Is running a business for you?
You think you've got a great idea for a new business and you're ready to give up your day job. But before you do, it pays to consider whether you've got the personal skills to make it a success
According to Michael Veasey, start-up and enterprise development manager at Business Link for Essex, an aspiring entrepreneur's personal qualities are at least as important, if not more important, than the idea they have.
And the key trait, Veasey believes, is sheer determination to make the business work, as well as enthusiasm and passion for what they are doing.
"Starting a business is never a smooth path," he warns. "Everyone has moments of self-doubt, but someone starting their own business needs to be able to ride through a storm."
Another important aspect for prospective entrepreneurs to consider is whether they have the necessary finances - or can arrange the necessary finances - to see them through until the business starts making enough of a profit - which may be some time.
"It is very unlikely that people starting a business will get a quick return," adds Veasey. "Budding entrepreneurs need to realise that firms often get to their third year before making a profit."
It is also worth remembering that perks gained from being an employee will no longer be available, such as sick pay or money for working overtime. And even though you might be starting your own business to ultimately have more flexibility, in the very beginning you often need to work extra hours to make your venture a success.
Enterprise Fenland