Epic Business Plans

According to a study by USA Today, you’re not alone; 72% of people polled said they would rather work for themselves. At first glance, it sounds great: you get to make your own hours, go to work at will, enjoy long vacations, and take home a hefty paycheck.

Ask any small business owner just starting out, however, and they will likely agree with Small Business Watch – the reality isn’t so rosy. On average, small business owners work 60 hours and a minimum of six days a week, including holidays, makes less than the average minimum wage worker in the first year and are the person that solves the problems while balancing home and social life. So, think you still have what it takes to be a successful business owner? You need to be prepared. While having a college degree doesn’t hurt and passion and skill are important, the following attributes that have been compiled from a survey of profitable entrepreneurs, academics and investors as influential in becoming a successful business owner may surprise you.

Tenacity: Whether your business relies more on your smarts or rolling up your sleeves and using good old-fashioned elbow grease to get the work done, sometimes the best business ideas fail to take hold because of under-capitalization, lack of appropriate market understanding or just plain frustration. According to the SBA, one in three small businesses fail within the first two years and more than half within the first four. Persistent determination coupled with a solid idea is a great foundation for a business owner.

Time Management: With the added pressure of multiple responsibilities and the freedom and flexibility of working for yourself, many new business owners find there just aren’t enough hours in the day. Being able to successfully manage your time by using a calendar and making a prioritized to-do list or developing a system that works specifically for you is necessary in ensuring all tasks are completed.

Support: Putting in long hours and cutting out much of the time you would spend with your family can have a serious effect on your relationships. So whether you are married with children or just enjoy evenings and weekends out with friends, an understanding and empathetic group of personal advocates is essential in supporting your venture.

Technology Proficient: Setting up a home office with a computer, fax machine and cellphone can cost as little as $1,000. Add a professional-looking website (or do it yourself), and you are able to compete with the bigger, more established companies. However, it’s impossible to take advantage of these lower costs if you aren’t comfortable using word-processing, database, spreadsheet, and presentation programs yourself. Feel overwhelmed by the constantly changing face of technology? The good news is that community colleges and universities offer all types of tech classes for low fees to learn these crucial sets of skills in the ever-evolving market.

Social Responsibility: This may seem a bit confusing, after all, aren’t entrepreneurs out to make money? The answer is yes, however, being socially responsible can also contribute immensely to a  successful businesses. In the current economic climate, end users are looking to maximize their dollar not only through getting the most desirable product for the money but seeing it provide a social benefit whether it is serving the economically challenged, protecting the environment or any number of other social causes. Defining your social responsibility early on can identify your business as valid and worthy, positioning it more desirably within the market.

Having a developed set of skills, a broad knowledge base, and the right tools can help you build a successful business. With the right planning, guidance, and support, being your own boss can be an incredibly rewarding adventure.