Personal Considerations Pt. I: Characteristics Impacting Success in Small Business

Personal Considerations Pt. I.

The question at hand is how might the following characteristics impact success in small business: Life experiences, parental influence, career displacement, and education?

All of these factors on an individual can have a positive or negative impact on their business venture. Life experiences, including career displacement, can be the reasons why a person chooses to go into small business. For example, people who have worked in a job for years, and suddenly get fired or laid for reasons in which they don’t agree with, may decide that its time for them to try something completely different like entrepreneurship.

Parental influences can have a major impact on how a person feels about him or herself. How a people feel about themselves has a direct impact on whether they will even consider going into business. People who do not believe in themselves or their ideas are less likely to try to go into business for themselves. Entrepreneurship is not for the faint of hear, one reason is simply because most entrepreneurs are sure to fail or face rejection several times throughout the course of their venture. For a person who constantly seeks the approval from not only parents, but from other people in general may not be as successful in business if their parent, or the people that they look up to do not believe in their entrepreneurial vision and dreams.

Whether or not one is successful in their entrepreneurial endeavors has a lot to do with that person’s personality and characteristics as several research studies suggest.¬†Characteristics are developed throughout childhood and on into adulthood. Character is important for entrepreneurs who have to deal with customers directly because customers must have trust in the company or individual from which they are buying. Characteristics like honesty, loyalty, and integrity are valuable to entrepreneurs who are starting off and looking to build and maintain a strong base of clientele.

Some people say being smart is not as important for an entrepreneur as having drive. However one must keep in consideration that there are different types of entrepreneurs. To one entrepreneur, he or she may not feel comfortable taking risks unless they are educated and considered an expert in the field in which they desire to take the risk.

Then, there are other entrepreneurs that do not get hung up on the fact that they are not an expert in the field. Expertise is a minor boundary for them, to be easily overcome by hiring experts once the venture is successful. What matters most to them is that they are able to recognize a strong business idea and because they like to create businesses they are willing to take a risk to bring the idea to fruition and to market. These types of entrepreneurs are experts in starting small business ventures that can be successful. Entrepreneurs like this have the ability to be successful with or without a formal education.

All in all, factors such as life experiences, parental influences, career displacement, and education all play a major role in whether an entrepreneur will be successful in his or her business. It is through these very things that entrepreneurs are shaped, and the idea of being an entrepreneur is embraced. Most importantly, it is the lessons learned, and the decisions that are made based off of these characteristics that the budding entrepreneur encounters that make the impact on the person’s overall success.

Links of interest:

“What’s Your Type” By: Bill Wagner (Article & Personality Test)

“Characteristics of an Entrepreneur” By: Cathy Presland (Video on Youtube)