Do you have what it takes to be an entrepreneur?

Entreprenueurship has surged in these difficult times when almost someone you know is retrenched. When the job market becomes saturated, more and more people start to think about starting a business. To test whether you are suited for starting a business, I have deduced 5 qualities every entrepreneur should possess based on my own experience.

1. Passion
This is the most important ingredient for starting any business. The course of business never quite run smooth. Almost 95% of your friends and families will dissuade you and not believe in you. You must believe strongly in what you do especially when times are bad, and when you are not making money and your bank account is falling everyday. When I first started my business, my parents didnt believe me, my closest aunt didnt either, it was painful. If I didnt have the passion in what I do, I will have given up many times.

2. Stamina
Unless you intend to start a business, get a quick buck and end in 2 years, you need stamina to build your company, your brand, your empire. You need to slowly gain the trust of your customers, staff and even your family members who initially objected to you starting a business. It is a marathon that can span as long as you live. I want to be able to celebrate Fuchsia Lane's golden anniversary.

3. Vision
Create a vision of what you want your business to be in 1 year, 3 year, 5 years and 10 years' time. My vision is for Fuchsia Lane to become a global designer label with strong artistic and cultural roots and everything I do now is to take baby steps towards this big vision.

4. Proactive
You are the driver of your business. If you wait for things to happen, nothing will. You have to actively pursue it, make things happen, create miracles everyday. Go out and make yourself known. Close a deal proactively. Actively seek for help if you need it. Your business face threats everyday and you must think of innovative ways to overcome it. If you dont advance, your business dies.

5. Strong financial sense
No money no talk. Cash is essential to survival. I am still learning to master financial control. Every business exists to make money. You either bring the costs down or sell your goods high. But it is not a simple equation. There are many things that will affect your financials like a sudden economic crisis, months of bad business, hikes in supply prices, a deal didnt go through.