4 Essential Traits to Running A Business or Being Self Employed

Running a business or being self employed is not a simple task nor is it suitable for everyone, it requires a unique set of skills that one must continuously work on throughout their career. With that said, let’s explore the essential traits that one would need in order to pursue the life of self employment or being a business owner. 

1. Be an autodidact

For anyone who may not know, an autodidact is simply someone who is self taught. One who can teach themselves any skill or trade through a unique learning system that they have formed to accommodate their learning style that may not be suited for everybody. By being able to take a subject and create your own curriculum that is effective and allows room for improvement through trial and error. This is one of the best skills to have to achieve success in the realm of self employment or owning a business because you are able to teach yourself anything and not depend on a standard system to learn the things that interest you. 

2. Have self discipline

The 9–5 life can be stressful depending on the field that you are in but, can be relatively straightforward in terms of day to day task. When faced with self-employment or running a business there isn’t a higher up saying when you have to get something done or when you have a deadline because you are your own boss at that point. Getting up early and beginning your to do list is on you and while no one will penalize you for not completing certain tasks in a specific time frame, you will see a number of people no longer desire to do business with you. To know when to work and play is another extremely essential skill in order to run a successful business or be able to maintain being self-employed. 

3. Be a creative problem solver

Day to day tasks often are very unpredictable when you are self-employed or running a business. You could have a meeting in the morning, then need to finish a document by the end of the day, chase down payments by next week, create an ebook for a summer release, etc. In a nutshell, nothing is the same everyday so you need to be prepare to handle random things thrown at you everyday than expecting to have the same kinds of tasks all the time. This again goes back to being an autodidact and creating your own system for day to day things to ensure your own success!

4. Financial Literacy 

When you are your own boss and not facing taxes with every pay check it is especially important to know how to move your money around. There is so much temptation to spend or misuse your money, however; everyone has to pay Uncle Sam at the end of the day. 30% of all of your income goes to the federal government and that doesn’t include special business tax depending on what kind of company you have, the state tax or any other special tax that you may be subjected to. It is important to know how to have a nest egg, how to have your money prepared for taxes, how to have health insurance, and buy food and maintain a roof over your head. Financial literacy is an everyday thing that any small business owner and self-employed person needs to know in order to create long sustaining success in this lifestyle.

What is another essential trait that I may have missed or you think is very important? Are you self employed or run your own business?

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