Being an entrepreneur is tough. It is easy to make money in excel, but nothing prepares you for the reality of making, running, and growing your own business.
We had a privilege to participate in The British Business Show in Olympia London in December, and it was inspiring to see so many budding entrepreneurs who were motivated to take their start up to the next level despite adversities. And we weren’t the only ones impressed:
“I wish David Cameron was here to see this,” stated Touker Suleyman, The Retail King and BBC Dragon during his keynote at the show, “This is what will turn the British economy around. Not budget cuts, but passionate British entrepreneurs willing to work hard.”
You need an idea, vision and belief
It was an event packed with fantastic keynotes and sessions focussed on business advice and motivation for SMBs. It was clear that to succeed as an entrepreneur, you need three things: an idea, vision and belief. You have to have a destination in place and understand what you are chasing and why. Whatever you do, you have to live it.
“If you have a plan B, you don’t believe enough in the plan A. And if you don’t,” provoked Brad Burton, the UK’s number 1 motivational speaker during his session at the show, “don’t then expect anyone else to believe in it.” He started his business 25,000£ in debt. It's now worth millions.
If your weekends are too short and you are dreading Monday, you are either in on a wrong track or you are not passionate enough of your company or idea.
You need goals, but you also need focus to achieve them
“I have vision for 3 months, 6 months, 9 months, a year how to reach those goals,” said Suleyman. Even if you might want to grow your business quickly, he advised not to let investors get a big part of your company before you start. You need working capital to expand business in the future, and you don't want to end up giving majority of your company away to survive.
Quality is the most important thing of value you can give for your customer, but it’s as important to keep your values and pay your bills on time to keep your reputation straight. Business is all about people - connections and networking with the people. “Surround yourself with people who respect and trust you,” he said, “Show them you are the boss - not the boss who comes to work at 11.”
Don’t give up
Difference between the success and failure is not quitting. It’s all about the attitude. “There are a lot of ups and downs in life, but it’s never the end. Everyone makes mistakes. There’s not one who doesn’t,” Suleyman assured. Experience is what you win when you lose.
But make sure you are starting your business for the right reasons. If your only motivation is money, it’s not enough - you’ve already lost. As Brad Burton said, "life is not all about having that giant TV or a fancy Porsche." You need to have purpose and passion, because when things get tough, you need a real reason to continue.
So if you are passionate about your idea, why wait? There’s no ideal time to start or grow a business. It’s never too late to change direction you are heading to - you’ve got one life. Don’t get in the end of it a head full of “what ifs.
Need help? Call Atrio!