Startups across the nation have suffered during the pandemic — yet COVID-19 has also led to a surge in creativity and entrepreneurship. The New York Times found that, whether because of layoffs or a desire for a new challenge, older people are becoming entrepreneurs at an increasing rate. In 2019, 25 percent of new entrepreneurs were ages 55 to 64, up from about 15 percent in 1996. Women especially are highly motivated to start their own businesses to foster their own economic self-reliance, support their families, and provide employment for others in their communities, said Elizabeth Isele, founder and chief executive of the Global Institute for Experienced Entrepreneurship, in the New York Times article.
With this encouraging news, what are some traits and skills that solo firm owners should continue to foster in this COVID-19 world? Here are a few:
1. Passion/Work Ethic
It’s incredibly hard to stay motivated and optimistic during this pandemic. That’s why passion is so important in your chosen field. Whether you’re a financial advisor serving families, business owners, retirees, or another target market, when you’re passionate about your work, it’s easier to overcome obstacles and work toward your business goals.
As we’ve seen from 2020, as much as we plan out our professional and personal lives, unexpected challenges will still arise. As entrepreneurs, we need to be open to change and willing to adapt. Just like we steward clients through life’s financial and emotional challenges — such as going through a divorce or downsizing their home — it’s important to have the same ability to be resilient and resourceful and to recover from setbacks.
Creativity is an essential skill when you run a solo firm, whether it’s coming up with creative strategies to differentiate yourself from the competition, or it’s finding unique ways to serve your clients virtually during this pandemic.
4. Eager to Learn New Things/Humbleness
You should always be aiming to improve your skills as a solo firm owner; this could be through going to a virtual networking event, watching a webinar, reading a book about the industry, or getting a certification. As a small business owner, you have to have an open mind to learn new things from your peers. We have to accept that we don’t know everything yet and that we can grow as professionals by learning from each other.
As we wrote in a previous blog post, you should constantly be reassessing where you are in your business: have your goals changed? What do you want to accomplish in the next year, in the next 5 years? It’s important to be able to see the big picture and create a vision for your firm. Dream big — and then get to planning.
Improve Your Business with Equita Financial Network
Equita offers the supportive community and resources needed to succeed as a solo firm owner. Reach out to our team to learn more about how we can help your business thrive.