Be An Entrepreneur

To be an entrepreneur you need to see things differently than other people.

Entrepreneurs look for opportunities wherever they go and have the ability to identify a ‘gap’ in the market. A gap in the market is an opening or opportunity that has yet to be filled. That gap or opportunity is usually created by a need for that product or service by the paying customer. It is the entrepreneur’s ability to identify that niche that makes him/her unique.

It is possible for everyone to become an entrepreneur. So many people have great ideas yet so few fail to realise their full potential. This is often due to fear or anxiety, coupled with a refusal to take risks, or maybe the fact that they are simply happy with their situation. It is those people who are willing to take a risk, and who believe in themselves and their visions, that ultimately succeed.

You need no qualifications to be an entrepreneur. You just need a desire to be both professionally and financially free in order to get started. Once you have an idea then you can really begin to test your potential and drive yourself forward to success and your ultimate goal.

To become a successful entrepreneur is far easier than you think!

The first question you need to ask yourself is ‘What is my ultimate goal?’

From the offset it is important that you have a vision or dream, no matter how big it may be. Without a vision you will have no idea where you are going, or more importantly how to get there.

Many people believe that being a successful entrepreneur is defined by making a million. Of course we would all love to have a million pounds in the bank but this should not be your priority. Financial freedom should be your focus. Whether that means you need to make a hundred thousand pounds or a million pounds, only you will know, but financial freedom has so many benefits. Not having to worry about the bills or mortgage is financial freedom in my book but this may be different in yours.

WHATEVER YOUR GOAL, IT IS ACHIEVABLE

Which of the following do you think could make you a million pounds the fastest?

• A new style of dog food to be sold in the UK;

• A new solar powered car;

• An international web-based translation service.

Most entrepreneurs would chose the web-based translation service. Why? The other two ideas would involve an enormous amount of research and development. These are ‘visible’ products that require face-to-face interaction with the customer in order to sell them.

The Internet-based translation service still requires development and research but has far greater potential due to the fact that it is an international product that can be sold via the Internet. Remember that the question asked ‘Which one of the following could make you a million pounds the fastest?’

So what qualities do you think you need in order to become a successful entrepreneur? Take a look at the following list:

• Capable of identifying opportunities in the marketplace;

• Has to start from nothing and eventually create everything;

• Be prepared to make mistakes, learn from them and start again if the need arises;

• Be prepared to pay staff without paying themselves if necessary;

• Has to be wiser, harder and more inquisitive than in previous employment;

• Be prepared to take full responsibility for everything that happens.

The qualities identified above can all be learnt either through practice or through experience. Write down the list of qualities you believe you already have and the experience already gained in these areas. This will enable you to focus your mind on the areas you have little or no experience in. For example, if you have never had any experience in identifying opportunities in the marketplace then now is the time to begin.

When you are out and about, shopping, eating in a restaurant, at the gymnasium or at work, start to look around for opportunities. What are people doing? How do they sit at their computers? How do they shop? How do they eat whilst sat at the table in a restaurant?

Can you see any opportunities?

I’ll give you an example – I was eating in a restaurant a short while ago when a customer complained about his rocking table. We’ve all seen this before or even sat at a table ourselves that had one leg shorter than the rest. The waiter hurried over and folded a napkin in half before placing it underneath the shortest leg, which was causing the table to rock. To me, this is an opportunity. What if the waiter had a small purpose made wedge that could easily fit underneath the leg that was causing the problem?

There are literally thousands of opportunities out there all for the taking. All you have to do is train your mind to notice them. Remember to keep a small notebook and pencil with you or in the car so you can write your ideas down. You may go for weeks and weeks without coming up with an idea but eventually one will spring to mind that is the perfect opportunity!

Small is often best

Take a minute or two to think about your current situation. If you could think of a business idea that created you an extra £250 profit per week, would you be happy? How long would that happiness last before you wanted to expand and develop? The reason we say this is because most successful entrepreneurs start off by saying that if they could make an extra £40 per week in their spare time then they would be happy. But as soon as they reach that point they want to be more successful. Not successful in terms of how much money they could make, but in terms of how far I could take my business - and this is a good thing!

On your journey to success you should never forget where you have come from.

Don’t become greedy and always remember how you felt when you achieved your first sale! That memory should stay with you forever!

Business partnerships

There are pros and cons to having a business partner. Most people who go into business together do so for a number of reasons and these are very much dependant upon a variety of circumstances.

Yes, in an ideal world it is nice to keep 100 percent of your business and if you are running a business from home in your spare time then this is an ideal solution. However, if you are seeking financial backing and business experience you may wish to enter into a partnership with an investor. What would you rather have:

Option 1: 100 percent of your business with no financial backing.

Option 2: 40 percent of the business and an experienced business partner who invests £300,000.

With option 2 you may find that your 40 percent shares are worth a lot more than your 100 percent a few years down the line. Investment can be a good thing but it all depends on your own circumstances at the time of starting the business. Whatever investment you obtain, make sure the person who is investing is also bringing their business expertise to the table.

It’s pointless having £300,000 to invest if neither of you know how to invest it!

To move onto the next section of the Business Start Up course entitled 'Think like and Entrepreneur', please click here.