Anyone can come up with a brilliant idea, but not everyone has what it takes to start a successful business. And therein lies the problem. Every year, thousands of people fire up their entrepreneurial spirit and register a business. A start-up is the culmination of all their hopes and dreams, the icing on the proverbial cake. But for the vast majority, business soon goes down the pan and within 12 months, 90% of all start-ups have bitten the dust.
The statistics don’t lie. It’s never been so easy to start a business, but paradoxically, the economic climate is such that a great idea does not necessarily equal success. In some countries, specifically the UK, entrepreneurs are thriving, but in other countries such as the US and New Zealand, it’s a tough old world out there. But before you start preparing your business plan and go cap in hand to a lender, let’s look at the personal qualities you need to maximise your chances of success.
It takes a very special kind of person to become a successful entrepreneur. People like Richard Branson, Elon Musk, and Sam Ovens don’t come along every day. There are plenty of rags to riches stories out there, but whilst a tale of an entrepreneur working from his parent’s garage before he hits the big time is inspirational, it doesn’t always reflect the path many entrepreneurs take.
You are Super Resilient
You need to be extremely resilient when starting a business. Success rarely comes easily and those that say otherwise are lying. It is not uncommon for successful entrepreneurs to have suffered through the pain of business failure before they finally achieve the success they crave. Take Simon Cowell, for example. He may be a global success now, but an early foray into the record label business was not a success and the label folded. The important thing is not to let failure define you. Learn from your mistakes, pick yourself up, and start again. Resilience will carry you forward when fear of failure threatens to drag you back.
Walk the Walk
You can talk the talk, but you have to walk the walk if you want to be a successful entrepreneur. It’s good to have the ideas; they don’t even need to be original. Without an idea, you won’t get very far, but it is how you execute those ideas that matters. Poor execution of ideas is a fast-track route to failure. Don’t be the type of person who flits from one task to another. Focus on the job in hand and follow it through to completion. This level of focus is what differentiates a successful entrepreneur from an unsuccessful one.
You are Willing to Learn
You need to be open to new things when you start your entrepreneurial journey. None of us are experts. There is always room for growth, both personally and professionally. Open your mind to the possibility that you may have to learn new skills. For example, it often pays to have a good grounding in business administration if you want to start a business, so consider signing up to do a business admin course. Thanks to online learning, there is a wealth of educational opportunities out there for budding entrepreneurs. Embrace learning and use your new found skills to push your business to the next level.
You are a Risk Taker
Risk averse people rarely start businesses. They prefer the comfort of a steady job and a monthly pay check. They are not willing to put their livelihood on the line in the pursuit of business success and a dream career. There is nothing wrong with this attitude, but if you are the type of person who is willing to take a leap into the unknown, you are an entrepreneur in the making. Becoming an entrepreneur is all about risk management. You can’t eliminate risk, especially in the early stages of building a business, but you can minimise ir through careful planning and risk mitigation. Ultimately, though, you do have to be willing to take that risk. Nothing ventured, nothing gained!
Believe in yourself and you, too, can be a successful entrepreneur.