Survival Guide for aspiring Entrepreneurs

Research by Human Factors International reveals that most entrepreneurs succeed on their 5th attempt. Mistakes in business can be costly and if you want to avoid the nightmare of getting it wrong in business, then read on.

These essential tips are the culmination of numerous interviews with successful entrepreneurs who learned their early lessons the hard way. They are designed to help you avoid some of the common pitfalls leading to business failure.

1. Be clear about why you want to be an entrepreneur.  Is it something you WANT or NEED to do? Wants are things that motivate us through the hard times and the good. Needs are things we do when we feel we have no choice, and which will cause us to give up when we encounter setbacks.

Questions to ask yourself

a) What makes you want to become an entrepreneur? List your specific reasons for going into it.
b) What do you want out of this business?
c) What resources will you need in order to set up your business?
d) Starting a new business can take a huge financial, personal and emotional toll on your life. What sacrifices are you prepared to make including money, time and personal relationships to achieve business success?
e) What is your attitude to risk?
f) Are there any potential conflicts?
g) How will you overcome them?

2. Find an idea that excites you. Every great business idea begins with the power of imagination and thought.  It’s easy to talk yourself into the brilliance of your own idea but don’t be so certain your idea is great. Determine exactly what service or product you intend to provide. Look for indisputable proof that your venture, and every angle you have on it, will work. Action and a burning desire are the life force to transform any idea into reality. Give life to the idea by seeing, feeling and believing that you have already achieved it.

3. Be careful who you go into business with. Many businesses fail due to inappropriate partnerships. Carry out an objective and honest  SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis of the business relationship you’re about to enter. How easy will it be to overcome the weaknesses and threats in the business relationship? What is your exit strategy if things don’t go well between you? Try to avoid if you can, going into business with family or friends. If the business fails, the relationships can sometimes be irretrievably damaged.

4. Carry out a personal inventory to analyse your own business leadership  strengths and weaknesses. Have you got what it takes to be a commercially astute businessman/woman ? We are our own greatest friend OR worst enemy. Be brutally honest with yourself. What are your true abilities and capabilities?. Are you tough enough to survive the knocks? Know your weaknesses so that you can bridge or eliminate them. Where are your knowledge gaps? What can you do to address them? Aim to decrease your faults and increase your abilities.

5.  Form a mutually beneficial Strategic Alliance with a small number of key business professionals who have strengths in areas where you are weak. The partnership must be productive for all concerned and must provide ways of generating new business. Share your success, best practices and ideas with others. The more successful people you seek out, socialise with, and ask for feedback, the faster the ball gets rolling

6. Build impregnable self-belief. The most important belief is the one you hold about yourself. Rid yourself of negative thinking or any limiting beliefs that don’t serve you well. As the saying goes, ‘As a man thinketh, so is he”. No-one is ready for success until he/she believes they can acquire it. Strange as it may seem your subconscious mind can’t tell the difference between truth and fiction. It reacts to whatever information you input into it. Input positive, affirming beliefs about yourself, and that’s what you will begin to exude to others.

7. Develop self mastery if you want success. Self control is absolutely essential for becoming the master of your own destiny. Stop making excuses for your situation in life, and realise that you are where you are now, because of the choices you made, good or bad. Taking responsibility for every aspect of your life includes developing the self-discipline not to overeat foods that are not good for your health, lack of proper exercise, not getting enough sleep and leisure time etc. Choose to live your best life today….and not tomorrow.

 8. Develop your personal image and branding. Whether you like it or not, you are your business’ best marketing tool. You can maximise your image impact by being enthusiastic about what you do. Enthusiasm is infectious and sells. If you find it difficult to ‘sell’ what you do to others -  you are not ready yet.

9. Develop your leadership style so that you can transform yourself from creative entrepreneur to commercially astute MD and Jack of All Trades for your business. You must be prepared to wear many hats during the early days of your venture, until you’ve grown the business sufficiently to employ people to fill these roles e.g. operations manager, credit controller, marketing manager, bookkeeper.

10. Have a clearly defined goal with a deadline for achieving it. Know what you want to achieve, how you’re going to do it, and when.  Make short term and long term goals. Short term ones are things that are critical to your business success and that you want to achieve in a year. Long term objectives are milestones that take you towards your ultimate goal. And make your goals measurable – how will you know if you’ve achieved them?

11.  Learn how to prioritise your time. Prepare tomorrow’s work today and focus on the tasks that will take you one step closer to your goal. Organising your time will prevent wasteful thinking and effort. Failing to plan is planning to fail.

12. Reward yourself for accomplishment. These are milestones are your path to achieving your business goals. Recognise and acknowledge them by celebrating any and all achievements on the way to reaching your goals eg buying yourself a cherished gift, some pampering treatment or the afternoon off.

13. Never give up. Winners never quit, and quitters never win. Sure you may encounter obstacles and set backs on the way to success. But these are part of your learning curve. Setbacks may be telling you your original action plan, wasn’t quite right. Find ways, under, around, over and through every obstacle that you encounter. Develop the will to win and conquer every adversity. It will leave you feeling amazingly energised and empowered.