YOU the Entrepreneur!

By Mary Eileen Williams

The reasons for starting your own business are numerous and vary from individual to individual. Although each enterprise is unique, there are several key components that form the foundation for every successful venture. It goes without saying you need to perform your due diligence: assess the marketplace, analyze the competition, build a business plan, and secure funding. However, there is much more to the process and these additional factors can make or break your chances for success.

Growing a business, whether online or brick and mortar, generally requires a substantial outlay of resources in the form of money, time, or both. But the intangibles that make up who are you as an entrepreneur are of equal, if not greater, importance. Personal and interpersonal factors, i.e. how you feel about what you do and how you present yourself to others, are the keys to successfully establishing yourself in the marketplace.

Essential components for succeeding as an entrepreneur include having a passion for what you do, the skills to do it, your personal temperament and style, and your ability to effectively articulate what you provide to customers and clients. Accordingly, anyone contemplating going into business should carefully consider the following:

How passionate are you?
What is your level of commitment?
Which aspects of your life are you willing to forego to build your business?
How enthusiastic are you about the product or service you provide?
What drives you to perform at your best?
Which external rewards are important to you, e.g. income, recognition, authority?
How do you get a sense of internal reward; how does this make you feel?
What is your personal vision of success for yourself?

Analyze past achievements and identify your unique abilities:
Identify at least ten examples of when you felt especially successful.
What are the key elements of your successes?
Which skills did you use to achieve these outcomes?
Which talents come naturally to you?
Using which of your abilities energizes you the most?
Which of your skills do others most often recognize and complement you on?

Your Personal Temperament and Style:
What personal traits do you possess that make you successful?
Which types of environments contribute to your sense of satisfaction and success?
How do you feel validated?
How do you contribute in meaningful ways?
Who are you as a person and what makes you unique?

Spreading the Word—Your Added Value:
What is your level of experience performing this service or promoting this product?
In which environments did you gain this experience?
What do you bring to the marketplace that others do not?
How is your service/product relevant to the current needs of your potential customers/clients?
In which ways will people or organizations benefit from working with you?
How does your product or service outperform the competition?
What are the ways you add value?

Without a doubt, there is much to consider when stepping out on your own. Nevertheless, with a passion for what you do, an in-depth knowledge of your unique skill-sets and style, and an ability to distinguish yourself from the competition, you are well on your way to success. Your passion, commitment, flexibility, and vision will stand you in good stead as you embark on one of the most exciting and rewarding ventures of your life!

About the Author
Mary Eileen Williams, M.A., N.C.C. has close to twenty years combined experience as a career/life transition counselor, workshop facilitator, university instructor, and writer. Both her blog, Feisty Side of Fifty, and her radio show, Feisty Side of Fifty Radio celebrate the lives of women fifty and better.