Why Start a Business in 2018?

So, you have entered 2018 with a plan to follow your business dreams. Do you have what it takes to go it alone?

Non-entrepreneurs may be attracted by the obvious advantages of flexible working hours and being your own boss that you just can’t get when working for someone else. However, entrepreneurs will tell you that ‘flexible’ working hours usually means ‘longer’ working hours, and that being responsible for every decision is often a burden. No other position in an organisation carries as much responsibility, burden, triumph, stress or excitement as it’s leader.

Here are 5 characteristics that you need to be a successful entrepreneur:

1. A can-do-attitude

Starting your own successful business is a difficult process, so shouldn’t be taken lightly. It is important to become a ‘yes’ person so that it reflects on your attitude towards work, as well as others around you. A good leadership role model sets high standards of accountability for themselves and their behaviours.

2. Product and Market Knowledge

Most entrepreneurs either improve an existing product or service, specialise in a particular sector within their market, or create something new and innovative. To do any of these you must know your product and market inside and out.

3. Great communication skills

As a business owner, you will be communicating every day with a wide variety of different people, all with different personalities. These people could be anyone from your employees, suppliers to potential investors. Therefore, you should take the time to learn how to communicate with them effectively.

4. Strong money management

When starting and managing a small business, money concerns often top the list for most small business owners and entrepreneurs. Our accountants can help you understand your business finances and cash flow, so that you are better prepared to make smart money management decisions.

5. Willing to take risk.

As a successful business owner, you need to be ready and willing to take calculated risks. In Mark Zuckerberg’s words, "In a world that's changing so quickly, the biggest risk you can take is not taking any risk."

If you have passion for your business idea and the enthusiasm to turn your idea into a reality, then anything is possible. It really doesn’t matter what your age is or what experience you have, the only person standing in the way of you and your business venture is yourself.

Our business start-up accountants can help you prepare your business plan and financial forecasts, and with your bookkeeping. As business advisors, we will support your business, helping it grow and achieve its goals. Contact us today for a free consultation with our chartered accountants.