Starting and building a business is not easy. You need to be able to see your new venture through tough times as well as good. Here are ten qualities to look for in yourself that will help:
Vision Without a clear picture of what you want your world to look like, it will be difficult to create. Think about the finest details; bring it to life.
Determination You want to do this, don't you? Deal with your doubts before you start; once committed, it's difficult to turn back.
Fitness You cannot afford time off sick when you work for yourself.
Mental Health Although many will say you're mad, you mustn't be! Starting a business is stressful, and you need to be resilient.
Love You are going to need a shoulder to cry on, even if you're a man. If you have someone to share the thrills and spills, you'll enjoy it more.
Cash Inevitably, your business will take longer than you think to pay you a wage. The bigger your cash reserve, the longer you can wait before drawing income from your new business.
Flexibility Usually, when you start a business, it's just you. That means you make the coffee, clean the loo, and pick up litter.
Humour You're going to make some mistakes; we all do. The ability to laugh it off, learn quickly, and move on will help keep you going.
Caution Sometimes it's easy to see the opportunities and difficult to spot the threats. You need to be cautious without being risk-averse.
Generosity When you enjoy success, invest in those who made it possible. Parties, thank-you gifts, and treats for you and your family will all make it seem worthwhile.
Turning Your Hobby Into a Business
Many people dream of starting their own business when they've found the time to stop and think. However, most find the reality much harder to face. You need to be a special sort of person to work for yourself, perhaps even to employ others. As well as the strengths listed, you need a passion for the work you plan to do. Some are able to turn a hobby into a business. Others try this but find that full-time hobbies soon lose their appeal. Here are a few pointers that might help you decide if your hobby could become work too.
Hobby businesses work best when:
Many people share your passion.
Specialist supplies or equipment are hard to find.
There are dedicated enthusiast magazines or websites.
You already have a good profile in the sector.
Interest is growing, not waning.
Good examples of hobby businesses include:
Bead shops that sell all you need to make costume jewellery.
Classical CD stores.
Mail order religious artefacts.
Photographers.
Steven's Story
Steven had always had a passion for photography and decided that he would like to turn professional. He knew it would be tough establishing himself and making a living in the North-East. Equally, he knew that he had real talent and could produce commercial work people would pay for.
A grant and a loan from the Prince's Trust enabled Steven to rent a small studio in a recently developed 'artists' quarter' beside the river in Durham. This gave him a shop window and passing trade to boost his work and build his reputation. "I'm young, keen to listen, and determined to succeed," he told me, "but getting help to rent a studio has made it all possible."
Starting and growing a business is challenging but rewarding. With the right qualities and a bit of support, you can turn your vision into reality. Whether it's leveraging your hobbies or building a brand-new venture, these tips and stories can guide you on your entrepreneurial journey.
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