Running Your Own Business: Have You Got What It Takes?

There has been a recent stream of articles encouraging Careers Advisers to promote self employment options to students and graduates.  Those who are long in the tooth will recall this is something that happens now and again at times when youth unemployment statistics are particularly shocking.  Incidentally the latest US term for the current batch of well-qualified individuals who cannot find suitable opportunities is "Generation Limbo".

Ignoring the cynical interpretation that your country needs the unemployed to start up businesses because there aren't enough jobs to apply for, there is no doubt that self-employment is a serious options for many graduates.  And there is a lot of evidence that those who acquire the necessary skills also make themselves more attractive to employers.

It is sometimes stated that entrepreneurs are mainly born rather than created. But what are the qualities that mark out the potential business tycoon?  Here is my stab at listing seven key qualities that many self-employed people possess:

1) Creativity

Essential to the process of creating a business opportunity, your ability to produce ideas, spot new ways of doing things and find undersupplied 'niche' opportunities are often the vital factors that will help you decide the direction your business needs to take. 

2) Commitment

The need to work very long hours in sometimes trying circumstances for little or initial reward is a component part of many business start-ups. Are you convinced it will be worth it?

3) Tolerance of Frustration


...resulting from the many obstacles placed in your way. Examples are legislation, tax, bureaucracy, problematic customers, suppliers and employees, banks and accountants. To even get started you will invariably have to produce detailed business and marketing plans for potential funders.

4) Acceptance of Risk

Although there are some businesses that can be run with minimal outlay, you need to be able to live with the possibility of spectacular failure and major financial loss.

5) Resilience

The stresses of being self-employed can affect your health and relationships. Are you the sort of person that sees an opportunity in every setback?

6) Networking Skills

Being self-employed can mean spending large amounts of time on your own, but you also need to be a great networker. Other people are potential customers, suppliers, partners and providers of new ideas. Can you win people over?

7) Obstinacy

If you read all this negative stuff, and still want the rewards and the freedom to determine your own destiny that self employment offers, then maybe you are the sort of person to give it a try!

For more information about self-employment, take a look at this Delicious stack put together by our Careers Advisers in Carlisle.

Note: This post was inspired by Dan Hawes' article "The Age of The Entrepreneur" in Phoenix magazine.