In my years of mentoring and conducting Business Management training, people usually want me to tell them if I think they have the attributes to succeed in Home Based Business.
Much as this appears to be a difficult question to answer, research has shown that there’re indeed certain character traits that predispose some people to succeed in home based enterprise.
Aspiring to become a Home Based Entrepreneur is quite exciting; what with the pride of being your own Boss. But desire is one thing and having the right Personal Traits that can ensure the success of the business is another ball game altogether.
Some of these traits are innate while some can be learned. However I have enumerated them here for you to consider before taking the leap. This is not meant to discourage you but to bring them to your awareness in order to help you prepare properly and make a success of your dream. Do not be dismayed even if you lack some of these attributes because they can be learned or acquired through training.
So in this write up, we’ll discuss the personal character traits most successful Home Based Entrepreneurs always seem to have.
I hope this will help you do a self-assessment and thereafter invest in training to beef up areas of need.
Without further delay, below are the attributes.
• Great Determination
Right from the beginning, you must make up your mind to succeed in your chosen endeavor. Having a “Can Do Spirit” is always an advantage. When the pressure builds up, it’s only that huge determination to succeed that will help see you through.
As the saying goes “when the going gets tough, the tough get going”
• Having Self Confidence
This is almost like having strong determination. Having self -confidence and believing in one’s ability is also very important in the potential success matrix needed by a Home Business Owner. The saying “self- confidence makes the man” must have come from this. Even the ordinary con man is able to perpetrate his activities through his self-confidence.
• Consummate Self Starter
A self-starter is a person who does not procrastinate. He does not wait for someone to prod him into taking necessary action.
A self-starter will not postpone to tomorrow what he’s supposed to do today. A self-starter is an action oriented person who attacks the task at hand and achieves set targets without being supervised or reminded.
• Being A Natural Risk Taker
In order to succeed as a Home Based Entrepreneur, you must be a natural risk taker. Some people are risk averse but almost all successful Home Business Owners are ready to take that risk, burn all bridges and do whatever it takes to succeed.
• Fast Thinking And Flexibility
Having the ability to think fast and react quickly to unfolding situations is the hallmark of a successful Home Business Owner.
Threats can come up suddenly from new government policies and the ability to think fast and adapt to the new situation can make the difference between success and collapse of the business.
• Do What You Enjoy
You have to be totally obsessed with your Home Based Business. You eat and drink it every moment of the day.
You must be very passionate about your business or else you’ll cave in when the pressure builds up.
I recommend that you get involved with what you enjoy doing. Even turning your hobby into a Home Based Business could be the best decision.
You’ll work harder and succeed faster because you won’t see what you’re doing as work. Invest in that thing that you would enjoy doing even if there are no pecuniary benefits.
• Have A Good Business Plan
You must be able to prepare a good Business Plan and work the plan. It’s said that “He who fails to plan has already planned to fail”. Your Business Plan is like a Blue Print for your business. It must be flexible though to make room for adjustments as you go along. It’s like a road map that’ll lead you to the final goals set for your business.
• Good Money Management Skills
Having the right attitude to money is very essential. No matter the amount of cash available, a Home Business Owner without the right Money Management Skills will run the business aground.
You must have a Money Management Plan and stick to the plan. Knowing how to allocate resources to the most needed areas of the business is very important.
My advice is that you must be shrewd and frugal with your expenses- especially cash flow. This is to avoid running out of cash at an auspicious time.
• Good Selling Skills
Having the right selling skills can help you succeed in your business.
You must be able to explain to people why what you’re offering is the best solution for the problem they’re having.
• Create Authority Around You
If you want to succeed in your Home Business, you must be willing to learn new things. You must be willing to keep up to date with latest industry trends.
Being disposed to reading books, attending seminars and staying ahead of the competition is very essential.
Your ability to market yourself as an Expert and a reliable resource in your field is very important.
People will run to you for solution to their problems.
• You Need Good Marketing Skills
The ability to develop the perfect USP for your Home Business is very important. You must have a very good reason why I should buy your products/services instead of buying from the shop down the road. This could be the difference between growth and early bankruptcy.
• Excellent Net Working Skills
A Home Based Entrepreneur with excellent networking skills already has an advantage.
Good networking skills entail having the ability to strike up relationships that can generate business opportunities and mutually beneficial relationships.
It should not be a one way street though. You must think of what you can contribute to the relationship even before thinking of what to get from the other person.
• Develop A Magnetic Personality
Having a likable persona that will attract people to you is an advantage. On the internet, design an engaging website. Don’t be aloof. Always stay engaged with your customers and community.
• Be Organized, Be Disciplined!
You must not take for granted that you are your own boss and so wake up 10 am and decide to chill with a glass of wine and some music. No! You must maintain a high self – esteem and discipline. Wake up early, listen to industry news and get started with the day’s activities.
I mean you must have a positive daily routine
• Embrace New Technology And Management Processes
By this I mean you should be disposed to the use of modern technology. Invest in new technology that will help you work smarter by achieving more results while working less. For instance, if you are being inundated with orders and you are having problems meeting up with schedule, you can outsource this aspect of your business to experts in that field. This way you keep your business lean and responsive.
You can also invest in modern software like inventory management software to help you manage your business more effectively.
You can also invest in ICT to help you run your business more efficiently.
• Be Professional
Strive at all times to be professional in all your dealings. Maintain the highest ethical standards. Honesty must be your watch word!
Dress appropriately when meeting with clients.
Ensure you have a home office and a dedicated phone line for your business
• Don’t Be Afraid To Fail
Finally, this might sound weird but failure is part of the process of learning how to do it better next time. Do not be afraid to fail but remember to take away the lessons learned.
The great Thomas Edison who failed over 5000 times while trying to discover the incandescent lamp said that each failure taught him how to do it better next time.
We’ve come to the end of this discussion and I hope you find this write up useful. Though some of these attributes are innate, they can all be acquired through structured training. So you should not be discouraged if you find yourself wanting in some areas.
Do you feel I’ve left out anything, please feel free to send in your thoughts.