Job layoffs have become a common phenomenon these days due to the poor economical conditions all around the word. Job security has become a matter of great concern to a lot of people and many of them have actually started looking for alternatives like the home based business. It seems like more and more people have found the answer to their financial crisis.The Significance of starting a business from home:People who previously considered their jobs as safe are now feeling the insecurity in the air. They are looking at home based business as a shelter to sustain their and their family’s ongoing expenses even if they lose their jobs.Home business not only leads to wealth creation and greater financial freedom, it also can be made into a primary career of an entrepreneur.With the increasing threats of layoffs, businesses from homes not only provide a safety net, but it also gives you the opportunity to be your own boss and work from the comforts of your home. It allows you to make the decisions and take control of your own success and fate. However, you may take months and maybe years to actually succeed with it.The new type of economy may display immense variation, but it also creates opportunities for entrepreneurs.In these hard economic times, home business can prove to very lucrative. Your success is associated with exercising your choices with carefulness and awareness.There are many companies which offer home based work opportunities and they provide excellent training and support. However, please be reminded that they will not do the work for you, and you will need to put in the due efforts to make it work.As a matter of fact, a home based business is not just meant for everyone. There are a few distinguishing traits one needs to posses in order to be successful with a home business.An entrepreneurial mindset: As an entrepreneur, you’ll need to be willing to take the calculated risks on the investments which you make. The confidence to take the risks comes from your sheer determination and dedication. If you do not have that kind of mindset, you will be wasting your time and money.Leadership skills: You need to become a leader rather than a follower. Leadership skills will help you to build a team which will be extremely important for your business growth.Knowledge: You will need to keep enhancing your knowledge by showing a strong desire to absorb all the information related to your business.Dedication: Dedication in your home based business will help you to take your business in the right direction, which is towards the desired goals and success.Patience: Like any business, your business from home will also take time to grow. You will need time to understand your business and to create a strong client network. Therefore, you’ll need to be patient.These are the basic skills required to be a successful home business entrepreneur. Setting up rational and achievable goals for yourself and increasing them as you progress will lead you to success. Home based business is all set to eliminate the fear of job layoffs, provided that you have what it takes to make it happen.