Launching a company of any kind requires a multitude of personal traits and virtues that will be tested time and time again. So before you start meeting with investors or drawing up blueprints, you need to do a little introspective inventory check.
Manage yourself first.
- What are your expectations? Is to purely to make money? Is it to create an ever-expanding conglomerate? Do you want to have fun while you work? Is your goal to help people, regardless of the sacrifices you must make along the way? Knowing exactly what you want out of your business will go a long way in helping you achieve those goals.
Know your core values.
- Write down all of the characteristics within yourself that you admire. Try and list as many as 30 and then cut, keep and combine them so that you have your top three favorite characteristics, the ones you are most proud of. These values are going to end up becoming the values of your company, so it’s vital that you clearly define them before doing anything else.
Understand your leadership style.
- Are you an extrovert? An introvert? Do you plan in advance or like to improvise? Are you more comfortable dealing with micro or macro challenges? Knowing your leadership style will greatly help you choose a team that complements and supports you so that there is balance and unity within the company.
Knowing yourself is the first step to knowing what your company will become, and subsequently help you build the right team to make that happen.
Tracy Lawrence, Founder and CEO of Chewse, highlights the importance of managing yourself and your psychology when running your first business.