Millions of people every year are looking at starting their own home based business. But many of these people have not had any experience in business other than the job that they had. This poses a big problem. So what are the 2 biggest skills that is needed to create success in the home based business industry?The first skill that is needed is the skill of being discipline with yourself. Many people have discipline and they use this discipline every day. They get up out of bed when they don’t want to because they have a job or they go run an errand that they don’t really want to do. But this is not really the discipline that it really takes to create real success in the home based business industry.It’s having the mindset to keep going for your goals even when they seem so far away or when you are tired because you have been off doing other things like having a job. It’s having this kind of discipline to keep going for it no matter your current situation is. This is the kind of discipline that is needed to really attain success.The second skill that everyone needs to create success in this industry is the skill of getting along with other people. If you want to build a business, any business, you will end up needing to deal with people. It’s just a fact of business; either through hiring employees, outsourcing to other companies, and even your customers. All of these will involve people and you having to deal with them.So this skill of getting along with people is vital to your success. If you do not have this skill, people will not want to work with you or for you. If this happens, you will have a very hard time having your business grow.Take these 2 skills and master them. The sooner that you master these skills and start having them work for you instead of against you, the sooner your business will take off.
It goes without saying that before entering into the business industry, the biggest challenge that would-be entrepreneurs face is funding. Between investing in our own business and asking for loan from investors and government agencies such as the SBA, the most common choice is the latter. Why? Because most likely, people are afraid of taking risks. Entering the business industry is a risk. Whether you raise your own capital out of pocket or scout around for available small business loans, there are calculated risks either way.Here are some advantages I got as takeaways between bootstrapping and getting new business loans which I have compiled after reading The Hidden Benefits of Bootstrapping and the Advantages of a Business Loan:Bootstrapping: You have an opportunity to be creative so there wouldn’t be an issue of monotony. You have a free rein on how far you want to go because you are not dictated by another company or person who lent you money. There is also lesser room for errors because you know it is up to you for your business to be a success and there is no pressure from other people or other companies.New Business Loans: You have a lesser liability because if your business would declare bankruptcy, it would be reflected on your business credit score. By getting a loan, you may feel emboldened to take on new heights in your business, something that you would not consider, at least for a while, if you are doing bootstrapping because of the risks it poses. If your credit standing is good and the economy is doing well, the loan amount would be greater giving you a wider range of opportunities for the betterment of your business.Of course, these are just my $0.02 on the financing options available for entrepreneurs. On a more personal note, bootstrapping is still the best course of action to take when you’re doing a startup. New business loans could be taken advantage of when you have established a strong enough client base and a good business credit standing.