You have an epic idea for a business. Now what? The real challenge for any entrepreneur isn’t getting started. It’s keeping your business going. Pat Shelley, CEO of the Launch It Trust, has some top tips for staying in the game
1. Make sure your idea is viable
Putting an idea into action is everything for start-ups. You may have the best idea and even have funding for it, but if you can't execute it you have no business. Remember, you don't need an original idea to be successful. Google might be the best-known search engine out there, but it wasn't the first! If you have what it takes to take your idea forward to create a stable business, you will go far on your entrepreneurship journey. Ideas are cheap, it's making them work that matters!
2. Be passionate
If you don't care enough about the product or service you want to provide, don't start it. Start-ups are not sprints. They are marathons. You won't be able to build a business that can last if it doesn't mean more than money to you! Every entrepreneur needs that intense conviction about his or her idea to push it past the ideas phase and get you through the inevitable setbacks and low points. Running a start-up takes a lot of perseverance and It can wear you down. You've got to love what you do to get past every obstacle.
3. Can you handle failure?
Successful entrepreneurs know how to pick themselves up and start again when things don't go to plan. Remember, failure is not sign of permanent trouble, but merely s a sidestep on the path to success! You've heard of Richard Branson, right? Well, did you know how many businesses he started before he found success? Look it up! Like all the most successful entrepreneurs, he persevered through failure and challenges to get where he is today
4. Never stop learning
Most successful entrepreneurs spend a considerable amount of time working on their personal development. There are no traditional rules for success, so self-development and thinking outside the box are key. Great entrepreneurs are constantly learning how their businesses can adjust and change with time to be relevant now and in the future. The process of exploring, understanding and even mastering different topics prepares entrepreneurs for emerging opportunities and helps them make informed decisions about their business. It's about skills, not qualifications!
5. Be prepared to work hard and manage risks!
Setting up your own business is hard work - and it can come with risks. One of the biggest risks an entrepreneur can take is the decision to leave a job to pursue their dream career. When it gets to it, can you make that decision to focus on the one thing that matters to you? Most people can't do it and the uncertainties can be overwhelming. If you are able to make calculated decisions about your life and business, balancing risk with opportunity, you will do well as an entrepreneur
Does this sound like you? If you think you're ready, we are here to help. We can support you on your journey and help you turn that great idea into a thriving business. Get in touch!
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