South Africa
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You are the business
Business Planner - 2 you are the business
Step 2

Assess your strengths and weaknesses as an entrepreneur

Assess your skills and strengths

The success of your new businesses is dependent on one thing – you, the entrepreneur and owner of the business. You are going to be the one making the decisions and your business will rise or fall based on those decisions. The quality of your decisions depends on your what entrepreneurial skills and strengths you do and don’t have. What are your entrepreneurial strengths? What are your weaknesses? How will these affect day-to-day operations?

Focus on your strengths
We are always being told to focus on our weaknesses and work on them until we become strong in those areas. However, think about the times when you are at your best. When you’re in the zone and performing at your highest level. You can be sure that’s when you are using your strengths, not when you’re ignoring them in favour of trying to correct a weakness that you might never manage to master.

Success in our lives is driven by our strengths. They motivate us. Inspire us. Energise us. Drive us. It’s quite simple: the things you’re good at – do them and do them well. The things that fall outside of your expertise – don’t spend hours doing what will inevitably be a bad job. Instead find another way to compensate for what you might be lacking.
Outsource your weaknesses
There’s an excellent saying amongst entrepreneurs:

“Focus on your strengths and outsource your weaknesses”

Outsourcing the tasks and processes that require specific skills, expertise, or knowledge that you may not be your strength, does not only save you precious time and money, but it could also have a profound impact on your success.

 
Outsource to people who are willing to help you
Admin is a vital function for every successful new business and is extremely important. Let’s say that you are absolutely hopeless at admin, but a family member is excellent at it and enjoys it – they might be willing to set up an efficient system and manage it for you.
Outsource to people you pay
If, for example, you really are not good at bookkeeping, constantly struggling resulting in wasted time, and running the risk of incurring financial errors. A qualified bookkeeper would be the ideal solution to save you time and get the job done efficiently and correctly, allowing you to see where your finances stand at any time.

The key to successful outsourcing is to be clear on the scope of the tasks and processes you wish to outsource and choosing people who you trust to deliver the results you desire. You can also outsource weaknesses to systems and routines, such as daily or weekly checklists.
How will you know how you’re doing?

When you are working as an employee, your boss and performance reviews tell you how you are doing. But as a business owner it’s almost impossible to know when you are stagnating or becoming complacent. Who can you trust to honestly tell you how you are performing as a business owner? It may be –

  • Someone else who is a successful business owner
  • Someone with good business experience
  • A business mentor
  • A business professional, such as an accountant
     
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