Tuesday’s= Starting a Business
I have an acronym for the characteristics needed by business owners today I am talking about what the I in FIERCE stands for:
Intelligent and Independent
Are you intelligent? Running a business takes a certain amount of brain power. You have to be good at something and you have to be able to see what is going on with your business. Are you smart enough to notice the patterns? Say you are running a convenience store, do you see that when people come in for milk they often will pick up other “impulse items”? Bigger stores have noticed this and they put items like milk at the furthest reaches of the store so that customers have to walk past all kinds of other products. This sort of analysis — figuring out what will encourage your customers to buy more from you — is what will increase your sales. But you have to have the ability to see what is happening and the processing power to understand it. And you have to use this analysis to make more money.
To run your own business, you have to be able to make decisions on your own. This is your business and you are in charge of it. You have to be able to make decisions, to be independent. If you feel that you need to talk to a bunch of people before you do anything, then you would be better off working as a part of a team, not on your own. Now it is possible that you will grow a business large enough that you will have a team, but this will not happen at the start-up stage.
You have to like being in charge; being responsible for the success of your business; being the person who hires and fires employees; deciding about accepting customers; and deciding which products should be sold in your business.