Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. However, becoming a successful entrepreneur requires thorough planning, creativity and hard work.

Characteristics and Skills Commonly Associated With Successful Entrepreneurs

• Comfortable With Taking Risks
  Being your own boss also means you are the one making tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks? Then read on.
• Independent
  Entrepreneurs have to make many decisions on their own. If you find you can trust your instincts - and you are not afraid of rejection every now and then - you could be on your way to being an entrepreneur.
• Persuasive
  You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be challenging. If you enjoy public speaking, engage new people with ease and find you make compelling arguments grounded in facts, it is likely you are poised to make your idea succeed.
• Able to Negotiate
  As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.
• Creative
  Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.
• Supported by Others
  Before you start a business, it is important to have a strong support system in place. You will be forced to make many important decisions, especially in the first months of opening your business. If you do not have a support network of people to help you, consider finding a business mentor. A business mentor is someone who is experienced, successful and willing to provide advice and guidance. Read the Steps to Finding a Mentor article for help on finding and working with a mentor.

Still think you have what it takes to be an entrepreneur and start a new business? Great!

We invite you to review our other resources available under Small Business section to help ensure you have thought about the right financial and business details.