What it Takes to Start a New Business 

Almost 600,000 new business start each year. Do you have what it takes to be one of the entrepreneurs who plan to open your own business this year? Here’s a list of some of the characteristics that may help you.Discipline- You need a plan and then you need the discipline to stick with the plan. People will hesitate to even begin to do business with you if you don’t have what it takes to stay in business very long. That discipline is important to me. I get my hair cut by women who have the discipline to run a great business, I go to church where- I agree with the doctrine- but they also run a disciplined business. That makes me confident.Risk taker- Starting a business is all about taking a calculated risk. Few people want to take more risk than necessary, and I think minimizing your risk is important, but you will be risking your reputation, your money and your time when you start a business.Spirit of excellence- Building a business takes hours, days, and years of consistent excellence. You will not have repeat customers if you always fail. Mistakes are normal, but you need to be committed to an attitude of excellence in your business activities.Determination- You need passion, a fire in your belly, a determination to succeed because you won’t get every contract, not every person will want to hire you- and really you don’t want them anyway. Not every human being breathing is a good customer for you services. Being an entrepreneur can sometimes be discouraging, so you need to be determined to succeed.Communication- Owning your own business means doing it all- at least at first. You need to share your passion for your goods or services. You need to negotiate with suppliers, you need to work with employees and train them and instill your passion for the work in them. You may need to work with investors and convince them of the excellence and worth of your business. Communication is key to your success.Energetic- To do all this you need to be hardworking and have a lot of energy. It really doesn’t matter what you are doing for your business, you will probably need all these skills to succeed. Live long and prosper!Marion R. Syversen, MBA – [email protected]com Check out our website that includes weekly streaming Voted Bangor’s Best Financial Planning Firm 2009 by Market Surveys of AmericaIn compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.