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With more than 750,000 new companies regularly formed in the UK every year, we are a nation of entrepreneurs. But what does it take to be a successful entrepreneur?
In this article, 1st Formations, the UK’s leading company formation agent, , look at some of the attributes you will need to set up and run a successful business. Read on, and find out if you have what it takes…
- Bravery
Making the decision to set up your own business is a bold step that takes courage, especially if you’re taking the plunge from the comfort of full-time employment, where you have the guarantee of a salary at the end of every month.
When you start a business, you’re jumping into the unknown. The previous structures that you have been acquainted with (think Monday to Friday, 9 to 5) are no more. Everything is on you. Failure and success are in your hands. This can be a huge burden to shoulder and requires bravery by the bucketload.
- Vision
Being able to conceptualise how your business will succeed requires foresight. The products/services you will offer. The prices you charge. The markets you target. The methods you use to advertise. The steps to building. All of this needs vision.
Once have a vision, you should document this by writing a business plan. This will not only prove useful if seeking outside investment, but more immediately, will help you map out your plans – and see the areas where you’re prepared and the areas that still need work.
- Discipline
On average entrepreneurs work an astounding 50.5 hours a week. This is no doubt an unhealthy amount of time (which can lead to burnout), but to be a successful entrepreneur you will need discipline to make the necessary sacrifices.
Getting distracted is not a luxury that business owners can afford. No one will cover for you when you’re not working. If you don’t deliver your business will fail. This means you need to plan ahead, prioritise, and then get your head down. And at the same time, know when to stop and make time for yourself.
- Persistence
You will suffer knockbacks. A fundamental part of being an entrepreneur is being able to handle your failures, learn from them, and then get back out there. If you crumble the first time that you come up against any resistance, being a business owner probably isn’t for you.
The business landscape is made up of entrepreneurs who encountered failure before their massive success. Bill Gates, Steve Jobs, J.K. Rowling – to name just a few – all had to tough it out through tricky periods. You will too if you want to build a business that stands the test of time.
- Flexibility
There may be times when you and your business need to adapt. Perhaps a service you offer isn’t working, a product you sell is now redundant, or a resource that you rely on is no longer available. In all of these circumstance you need to demonstrate flexibility and turn problems into opportunities.
Being resolute is an attribute in itself but this should not evolve into foolhardiness. If something obviously isn’t working you must make a change. Take Netflix for example, who pivoted from a film rental service to a full-on streaming and production business when they realised DVDs were on the way out. The company could easily have gone the way of Blockbuster, however, the owners were flexible and took action. You may need to do the same.
- Communicator
Whether you’re convincing a job candidate to come and work for you, seeking investment, or simply selling your products and services to customers – you need to be able to communicate your ideas clearly.
If you lack the necessary communication skills, you will not get buy-in from the people you need to achieve success. This doesn’t mean that you should be a slick businessperson who’s always ready with a pre-prepared answer, it does however mean that you need to be able to deliver and present your ideas in a confident manner that convinces people that you’re worth backing.
- Inquisitive
As a business owner you can never stand still. You must always be on the lookout for the latest trends, the newest concepts, the next opportunities. Your business may be working out now but what about this time next year or the year after that? Is something on the horizon that could take your business to the next level?
Having an inquisitive nature and always being willing to learn will help keep your business ahead of the curve and prepared for what’s around the corner.
- Passionate
To be an entrepreneur you absolutely must have a passion for your business. This isn’t to say that you need to be passionate about the industry in which you’ll be operating (of course, this isn’t always possible). But you do need to have a fire in your belly when it comes to the project.
With this, everything will be that much easier. The hard work won’t feel too hard, and the challenges won’t be too challenging. Passion will provide you with the commitment and purpose that will give you and your business every chance of achieving success.
Thanks for reading
There you have it, 8 attributes you need to be a successful entrepreneur. So, how many of these do you possess? Are you good to go or are there still some areas that you need to develop?
One thing is for certain – it’s worth the effort – not much in life is as satisfying as being your own boss, making your own living, and creating something out of nothing.
