More and more people in the UK today dream to be an entrepreneur, whilst actual self-employment numbers fall.
By and large, it has been hard going in the UK during the last few years. However as they say, as the going gets tough, the tough get going. If the pandemic had one beneficial effect, it encouraged a lot more people in Essex and around the world to think about going into business for themselves. Unfortunately, many of these budding entrepreneurs have not yet taken the leap.
In the past, an entrepreneur was considered something slightly mystical. An Elon Musk or Richard Branson who scaled dizzy heights and earned billions. Most entrepreneurs own small or medium-sized companies and they work hard every day to grow their businesses and be successful.
So what does it take to be an entrepreneur? Here the team at Neil Smith Accountancy look at the qualities you need to build a business from scratch and make it a success.
1. Passion
If you’ve been researching how to start a business, you may have come across the concept of passion. Most coaches and mentors advise that you need to have some strong connection to the type of business that you want to run. It can’t just all be about the money.
According to Richard Branson:
“There is no greater thing you can do with your life and your work than follow your passions – in a way that serves the world and you.”
Remember; if you love what you do, you’ll never work a day in your life.
2. Curiosity
Along with passion, you need curiosity. You shouldn’t just settle on what you know but have an innate desire to find out about new things. If you need to develop a different skill, then you should find the time to do it. If you want to find out how businesses are operating in Essex, then join a networking event. If an employee tells you how they think your business could do better, listen to them.
3. Adaptability
Most business owners will tell you that one of the keys to success is adaptability. The pandemic has taught us that things can change quickly.
But in business, this has always been the case. New competitors come on the market, new products and services, and new ways of doing things. It’s important to keep your eyes open, and not to get stuck in outmoded practices. Be prepared to adapt to the existing environment.
4. Organisational Skills
Of course, business owners need to be well-organised. That means setting the right goals and planning for the future. It also means getting the right partners on board and having strategies for success. That could entail running market research for your idea or planning how to get finance, for example. It also includes measuring and adapting your key performance indicators.
5. Accepting Failure
We’ve lost count of the number of budding entrepreneurs that have started a business and failed. According to the stats, 20% don’t make it through the first year and 60% will have failed by the end of three years.
If you go to a networking event with other entrepreneurs, you’ll hear plenty of stories of how they didn’t get their first businesses off the ground. In short, failure is factored into the life of most successful business owners.
It can be painful. But it can also be a great learning experience. Accept that it might happen and keep going. In other words, it’s all part of the journey.
6. Persistence
That brings us to the next big entrepreneurial trait – persistence. Successful business owners all face challenges, some of which may seem insurmountable. The best are the ones who drive on through and keep going.
7. Life Long Learning
Finally, entrepreneurs don’t rest on their laurels. Get into the habit of learning something new every day about your business, the people you work and connect with, the world around you and everything else. Again, this comes down to an innate sense of curiosity and it is a mindset that is invaluable to the budding entrepreneur.
If you’re setting up a business and are now looking for an accountant that has worked with a wide range of businesses in Essex, contact the team at Neil Smith Accountancy today.
