Starting a new business is a massive step.
Many people try and fail. But others succeed, some exceptionally.
Luck may well play a part in some success stories, but there does seem to be certain common traits that make your chances of success greater ……
A commitment to succeed. To do whatever it takes to get things off the ground. Many start-ups begin at the kitchen table as a part-time enterprise, whilst people continue with their jobs. Clearly, your evenings and weekends may well be taken up by this effort, but if you really want this you won’t see this as a sacrifice. Not having an employee’s 9 to 5 mentality is a must.
A capacity for hard work and not shying away from dull but important tasks. Successful people accept the responsibility and extreme accountability that comes with running their own business. It’s not going to be easy. When someone starts a business and money is tight, they are likely to have to deal with some rather dull but very important business issues, which they won’t enjoy. Be honest, it’s not difficult to get excited about product/service development and marketing, less so finance and accounting. This isn’t a hobby; it’s a business. Not being afraid of putting in the hard work required to run a small business (including the boring stuff) is a must.
A positive healthy attitude. Both towards themselves and their business. Some people see opportunities where others see barriers. They seem to be resilient. They have something which allows them to move forward, rather than stalling, when problems arise. They don’t let failures get them down, not for too long at least. They work through problems calmly. They don’t give up. They are persistent and often mildly obsessive.
They value their and other people’s time. Successful people are very conscious of the need to use time well. They don’t waste time. They prioritise. They know when to say no to commitments that don’t add anything to their business or lives.
This doesn’t mean that they aren’t generous with their time when dealing with others. But if you waste or don’t respect their time, it’s unlikely you’ll get a second bite of the cherry.
They also understand the value of spending time with family and friends, and on activities they enjoy. Many make time for sports and exercise. All of which ensures they stay healthy and motivated, ready to deal with the stresses and strains of running a business.
They respect knowledge and experience. This dovetails with valuing time. They understand the value that comes from dealing with people who have hard-won skills and knowledge. They like people who deliver. And they don’t mind paying for their help and advice.
Honesty. They are honest with themselves. They are self-aware. They know what they are good at, and what they are frankly hopeless at. They don’t kid themselves. They don’t beat themselves up about their weaknesses. They just accept who they are and find solutions they need to succeed.
They are also honest with others. If you do a good job for them, they’ll tell you. If you don’t, they’ll tell you! Better to be clear and honest upfront, if you’re going to have a positive long-term relationship. This breeds trust and respect.
Patience. They know that setting up and growing a successful business usually takes time. They accept this and take it step by step. This is their life and they are in this for the long-run.
They take finance seriously. They know that business is ultimately about cash. They know this is serious stuff, not an expensive past-time. They are very aware that if they run out of cash, their business fails. And they have no intention of letting that happen.
If you want to know more about starting a business, check out our Insights on when is the right time to start a business and business start-up tips.
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Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Whyatt Accountancy and the writer accept no responsibility for any loss arising from any action taken or not taken by anyone using this material.