In this article we take break from talking about our affordable loans for small business and instead have a quick look at the topic of entrepreneurship and what supposedly makes a good entrepreneur. If it is true that being a successful entrepreneur is a lifestyle choice, not a destination, then what are the characteristics that you need to succeed? What factors are likely to help you achieve success in setting up and running your own business?
There is a lot of research around on this topic and we have put together our own Top 5 Tips for Entrepreneurial Success!
Interestingly, we came across some research by Gallup that included the theory that entrepreneurship is between 37% and 48% genetic - though then supported and boosted by hard work, technical assistance, skills and experience. So at the end of the article there is a light-hearted quiz to see if you have got what it takes!
- Hard Work and Self-Discipline Running a small business is difficult and you need to be prepared to work every hour at least in the short term to get your business up and running. You need to have the self-discipline to do this no matter what else is happening in your life and what distractions are around you!
- Adaptability and Flexibility Nothing is as certain as change, and you need to be able to cope with that and to adapt your plans accordingly. You may well find that what you end up doing when your business succeeds is not quite what you planned when you started out but this is to be expected. You will probably find that you will have to adapt in order to survive and will need to persist through some difficult times.
- Passion Always be thankful that you are doing something you love and that you are passionate about. This will enable you to represent your business with confidence and to convey your enthusiasm to others. If you are only lukewarm about what you are doing then your business may begin to feel like just another job. Moreover, your ambivalence will come across and is likely to hold you back from achieving the full potential of the business.
- Customer Focus It is essential to keep customers at the forefront of your mind when making decisions about product development and pricing. In our next blog we’ll look in more detail about ways to engage with customers at different stages of their relationship with you - but unless you do this your business is not going to succeed. You should also take the time to see what your competition is doing right and wrong, and apply this learning to the way you run your own business. Knowing what's been tried before in your sector can help you identify the best ways to move forward.
- Forward Thinking An entrepreneur can never stand still! You will find yourself constantly asking "What's next?". As part of this you will need to plan for growth and think about how to delegate responsibility and deploy your employee’s strengths in line with the company’s plans. Having a clear vision and goals will help to prevent you from getting stuck in a rut. Your vision and goals are likely to change constantly, but if you don't know where you are going you won’t know when you get there!
As a bit of light relief we thought you might like this quiz from the BBC website entitled Entrepreneurship - Have you got what it takes? Enjoy!
If you would like any help or advice on growing your business and funding for small businesses then do get in touch with us and we’d be happy to help.