Taking your first steps towards setting up and running your own business can be exciting, nerve-wracking and challenging. For many people it’s a brand new way of working, presenting a number of issues they haven’t faced before.

There’s a great deal of practical support and advice available regarding the operational side of running a business, but it’s also important to consider your role. A savvy Business Manager can make a mediocre business a successful one; but a mediocre Business Owner can make a mess of even the best business idea.

To make the most of any opportunity you’re pursuing, it’s vital to understand your own strengths and weaknesses.

To help you prepare and plan, consider the following questions:

  • What aspects of running a business interest me?
  • What might I neglect or put off?
  • What functional skills (selling, IT, finance etc.) do I have?
  • How will I manage those areas I’m not confident in?
  • What’s my communication style and how will that impact building relationships, managing staff, suppliers etc.?
  • Who can I turn to for impartial advice and feedback?
  • Where will I go for help and assistance?
  • What resources are out there?
  • How comfortable am I networking and marketing myself?

Understanding your motivators, drivers, skills and personality is essential to becoming an effective entrepreneur. Take time to reflect on what the challenges of running your own business might be; isolation, accountability, lack of support, no benefits or training etc. and how you might approach dealing with these challenges.

The excitement and urgency of setting up a business can rush your thinking, so it can be helpful to present your ideas and thoughts to a neutral party. Hearing yourself talk aloud can often highlight flaws and inconsistencies which you’ll want to address before you get started.

This article was written by the business coaching experts at Chiumento.

If you're struggling to identify your strengths and weaknesses, a business coach could help. Contact us today.