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Lay the Groundwork

Lay the Groundwork

Entrepreneurs launching new businesses must recognize and understand their own strong points and limitations to compete in a crowded market. Learning to play to strengths and to offset weaknesses helps cultivate the positive attitude and leadership skills intrinsic to success.

The Right Stuff

If you’re not sure you have the right qualifications to become an entrepreneur, conduct a systematic self-assessment. Start by listing characteristics you believe a business owner should possess. While these can vary, experts agree the following are essential:

Take a hard look at these criteria, as well as others you deem important – and give yourself an honest rating. If you seem deficient in one or more of these areas, think about hiring an employee or partner possessing the skills you lack. Better yet, develop these traits by working with a business coach or attending classes targeting entrepreneurs.

Finally, if the thought of formulating your own assessment tool makes you cringe, try one of the many available online. The U.S. Small Business Administration provides a comprehensive questionnaire regarding business readiness, as do various universities and professional groups.

Forge a Positive Attitude

Successful business owners are optimists able to weather the rough spots without losing heart. This is no easy task, especially with the planning, funding and other innumerable elements involved in starting a company. To stay positive and forward thinking, use these motivational tips:

A Word about Leadership

The most successful business owners not only take concrete steps to ensure a strong business foundation, they also strive to cultivate their own leadership skills. In fact, dynamic entrepreneurs share common traits and characteristics that ignite their visions and engage their followers.

Besides demonstrating solid integrity at all times, they maintain clear staff communication and share credit for successful projects. They also work with employees in an objective, respectful manner to achieve goals and reward success. Finally, real leaders keep up with developments in their fields, admitting mistakes as they happen and remaining flexible when challenges arise.

The information included on this website is designed for informational purposes only. It is not legal, tax, financial, or any other sort of advice; nor is it a substitute for such advice. The information on this site may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate, in parts. It is the reader's responsibility to comply with any applicable local, state, or federal regulations, and to make their own decisions about how to operate their business. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information, no guarantee of results, and assume no liability in connection with the information provided.