Self-employment : Skills and qualities

There is a high level of commitment involved in starting a business so you need to take a good hard look at yourself to see if you are ready for this challenge. Auditing your skills and personality and building a support team of family, friends and advisers is as important as your idea and motivation.

Specific academic and professional qualifications may be essential for some self-employed professionals, such as dentists and barristers, so check your credentials.

Essential qualities include:

• willingness to take risks;
• acceptance of uncertainty;
• natural networker;
• self-discipline;
• a total commitment to hard work;
• passion;
• energy;
• creativity.

Sir Richard Branson and Lord Alan Sugar are examples of successful business people who possess these traits but don’t have a degree.

Have you got what it takes?

In terms of your attitude to this way of life and working, you should ask yourself the following questions:

Could I be a (calculated) risk taker?

No business is risk free, so you need to judge the level of danger correctly and then be sufficiently well prepared to live with the consequences.

How do I respond to uncertainty?

Do you find this exciting rather than worrying? Are you prepared for changing markets, competition, and economic fluctuations? Will your hunger for change and to bring your business into reality be enough?

Am I opportunity aware?

Given even half a chance, do you take it? Better still, can you see it coming before anyone else does? Or are you too cautious or over-analytical?

How hard can I work?

Being self-employed is not an easy option, especially if you are working on your own. Results are often only produced by working long hours and doing routine tasks rather than bringing off high-powered business deals. Failures and disappointments are common but often make you more resilient for challenges ahead.

Am I a realist?

Can you gauge in practical terms what can be achieved or produced within a certain period? In business terms this translates into:

• being aware of limitations;
• striving for speed, efficiency and quality;
• pricing your output so that it appeals to clients but at the same time pays you a realistic wage.

Can I see the consumer's point of view?

Are you able to visualise the product or service you are offering through your customer's eyes? Cultivate being customer-centric.

How well organised am I?

You will have to be an excellent time manager. If you do not already possess this skill, it can and must be learned. How else will you:

• juggle tasks;
• meet multiple deadlines;
• prioritise conflicting demands;
• cope with basic administration such as sending out invoices?

Do I plan ahead?

Having a vision, a mission of clear goals allied to constant appreciation of your business’s unique selling point will fuel your planning. You need to do this to minimise uncertainties and maximise your chances of success.

Will I be able to network?

It is essential to be able to market yourself and your business, often in social situations. Constantly putting yourself in a position to meet potential customers or contacts is a prerequisite. Does your networking lead to action or just make you lots of friends?

Am I computer literate and numerate?

What is your relationship with computers? If you are not totally familiar with any of the admin functions you need, you may have to pay other people to help with bidding for funds, doing the accounts and dealing with IT.

Do I have commercial awareness?

Do you know how to:

• attract and retain customers; 
• make a profit;
• corner a share of the market?

How committed am I?

Do you believe in yourself and in your own business idea? Self-employment is not always a comfortable option or an easy alternative to finding regular work. Doubts or a half-hearted approach can be disastrous.

Am I self-motivated?

Running a business can be a lonely occupation. No one is going to motivate you other than yourself.

What does professionalism mean to me?

Will you:

• turn up to meetings on time;
• present a business-like image;
• do the necessary homework?

It is essential to make a realistic assessment of your talents and work out whether you lack any of the skills essential to the success of your project. You may be able to acquire some of these skills and techniques through training or courses.