To embark on your own business or side hustle successfully, it is essential to begin with a self-assessment, where you take the time to evaluate your strengths and weaknesses. By understanding these aspects of yourself, you can make informed decisions when setting your short-term and long-term goals for your new venture.
In the words of Steve Jobs, the co-founder of Apple Inc: “The only way to do great work is to love what you do.”
So ask yourself: Will you genuinely love the work you’ll be doing in your new business? Your passion for what you do plays a significant role in determining your likelihood of success. When you have a genuine love for your work, it fuels your dedication and drives you to go the extra mile.
Your self assessment
Taking the bold step and becoming your own boss necessitates a diverse set of abilities, many of which will be required right from the outset of launching your new venture. Dedicate some time to identify your transferable skills and other talents that you possess, which can prove valuable to your business.
Prior to starting my first business, I found it valuable to seek insights from friends and family to find out what their perceptions of my skills were. Additionally, I engaged in thorough self-examination to identify any weaknesses I thought I had which can be tough but it’s crucial to find ways to overcome these weaknesses as much as possible, ensuring they have minimal impact on your business operations and the people you have around you.
Now, let’s delve into some essential questions that every entrepreneur should ask themselves before they start their own business:
Why You?
The very first question to ask yourself is: Do you have a viable and realistic business idea? Furthermore, do you possess the necessary drive, determination, skills, and energy to transform that idea into a thriving venture? If you find yourself lacking in any of these areas, how can you acquire the drive, determination, skills, or energy needed to ensure the success of your business?
Reflecting on my own experience, prior to starting my first ecommerce business, I had limited knowledge about website development and creating digital sales funnels. Recognizing the importance of these transferable skills for my business, I took the initiative to learn them myself. I understood that outsourcing these tasks would be costly, so I invested my time and effort to acquire the necessary skills.
Why Now?
Timing plays a crucial role in any market, and introducing the right product at the right moment can position you for success to such an extent that you may not need extensive advertising during the initial stages of your venture because your customers are finding your business themselves.
Therefore, it is imperative to dedicate ample time to conduct thorough research and analysis of your potential market and target customers. Take a close look at what your competitors are doing right and identify areas where they may be faltering.
By thoroughly understanding the market landscape and gaining insights into customer needs and preferences, you can strategically position your business to seize the right opportunities at the right time. This will enable you to deliver a product or service that resonates with your target audience and sets you apart from the competition.
To effectively structure your self-assessment, consider the following layout:
1. Identify your strengths:
- Evaluate your professional skills, such as people management, budgeting, website development, or client interactions.
- Assess your academic abilities, such as proficiency with numbers, languages, or artistic talents.
- Recognize the significance of your personal characteristics, which are often the most critical factors to analyze. These may include traits like energy, determination, creativity, or curiosity.
By carefully analyzing and listing your strengths in these areas, you gain a comprehensive understanding of the assets you bring to your business venture. This self-awareness will guide you in leveraging your strengths effectively as you move forward.
2. Identify your weaknesses:
- Acknowledge your inexperience in areas such as setting up websites, managing accounts, and managing people.
- Recognize the lack of knowledge you may have in areas like social media advertising or coding.
- Assess personal traits that could pose challenges, such as a lack of confidence, untidiness, or impulsivity (all weaknesses of that I personally have).
- Consider personal circumstances that may impact your business, such as the need to care for dependents or residing in a remote location.
By understanding and acknowledging these weaknesses, you can proactively address them. Seek opportunities to gain experience, acquire knowledge through learning resources or training, and develop strategies to improve personal traits. Additionally, explore ways to manage personal circumstances effectively, ensuring they do not hinder your business operations. This self-awareness will allow you to navigate challenges and maximize your potential for success.
3. Identify your interests:
- Consider what you enjoy doing in your spare time. For example, I have a passion for acquiring knowledge, this interest is extremely valuable in various aspects of my business as I am able to develop new skills very quickly.
- Reflect on the types of people you prefer to spend your time with. In my case, it’s entrepreneurs like you that I personally resonate with and enjoy helping as much as I can.
- Evaluate whether your hobbies or interests have provided you with valuable skills or knowledge. For me, my thirst for acquiring knowledge has contributed to the development of determination and consistency, which proves to be an asset itself in running my businesses.
- Examine social issues that ignite your passion. For instance, when I embarked on my first ecommerce business, I encountered a devastating lack of support and education. It was a challenging and daunting path, filled with mistakes and pitfalls. Determined to help fellow entrepreneurs avoid the same struggles, I created Everything Entrepreneur—an education platform dedicated to providing support to entrepreneurs just like you.
By incorporating your interests into your business, you align your work with your personal passions, which can provide a greater sense of fulfillment and motivation. Utilize your spare time activities, connect with like-minded individuals, leverage skills gained from hobbies, and address social issues you are passionate about. This integration can contribute to the overall success and satisfaction of your business journey.
Need to knows...
Hard skills: Skills that are acquired through qualification or certificate.
Soft skills: Personal abilities that you have developed naturally, such as problem-solving or creativity.
Transferable skills: Your areas of expertise, that can be easily transferred from one scenario to another.
