According to U.S. Census Bureau information, American veterans are VERY successful small business owners. In fact, nearly one out of every ten small businesses in the United States is owned by a veteran. Talk about some compelling statistics!
Building a company from scratch is hard work and there’s no sugar-coating the fact that the process can take its toll on you. If you’re a veteran and thinking about starting your own business, it’s important that you first make sure you have the qualities needed to be a successful business owner since if you do, you’re more likely to succeed as an entrepreneur.
The most successful entrepreneurs in the world are very passionate about the work they do, regardless of the nature of that work. So whether you’re thinking of starting a business around your interest in a hobby or based on some past experience you have, you need to be very passionate about what you’re basing your business on. Without passion, you will likely lose motivation quickly because you never truly believed in what you were doing.
Regardless of how well you prepare yourself for entrepreneurship, the path toward success is always full of obstacles you must overcome in order to keep your business alive and well. This requires that you have persistence wherein you’re always focused on overcoming any problems you face. Without persistence, you’re more likely to give up your dream of being a business owner.
Building a business from the ground up requires both hard work and patience. While some startups are lucky and see success after just a few months, for most, it takes much longer to succeed. While you do need to be ambitious as a startup founder, you also need to be patient as you cannot force success.
Ability to Stay Focused
A good startup founder has the ability to stay focused regardless of any distractions or obstacles that get in the way of their success. If you’re the type of person who can stay focused when things go wrong or when facing difficulties, you’ll stand a better chance of succeeding as an entrepreneur. People without focus tend to allow unexpected circumstances to completely throw them off track wherein it’s impossible to meet both short and long-term goals.
Good Money Management Skills
Building a business requires that you have money to start, to operate and for living on while your business grows. If money tends to burn a hole in your pocket and you’re not the best at managing money, you’re probably not be cut out for entrepreneurship. The most successful business owners are very good money managers who do not get emotionally attached to money, allowing them to make sound financial decisions.
Excellent People Skills
A business is not about the products being sold, the prices charged or only about making money. Instead, a business is all about customers because without customers, you have no business. If you’re a good “people person” who can communicate well with others, you already have a great skill that every successful entrepreneur possesses. No matter what you do to ensure that your business succeeds, it all comes down to your customers as these are the people who will play the main role in deciding if your business goes boom or bust. In order to be a successful business owner, you have to realize that everything you do is for your customers including the products you offer, the prices you charge, the services you provide and the advertising and marketing you partake in.
A shy, introverted person who doesn’t enjoy talking to people typically does not make a good business owner. An effective business owner on the other hand is outgoing and someone who is comfortable around people. If you have a knack for communicating with all types of people in all types of situations and are open-minded with regards to other people’s ideas and thoughts, you probably have what it takes to run a business.