means that it all falls on you when something goes wrong, whether you were directly involved or not. Your people will be your greatest business assets and you’ll need to be able to guide and manage them appropriately.

 

Are you good with numbers?

As it will be your business to know about every aspect of, well, your business, you’re going to need to be good with numbers. Even when you are able to afford a financial advisor and accountant for the company, it's in your best interest to be involved and, more importantly, understand the money part of the business.

You can learn as you go, or you could start taking bookkeeping courses. And there’s no need to put your business on hold while you do so, there are bookkeeping courses part-time that you can do and this “bookkeeping course by distance learning” will allow you to stay on your business start-up timeline.

Another benefit of having bookkeeping skills is that you’re getting an extra line of financial defence for you and your business. When you’ve chosen to invest most of your money into a business, you best be sure you’re aware of where all the money is going.

 

What do you know about marketing?

Most business owners choose to undertake the role of the company marketer as a means of saving money on an entire marketing department. And while you might be able to get away with that in the start of your business’ career, marketing is a vital tool for businesses to be able to manage their reputation, connect with their audience, find a niche market and stay relevant.

Luckily, just as there are bookkeeping courses part-time for you to do, you can also find marketing courses that will help set your business on the right marketing path. This will also be where you create your brand and build your business reputation, something you can’t afford to ignore and need to invest in from the start.

 

Can you adapt to a constantly changing environment?

A trait of a successful businessperson is that of adaptability and flexibility. Not only are all industries encouraging their respective competitors to constantly push the limits in order to be the best, but technological advancements are always “updating”. So, if you don’t consider yourself technologically-inclined, you may want to consider adding IT courses to your list of to-do qualifications.

As the manager, you make the calls, You’re responsible for making sure your business is “current” in terms of insight, structure and operations software. All aspects of your business need to be on-trend and relevant to your target market. For that reason, you need to be able to adapt to a constantly changing environment without losing sight of your core business principles.

Staying on top of current insight and applying the ones relevant to your business is how you establish your company as an industry leader. And that’s where all qualified business owners want to find themselves.  

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