Thanks to the global COVID-19 pandemic, many of us have been spending a lot of time at home. Some people have chosen to enjoy this time by relaxing, while others have chosen to explore new ventures—such as setting up an online business. In fact, you may have seen friends and relatives make the most of it by starting their own online businesses.
It’s not a bad idea at all: recent research from Rakuten Insight shows that during the pandemic and the resulting community quarantine, around 70% of people shopped for products online several times a month. So, if the idea of jumping on board and becoming an online seller has crossed your mind, then you’ve come to the right place.
Should you start an online business?
The first thing to consider about starting an online business is if you are cut out for entrepreneurship. Here are four essential traits that successful entrepreneurs share and that you’ll need too, before you enjoy the benefits of having your own business.
- Perseverance – Motivation comes and goes, which means you’ll need the discipline to get up every day and do everything it takes to keep your business running. This also means dealing with the financial risks and pushing through despite them.
- Decisiveness – Decisiveness goes hand-in-hand with perseverance. You may be able to work hard and keep going, but that won’t mean much if you can’t be firm and decisive. You’ll need the nerve to make important moves and decisions for your business, especially if you’re working as your own boss or running a team.
- Adaptability – Operating a business requires considering a lot of factors and adjusting accordingly. If you can’t follow where the customers go, such as different social media platforms, you won’t be able to sustain or grow your business. While you’re taking the right step in considering an online business, there will be times when you must follow trends.
- Creativity – Where adaptability is accepting what you need to do to keep your business humming, creativity is the ability to execute well. You’ll need to be creative to stand out in your chosen field and bring in a steady flow of customers and partners.
If you find that you don’t possess all traits—don’t worry. No one’s going to stop you from doing what you want, and there’s no better way to practice entrepreneurship skills than by actually doing it. Don’t be afraid to make mistakes—just be ready to learn from them.
How much more personal freedom do you get?
Are you tired of working for someone else? Think you have the best ideas for work? Don’t want to travel to an office or store every day? Good news!
Running your own business gives you unlimited freedom to do things your way and have more time for the things that matter to you. You set your own hours, you can run it from your own home, and you get to be your own boss. If you’re the kind of person that prefers their own structure, what could be better than that?
The ability to set your own boundaries and deadlines is an attractive prospect, tempting many people into becoming entrepreneurs.