“A person who sets up a business, taking on financial and other risks in the hope of profit”, is called an entrepreneur. Synonyms include hustler, wheeler-dealer, mover and shaker. This definition and the synonyms of an entrepreneur seems very glamorous, but is the life of an entrepreneur all glitz and glamour?
According to E-Myth Revisited by Michael E Gerber, 80% of businesses fail within the first five years, citing that most small business owners are only 10% entrepreneur, 20% manager and 70% technician – last-mentioned being the specialist in the product or service the business delivers.
So, once you have had your entrepreneurial seizure and you decide you want to be your own boss – in order to determine your own destiny or whatever your reason would be for embarking on this route, how do you make sure you set yourself up for success and not be doomed for failure?
Firstly, we believe that a realisation that you can’t do it all yourself is key. Whether that means enrolling the support of a spouse or business partner, employing support staff or outsourcing important work to an experienced professional, can be determined by performing a SWOT analysis or by taking some time off to reflect on the results you have achieved to date.
Secondly, know that skilful technical work or a great idea will not guarantee success. Without retaining entrepreneurial perspective and being intently focussed on the future, chances of your business thriving would be slim.
Thirdly, quantify and qualify what success will look like, and then identify and measure the performance against key criteria or goals along the way. Business development remains a constant and evolving process though, so be prepared to pivot if circumstances require it.
Working on and not only in your business, can also be referred to as strategically managing your business. Without strategic management, determined execution, keeping the eye on long-term goals and adjusting your approach as required along the way, your business surely will not deliver on your entrepreneurial epiphany.
To arrange an exploratory discussion and receive some free insights from our entrepreneurial team to guide you on the road to entrepreneurial success, feel free to reach out to Arnold Scholtz on LinkedIn or send an email to firstname.lastname@example.org.