Have you got what it takes to be an entrepreneur

Starting a business is hard. Don’t let anyone tell you any different. As the old saying goes – if it was easy everyone would do it. While the internet has made it easier than ever to start a business. It still requires a huge amount of effort and determination, to grow it and make it a success. If you’re looking for advice on how to make a million dollars in 5 minutes then this article isn’t for you. But, if you want to know what it takes to run a real business, with staff, overheads and real life problems, then read on.

Going it alone.

Taking the plunge to go out on your own is not for the faint hearted. Leaving the comfort of a guaranteed income for potentially zero income is scary as hell. Especially if you have taken on premises and other liabilities to get started. Unless you have a supportive partner or some spare cash in the bank, you could get into trouble. Many businesses don’t make any money for a while — if at all. It can take time to start generating sales and cash flow. And for most offline businesses, the bills start straight away. Rent, insurance, staff, tax, utilities and it goes on. It’s no wonder many are trying to start online businesses, but that comes with a whole new set of problems. The first year or so of any business, online or off, will be difficult as you try to steer the ship through often choppy waters. Be prepared for some belt tightening and a few sleepless nights.

You have to go all in.

Success will be difficult if you hedge your bets and don’t commit to your vision. Going all in is the only way that you will achieve what you want. When I say go all in. What I mean is don’t be half hearted. It’s OK if it’s just a side project, but if you want to make your new venture a full time gig, you must commit. It’s not easy to give yourself to your dreams. Fear will always be lingering, waiting for a moment of weakness to attack. But if you believe in your product or service, and have a solid plan, push through the fear and keep moving.

So how do you stop fear taking hold?

Starting a new venture will without doubt be scary. You’ll have nagging doubts and anxieties that will keep you up at night. The current climate does not help. There’s so much fear around right now. If you allow it, it will grip your heart like a vice. And will stop you making decisions, kill your creativity and be the potential end to your dreams before they’re off the ground.

Be ready to pivot at any time.

I’m not immune from the forces of fear and worry. I found myself, at 44 years of age, with 3 children, in an uncertain future. Like many others, I’m suffering the effects of the pandemic. Losing the events business I had become a partner in almost immediately. This forced me to reassess, and move forward with an alternative business. Up to that point it had only been a side project. Thankfully, it’s going well and continues to grow. Sometimes you have to do what’s in front of you. Work with what you’ve got, and be ready to pivot at any moment. You can never, ever rest on your laurels or get complacent. That’s when some issue you missed will come and bite you.

Before you take the plunge, ask yourself this question.

Have you got what it takes to go through the tough times?

The days when there are no sales, or you have a difficult client. When your supplier has let you down, or there’s a problem with your payment processing that takes half a day to fix. Or the myriad of other issues that will arise on a daily, if not hourly basis. Issues that stop you from growing your business. Running a small business can often feel like a battle. You have to be able to dig in and fight for survival. Even more so now.

The 3 elements of a successful business person.

The ability to manage your time, and switch between different roles in your business is key to success. For example, if you are trying to make writing your business. Then you will still need to be a salesperson, an administrator and a manager, all at the same time to make it work.

In the classic business book, The E-Myth; the author suggests there are 3 characters within any business person:

The Entrepreneur: Who has the vision, energy and creative mind. Who sees the direction the business should go and takes it there.

The Technician: Who handles the actual mechanics of the business. Who ensures delivery of whatever service or product is being offered.

The Manager: Who oversees the day to day operations. And makes sure all the background elements are working.

From my experience, having this awareness, and being able to switch between these roles is key to running a successful business.

But what is also important, is having the mindset to go through the hard times, to be able to push through and keep going. Having physical premises, with staff and bills to pay is a huge motivator. When you’re working from home, and if your new venture is only a side project, you may not have the same drive or determination to put in the work. But it’s vital. Even if it’s only a side project, give it all the energy and focus you can.

Whatever your goal, you should treat it as though it is life or death. Give it your all. And don’t let laziness, apathy, or a lack of confidence or direction stop you.

So have you got what it takes? Only you can answer that.