Are you Cut Out to Run a Startup?
Many people dream about running their own business. However, what most people do not realize is what it actually takes to create and run a start up company. There is a lot of work involved, but aside from the work there is a definite set of skills that a person must possess in order to be successful.
What To Expect
The start up environment is not very pleasant at all and is something that very few people will find enjoyable. You have to be prepared to live for months without a salary. During this time you will not have access to any live product and you will be spending your time experiencing lots of trial and errors. Perhaps the hardest thing to face during this time is the rejection. People are going to tell you no. Then more people are going to tell you no. You have to be ready to face this and keep going. This is not an easy situation to be in.
Many people read the stories about companies like Groupon, Facebook, Twitter, and even Google and think that they can do that. However, the truth of the matter is most start up companies fail. The start ups that actually do end up being sold are typically not extremely profitable. However, these are not the outcomes that you read about; only the start ups that resulted in a high profile exit or a complete bust are noticed.
What Do You Need To Run A Start Up?
In order to run a start up you are going to need a strong desire and motivation to work hard for something that you believe in. You will need to choose an area that you are interested in and willing to devote the time and effort required into developing a product or service that can be used effectively. Some of the personality attributes a person will need in order to be successful at running a start up include.
- Curiosity: in order to run a start up you need to have a fine sense of curiosity. You need to wonder how and why things work and how and why things are the way they are. You need enough curiosity about something in order to have the motivation to want to learn as much as possible about a particular subject.
- Hustle: you have to be able to hustle in order to successfully run a start up business. Remember, before there are any employees it is just going to be you and perhaps a partner. You will have to be able to run all aspects of the company. This means you will be making the phone calls, you will talk to clients, you will face rejection, you will package the items, and you will ship the items. You have to be able to handle any issues that are thrown at you. You need to be able to work with deadlines to make sure that everything is done on time. If you do not have the curiosity to figure out the best way to run things and the hustle to pull it off, you may want to consider a different career.
- Follow – through: this trait is similar to hustle. You have to complete each task that you have set for yourself. You need to have a to do list and make sure that you check an item off it each day. It becomes rather easy to get stuck in the day to day monotony of the work. Make sure that you keep the company moving forward by taking little steps each day.
Who Should Not Consider A Start Up
When it comes to running a start up you need to be very honest with yourself before taking the plunge. You need to first consider your personality and whether or not you think you can honestly succeed in this line of work. Running a start up company takes time and commitment. You need to be able to lead others when the time comes to hire people. People that run successful start ups are typically those that are capable of thinking outside of the box.
You must be able to handle uncertainty and a bit of unpleasantness. When you create a start up company there is no guarantee of success and you must be able to handle the stress that comes with not knowing. You also have to be able to deal with rejection and move on. In addition to the personality requirements you need to also be able to work without a salary for an undetermined amount of time. This is the reason that many people do not attempt to run a start up company. If you feel that you can handle the stress, are a born leader, and are ready to take the plunge a start up company just might pay off.