Do You Possess the Necessary Personality Characteristics to Start a New Business?
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Are you planning a start a new venture?
Do you have the necessary personality traits to face the market volatility?
What talents do you think you need to acquire to start from a scratch?
As you plan to embark on a new journey to your way to entrepreneurship, you are likely to face a host of novel challenges and risks. You need to adopt a few traits to be able to handle all the situations without stress. Who wants to start a new venture just to shut down due to an inability to handle problems or market hostility?
You’ve had the courage to step out of your comfort zone; you want to follow your passion and want to reach the heights of success. All you need to do is implement certain behavioural changes and tread along the path. Here is a list of personality traits which once incorporated into your behaviour, will make you a winner in this field of ‘risks with no assured returns’.
1. Risk taking and flexible
You should be ready to face any challenge that comes along the way and be flexible to alter your strategy according to the situation. Not one strategy would fit all the scenarios. There are likely to be pitfalls in planning a new enterprise. “It’s a bit scary in the beginning with all unplanned factors playing havoc sometimes”, shudders Rachit Bhandari who set up his accountancy firm, Bhandari and Associates, from a scratch.
There will be a host of unaccounted challenges which may deter your faith. Only the people who are flexible and are ready to take risks will survive through the unforeseeable journey.
2. Communication skills
An entrepreneur has to build a team and to get the work done, and for this, the most essential is having good communication skills. Unless you have the ability to use the right words and delegate the work, the tasks are likely to be impending.
“You have to drive the employees and if any work isn’t executed well, it is definitely the lack of proper communication which resulted in a blunder,” admits Ashish Gupta, CEO of New Idea Farm Equipment Company.
Apart from this, you have to have the ability to convince and communicate to the customers the utility of the product and promote it as well.
3. Work ethic and professionalism
Professionalism is the buzzword which will be emulated in your work culture if you exhibit it generously. Your employees and the work culture are a lot affected by your work ethics and mannerism. You have to be punctual, disciplined and meticulously planned and organized.
Sachin Jain of Girnar Global Study Abroad Consultants reiterates, “Your employees, social media sites and communication media are a direct reflection of your personality. They speak volumes of your work culture to customers”.
4. Managing employees and leadership
The essence of teamwork can be meaningful only if you hire the right kind of employees for all jobs. Any misfit hired will cost volumes to the venture. Ashwani Duggal, a diamond merchant from Jaipur explains, “Hiring a smart guy is way much better than hiring two people who do not understand the system”.
Moreover, you have to make sure that you train, motivate and communicate well with your employees consistently.
Robert Redford emphasizes the importance of the right team in his words, “Problems can become opportunities when the right people come together.”
You have to be careful in the hiring process and further training and motivating the team you build up.
5. Knowledge of all relevant fields
Planning a business unit consists of various stages- planning the finance, marketing, legal laws, hiring people and filing tax returns. There are professionals you can hire in each of these fields, but it is advisable to acquire basic knowledge in each so that you know and understand the right course of action at each stage.
“A master of all trades has relatively lesser chances of being cheated, to begin with”, admits S. Aggarwal who recently started an apartment construction venture in Dharamshala.
You should be aware how the finances have to be acquired at the lowest costs, how to hire the right people, which channel of marketing suits the product the best and how and when to file returns. It would be an added advantage if you understand the dynamics of social media marketing and know how to promote the product at the ground level before you attain a certain size to be able to hire professional marketers.Last words- If you have a dream and passion, you must stay motivated and grounded in the cause of building an empire. Do not be deterred in any situation and learn from the mistakes you make. Each mistake is a stepping stone to success and you must keep going on despite any adversity in your way. Never let your faith waver and you will be a successful entrepreneur.