Not everyone is cut out to be an entrepreneur – it can be a lonely path with out security; having said that the upsides can be great, you are your own boss in charge of your own destiny. But with that come risks and responsibilities which need to be acknowledged from the get-go.
One of the biggest risks a potential entrepreneur must take is leaving the comfort of a paid job to pursue their dream. With this loss of this security comes a range of issues – financially you are no longer stable, how will this affect your family? How will you pay the bills and live day to day? Finances are a major consideration when deciding to go it alone; starting your own business requires money – enough to start, operate the business and live-on. Make sure you have planned for difficulties, nothing is plain sailing so you need to plan for some extra ‘fat’ in your budgets. But the upside is when you have a successful business you are in charge, you hold the purse strings.
You need to have unwavering belief in your dream. It is going to take incredibly hard work and tough choices to make that dream a reality. This will mean missing out on important family milestones, forfeiting holidays and giving up many things you have previously taken for granted, and, if you have a family this will impact on them too. But once you are up and running and working well you can afford to decide your own working hours. You will be able to factor important milestones like Sports Day and the school Nativity Play into your day (even if your phone is vibrating in your pocket non-stop).
Starting a business is a marathon, not a sprint! The chances are that your idea is not new, someone else would have thought of it before you. Are you the person that is going to take the idea and turn it into reality? What will make you successful is the ability to take nothing and turn it into a stable business. An entrepreneur sees the potential in an idea and doggedly pursues the idea until it becomes reality.
‘For me being an entrepreneur means waking up in the morning thinking about your business. Then it’s gearing your whole day around how to develop your ideas to be better than they were yesterday and coming up with ideas that no-one has created before.’ – Rob Castellini, Founder Kachina Clothing and Lab Member.
Entrepreneurs need intense conviction in what they are doing – running a start-up takes huge commitment and energy, it can wear you down, and it can be lonely. The responsibility is on your shoulders and yours alone. You need to have strong self belief; there will be set-backs, things will go wrong and you need the strength to move past these obstacles. But, there is a freedom to being your own boss, you decide the hours you work, you decide where you work and what you wear; if you want to stay in your pyjamas and sit at the kitchen table go for it! You are not held to anyone else’s expectations, however, remember you can be your own biggest critic so learn to be kind to yourself.
Failure is part of becoming an entrepreneur – and the key to being a successful entrepreneur is managing those failures. You need to be resilient, and able to see a way past the problem. On the flip side when success comes it is down to you, your hard work and determination; the feeling of achievement and satisfaction is second to none (and addictive).
“If you’re not prepared to be wrong, you’ll never come up with anything original.” — Ken Robinson
If you have an idea and want to talk to someone about it give us a call on 01473 805 300 – it could be the first step to making your dream a reality