Skills You Need to Build a Thriving Business

If you are interested in launching your own business, you may wonder if you have what it takes for it to be a success. Too many people mistake passion for skill, and unfortunately, passion is not enough to create a successful company. If you attempt to launch a business without the skills you need, you may find that your passion switches to burnout rather quickly. Preparation is the first step to realizing your goal of self-employment. Jumping in and launching a company because you have impulsively quit your job is likely to lead to frustration and failure. Spend time making plans and learning the skills you need to create success.

College Matters

If you are looking to start your own business as a way to avoid continuing your education, you may want to rethink that plan. Sure, you won’t need that college degree to make yourself attractive to potential employers if you work for yourself, but there are many valuable skills you will learn in school. Additionally, that degree may be necessary if you plan to borrow money to back your venture.

When you are a business owner, you have to be comfortable doing a little bit of everything. Sure, once your business grows, you may want to hire out more of the responsibility. In the beginning, the marketing, negotiating with vendors, understanding cash flow and other financial details, and managing employees all rest with you. Once you expand, you may take a step back from some of these duties, but you still want to know enough to understand what is going on with your business. If you are avoiding college because of finances, take a few minutes to use a FAFSA calculator. This calculator allows you to estimate the amount of aid you will qualify for. From there, you can determine the costs you will need to cover. If the number seems high, you should know that private student loans can cover these costs and allow you to earn your degree.

Working with Others

Often people are drawn to working for themselves because they have trouble interacting with others. The flaw in this thinking is that you will still need to interact with others when you run your own business, and if you have trouble building and maintaining relationships, there will not be anyone else to cover for you. If you know that working with others is a weak point for you, start working to get over this hurdle. Taking up meditation, for example, may allow you to push frustration aside when working with others. If making yourself clear, and being heard and understood is the issue, a group such as Toastmasters can help.


Launching and running your own business is a series of highs and lows. If you are someone who likes a stable situation, working for yourself is probably not the right choice for you. You must be able to deal with frustrating situations, look past failures, and get up the next day and do it again. It is easy to romanticize the idea of self-employment, and it can be highly rewarding, but it is not for everyone.


Sasha Douglass

Get started image

Ready to get started?

Get the expert support you need

Start Now

Related Articles

Manage Your Time Wisely by Breaking Out the Detail

by Brad Egeland, on July 20, 2022

Stop Criticizing Others

by Meredith Bell, on July 20, 2022

Book Excerpt Part 2: Instinct

by Thomas L. Harrison and Mary H. Frakes, on July 20, 2022

Book Excerpt Part 3: Instinct

by Thomas L. Harrison and Mary H. Frakes, on July 20, 2022

Book Excerpt Part 5: Instinct

by Thomas L. Harrison and Mary H. Frakes, on July 20, 2022

Sell More: How to be First with Motivated Buyers

by Craig Elias, on July 20, 2022