In the last article, we see the reasons to establish a startup.
After you are clear about the purpose of beginning a business, you need to check the qualities. In this article, I have compiled a few must-required qualities to be the owner. There are dozens of other qualities as well, according to the business. But, here we will learn the important ones. If you plan for a startup, you can just go through this and understand how much you are ready and how much you need to add to the skills, habits, and qualities.
A few qualities to paint your startup through creativity.
Knowledge: Before entering any of the businesses, you need to know about it. For instance, how the market works, what requirements you need, what return you can expect, the worst-case scenario, who your competitors are, what challenges are common, and so on. Before starting, be aware of the facts related to it. Also, think about long-term purpose. This pandemic has taught us that a few businesses can survive in this. If you haven't started your business, you can consider this part. Do your research well and gain the required knowledge.
Planning: Though I know plans change according to the circumstances, a basic plan is a must. Planning your goal and having a clear vision makes it easy to reach there. Maybe not everything will fall in the place, but at least they will fall nearby the place. While planning, you can take the guidance of a mentor so that you get another perspective as well. Experience person will always give you more information and idea. Make your plan realistic and add other challenges as well. Apart from that, while planning, either include your family completely or don't include them at all. They are for support and not for suffering. If you include them, then include them as a member. Sometimes they too have great advice. Either share everything about the business or don't share at all. Half knowledge is worse than ignorance.
Capability or capital: Starting a business is not a small thing. In any business, you need to have a few departments. And for building it, either you need the capability to work on it. If you don't know how to work in different departments, you need to hire people requiring capital. It would be great if you don't take a loan. You can take a loan if you are 100% sure about the business and that the business will make it big. SO, YOU DON'T END UP LOSING THE MONEY THAT YOU ALREADY DON'T OWN.
Decision-making: This is the only reason people fail in startups or even get bankrupt after creating a brand. By this time, you already know that how your decision works. How good you are at your decision. And let me tell you, even if you had taken the best decisions of your life, this would challenge you to another level. Always think more than 3 times before making a decision. You can discuss this with a few important and knowledgeable people. But, the decision will always be yours, and you need to own it. Apart from this, I have read this amazing thing which said, "Every decision is right, just a few of them needs another decision". And that hit me hard. It belongs to life's every aspect. And, in business for sure.
Fire and Patience: Yes, this may sound weird, but this is the truth. You need both but at different phases, and fire and patience is not the opposite of each other. They are just different from each other. If you are starting or already own a business, you need to have that everlasting fierce to make it BIG. You need to forget everything else and work on it with full attention and dedication. If you are quitting your 9-5 job, you're doing it to work 24/7. And that is Okay. As I said, you need both fire and patience. FIRE FOR WORK AND PATIENCE FOR RESULTS. I won't say that you have to wait EVERY TIME. But, If you have your deadline and patience intact, then you are on the right track. You will get the desired result, but at the right time, cause clients don't work according to us until we have worked enough. Also, patience always works while handling clients and teams. And if you think that you have patience, then this might challenge your patience level.
Worst case scenario: As I said above that don't take a loan so that you won't end up with the debt-money you already don't own. This means knowing the worst-case scenario. I know that if you have planned it well, there was no reason to see the worst-case scenario. But, if you have your limits ready, you are a bit safe. I know risk-taking sounds great, but the result you may get won't always be great. I have heard that you need to take risks to make it big. But I think a calculative risk is more important than taking just a risk out of nowhere. Take Calculative risk and consider the worst-case scenario. Be ready for that. It will give you the power to know that you can afford to lose. And this will make you confident enough to take the risk.
Consistency and Persistence: I have mentioned this earlier as well. That you need consistency in everything, you do. In business as well. You need to be consistent in deciding, taking action, improving, going with the trend, handling accounting, following up for feedback, work and payment, etc. If you are consistent in growing, then you are almost there. And you need persistence so that you won't give up easily. Small things won't bother you, and big challenges will excite you. This way, both are much needed in a business.
Solution-oriented: I have seen this quality in every great leader. They always focus on the solution. And to live a healthy lifestyle, you need this quality. If you are not born with this, then you can create it. It will help in life's every aspect. A great businessman always finds the solution to a problem because they give more importance to the solution. If you plan to create a business, this will be the most indispensable and handy tool for you. You can overcome any hindrance if your approach is always towards the solution. Be solution-oriented in general life as well.
Management skill: Either you work solely, or with people, you need this skill. If you can work but can't manage your time, task, or people, what will you do? How will you manage everything? You need to manage your time, client, internal team, and task as well. Though I believe in public life as well, you need to have this. For instance, managing clients and the internal team is not enough, sometimes you need to manage your relatives, families, friends, and life's different aspects. Managerial skill is for building a business as well as life.
Ask ARE YOU READY?: I have seen people who have started without being ready. Why? Just for the sake of starting. I don't want to doubt you. But, I need you to be confident enough to answer this. Ask this question before starting. Ask this to yourself, are you ready? Also, ask that are you ready for the worst-case scenario? Are you prepared for it? Be honest with yourself. And if the answer comes yes for both, then you are all ready to go ahead.
I don't want to make you FEAR. I just want you to be CLEAR. These are some of the important qualities. I have given you a basic knowledge of startups. If you want to start, then know your purpose first and then check if you have these qualities. You can build them as well. Trust yourself while considering all the facts and reality.